By now you have probably heard the term "MLS" and you
have probably seen several references to the MLS or the Multiple Listing
Service. So, what is the MLS?
Definition: Multiple Listing Service- An MLS is an
organization that collects, compiles and distributes information
about homes listed for sale by its members, who are real estate
brokers. Membership is NOT open to the general public, although
selected MLS data may be sold to real estate listing websites. MLSs
are local or regional. There is no one MLS covering the whole
country.
Why do brokers belong to an MLS service?
By belonging to an MLS service brokers expose their
company listings to participating brokers and agents of other real
estate companies. If a participating broker brings a buyer to a
listed property, the listing broker agrees to pay a commission split
to the cooperating broker and/or agent. The benefits to this type of
arrangement are obvious.
Do all brokers belong to an MLS service?
No. It is not a requirement for brokers to belong to
an MLS service. There are actually many real estate companies that
choose NOT to belong to an MLS service.
How many MLS services are there?
There are hundreds of multiple listing services
across the country. Most local services are ran
by their local Board of Realtors. The local boards determine
the requirements to belong to and to participate in their MLS. It is
actually quite common to have overlapping multiple listing services
in a particular area. For example, their may be a county MLS in your
area and also a local service as well. Having more than one MLS can
be problematic for brokers. Their is generally an annual fee to
belong to an MLS. Having to belong to more than one service can be
costly. Therefore, many brokers generally choose one service. This
can create a problem for sellers in that their listing may only get
exposure to a select group of participating brokers.
So what does all this mean?
To Sellers:
The MLS continues to be one of the best ways to
expose your home to buyers who are actively searching for a home,
but remember, the only way
to get your home listed in a broker MLS is to hire a real
estate agent. This can be an expensive option because brokers charge
between 6% and 7% commission. However, it is now possible to list
your home in the MLS by paying a flat fee.
By using a flat fee broker you can cut the commission in half! The
internet has changed the face of the real estate transaction the
same way it has changed many other aspects of our lives. Real estate
brokers are finding they have to offer new ways to sell real estate
to keep up with the changes. This has created great opportunities
for home sellers. It is only a matter of time before most
people discover they can buy or sell a home on the internet without
enlisting the services of an agent. You will also find that going
the flat fee way may not work for you in the South Georgia area.
most Realtors in the South Georgia area will not show flat fee MLS
listing because if they are not making 6% commission they will not
waste there time, so don't even bother listing your property by Sale
By Owner it will set on the market for a long time.
To Buyers::
Realtor.com making it even easier to find listed
properties for sale without having to wait for a real estate agent
to get the information for you.
"Looking for a Good Real Estate Agent"
A Must Read Before Clicking on
MLS Button: |
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The MLS is still a great and beneficial way to sell your
home or search for homes for sale. It provides a seller with
exposure to buyers working with brokers and agents. Broker
MLS data is now available nationally through
Realtor.com
websites. Now, in the South Georgia area, you have a few
real estate brokers and real estate agents that will not
show you any listings their office are not the listing
brokers or if they do show you listings from another broker
firm it will be agents that they know personally. So, when
buying a home we strongly recommend for you to do your own
search on the MLS and make a list of homes you would like to
see and do not depend solely on the listings the agent or
broker shows you.
Research the homes in the area you're interested in and have
the realtor show you those homes and if they have any
other listings for you to consider well great. The more you
can choose from the better it is for you. If the agent
you're working with speaks to you bad about a home that you
want to see find yourself another agent. This is called bad
ETHICS by a realtor and they are not following their CODE of
ETHICS. They just may be steering you away from the home
of your dreams. Buyers & Sellers Coveat Buyer ("Buyers
Beware").
We have
been observing different broker firms and their agents
listing trends in Thomasville and the South Georgia area
and gathering documentation and monitoring how properties
are listed on our local MLS and on
Realtor.com
and we can say that it's always those few agents that have
discrepancies on their listings. We are not sure at what
point Realtors get bewildered
when it
comes to adding the sq. ft. information from new or existing
homes. For example, on
Realtor.com
a property would be listed for 2,098 sq. ft. and that same
property is listed in the county public records under heated
& cooled as 1,800 sq. ft. Some Realtors will go to the
extreme to tell you that county public records are
incorrect. Now, would you really believe that? County public
records are the best source for getting property information
for new or existing properties. When in doubt consult your
real estate attorney. We would hate to think that this is
some type of way to make the square footage more compatible
to the price. We would like to believe that the
professionals we all deal with are following their CODE of
ETHICS as stated on the Real Estate Law. Right?
Thomasville local
MLS Search
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