When buying or selling a home in Champaign County, you’re likely to hear about the Multiple Listing Service. The Multiple Listing Service (MLS) provides real estate agents and brokers with information about available properties for sale in Champaign-Urbana and enables buyers to locate available properties.
MLSs are like a database of homes for sale by region. Whenever a real estate agent lists a property for sale, it is added to the database. All agents and brokers in the area with access to the system can see and review the listing once it’s in the database. The MLS can be used by buyers’ agents to show potential homes to their clients. All the homes for sale have pictures and detailed descriptions.
Realtors and brokers pay membership fees to access the local MLS database. The MLS allows smaller real estate agents and offices to compete with much larger ones. In addition to showing listings from their office, brokers and agents who have access to the MLS can show listings from other agents in their region. Real estate professionals in the area create, maintain, and also pay for the databases, which are private.
MLS listings are shared by real estate agents. Agents upload information and pictures for every listing, and brokers and agents update the database regularly. Champaign County homeowners cannot add their homes to the MLS themselves. It is necessary to work with an agent or broker.
MLSs can be found throughout the country, and their numbers fluctuate depending on regional consolidations of brokerages.
MLSs aren’t commonly used in other countries. There are also some markets in the United States without an MLS. One example is New York City. Even though New York doesn’t have an MLS, there are other services where real estate listings can be added.
MLS listings are the most common source of homes for sale, although a few exceptions do exist. The MLS database does not usually include homes for sale by owner, and sometimes larger brokerages have their own database where they list their listings without adding them to the MLS.
Pocket listings aren’t typically marketed, and they may also be known as exclusive listings or off-market listings. Since the seller wants the sale to remain quiet, the property is not listed on MLS. Consumers can access some regional MLS databases, but agents have access to more details about submitting offers, showings, property access, and other things they need to do a market analysis. In many cases, brokers will give their clients access to the MLS so they can view listings, but the public doesn’t have the same access.
In most cases, buyers and sellers are best served by working with a real estate agent because of the MLS. When you aren’t an agent, you don’t have access to the MLS, where agents and brokers can view and share information about listings. Rose Price has the experience using the Champaign County MLS that you need to effectively buy or sell your home. Contact her today to see how she can help you with your next real estate transaction.
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