The Multiple Listing Service (MLS) started in the 1800’s. According to history, the first MLS was organized when realtors would meet at a local association and share information on the different properties they are selling. To help each other out, the real estate brokers each agreed to cooperate with each other and sell their properties for just compensation. So the basic principle here was that a real estate agent would help sell the properties in the inventory of another agent, and, in turn, the latter would help sell the former’s properties in his/her inventory. During that time, of course,for sale property information and a list of interested buyers was limited to the number of people that you knew.
Today, with the aid of technology, real estate agents have a wider reach through the MLS, since it does not only limit them to the people they know within the locality, rather, it allows them to list their inventory to a wider audience — both to real estate agents and potential buyers alike. The modern MLS is now accessible to a wider audience as it is available online via the internet. Technology indeed advanced markets by showcasing the properties for sale by a real estate agent.
Global reach is one of the many reasons why you should have your property listed in the MLS. Nationally, there are hundreds of MLS sites online, and having your subject property listed in your relevant MLS allows you to reach a more global audience. You have to take note that potential buyers are not only found in your locality. Because of the MLS’ global reach, you will be able to tap potential clients that are scattered around the globe.
Selling your property quickly is another reason why you need to have your property placed in a Multiple Listing Service. When you market a good property to an international audience, you significantly increase the likelihood that your property will sell faster, compared to not listing your property in the MLS.
Aside from the global net the MLS will cast over your audience of potential buyers, when you place your property in the MLS agent’s will immediately see the listing when searching for their clients. These same agents will likely discuss your listing with other agents, just as they first did in the 1800’s. And just like when the MLS was first created, these agents will try to sell these listings. But a major difference between the old MLS and the modern MLS, is that potential buyers also scour the MLS listings, which have been syndicated to other real estate websites through the MLS data.
For all of these reasons, when time is of the essence and you want your property to be sold fast, you must have your property listed in the MLS Listing Service.
There are many more reasons why you should take advantage of having your property listed in the MLS, although the above two are what we could consider as the most important reasons. Bottom-line, if you are not listing your property for sale in the multiple listing service you’re your property is not being properly marketed to global potential buyers and it is not receiving the local marketing presence it could otherwise take advantage of.