How The MLS Gets Your Home Sold

Selling your home can be a daunting task. There are so many things to consider and different options available that it's hard to know where to start. Do you go with a full-service agent? Do you choose a flat fee MLS listing? Or go the for sale by owner route? The key to everything is the MLS. Here's what you need to know.

What Is the MLS? 

The MLS, or multi-listing service, is a database of homes for sale that real estate professionals maintain. The MLS is the most comprehensive database of homes for sale and is updated continuously.

What is so powerful about the MLS, however, is that it is the go-to source for any agent working with a buyer. It is where they find homes to show their clients. If you want to sell your home, it must be listed on the MLS. Period. To list a home on the MLS, however, you have to be working with an agent that is a member of the National Association of Realtors (NAR) because NAR owns the MLS. 

How Do You Get Your Home Listed on the MLS?

There are three ways to sell your home, but only two come with access to the MLS.

Full-Service Agent

The first option you have when selling your home is to hire a full-service agent. A full-service agent will list your home on the MLS, market your home, help you stage and show your home, and negotiate on your behalf with buyers. The average commission for a full-service agent is five to six percent, but that varies depending on your geographical location and whether you are selling residential or commercial real estate or vacant land.

Flat Fee MLS Listing

The second option for selling your home is to list it on the MLS through a flat fee MLS listing service. When you list your home as a flat fee MLS listing, you will still be able to reach the thousands of potential buyers on the MLS, but without the added cost of a full-service agent. Instead of paying thousands of dollars in commissions, you pay a low, flat fee and take on some of the work yourself, keeping more money in your pocket.

For Sale by Owner

The third option for selling your home is to do it completely on your own. An FSBO, or for sale by the owner, avoids any commissions or fees when selling your home. However, it does not give you access to the all-important MLS. You are dependent on yard signs, newspaper ads, and other marketing options that you pay for out-of-pocket in an attempt to flag down buyers.

As you can see, each option has its own set of pros and cons that need to be considered before making a decision. Ultimately, the best way to sell your home depends on your unique circumstances, but access to the MLS is key.

To learn more, contact a company like Crawford Realty Inc.

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