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Multiple Listing Service 101

Aug 17, 2007
If you are a first-time home buyer, surely you will wonder what an MLS is when a realtor mentions it. The information the realtor will have to say about it is very important.

And to make it a lot easier for you, this article will let you in on what a multiple listing service is and how should you make use of it either as real estate property buyer or seller.

An MLS or multiple listing service is a computerized database or a large established network that aims to organize property listings so as to make them accessible to real estate professionals.

Agents and brokers search through these listings to find a home buyer a property that suits his individual needs.

This listing is instrumental to the sale of real estate. A broker will think twice, even thrice if the property is not in a multiple listing service. An MLS is like the real estate business listing in the yellowpage, which means a property not listed is a property that will almost be taken for granted due to lack of exposure.

Buyers benefit from an MLS by not having to work with several different companies to try to cover the entire range of properties that are for sale. It would be a lot easier for a buyer to find a trustworthy sales person that will provide full market coverage and service.

Sellers can maximize their use of an MLS they are in because of their full access to that multiple listing service. Also, they can make the most out of an MLS since it is the primary resource that the buyers use with the assistance of their agents.

The realtor pays a fee in getting a property for sale listed in an MLS. Moreover, here's how to get your property listed especially if you opt to do it online.

a. Choose the appropriate multiple listing service agreement for your area. Realtors associations are what can you in this endeavor.

b. Choose the appropriate local multiple listing service input form for your area. See which of these categories describes your property best - single family home, multi-family, condominium, farms, land and lots.

c. Choose the appropriate disclosure forms needed for your listing. Read and understand well the real estate disclosure laws.

d. Return all required multiple listing service documents which include: completed and signed MLS limited service contract, data input form, residential property disclosure or exemption notification, or the property condition disclaimer statement and the lead based paint addendum.

Make sure that all owners of the property sign all the required documents.

For those who are planning to buy a home, this is how detailed a good MLS should inform you regarding a property that's being sold:

a. size of the lot
b. address
c. number of bathrooms and bedrooms
d. extra rooms, i.e., family room, den, lanai, more formal dining room, entertainment room, library or enclosed patio
e. amenities, i.e., hot tub, kitchen features, Jacuzzi, fireplace, new drapes and carpets,
f. garage capacity
g. age of the house
h. sizes of all the rooms
i. real estate taxes
j. asking price and terms

Armed with the indispensable information mentioned above, going your way around a multiple listing service will surely facilitate your home buying endeavor. With the aid of this listing and the analysis expertise of a real estate agent or a broker, getting most out a real estate deal is not bound to be a tedious task.
About the Author
James Monahan is the owner and Senior Editor of
ListingBase.com and writes expert
articles about listings.
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