What is the Multiple Listing Service (MLS)?

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MLS (Multiple Listing Service)
Written by Customer Support   

The MLS (Multiple Listing Service) is the primary data system that most real estate agents use to market and sell property. More than 80 percent of all homes are sold through the MLS.

How great would it be if real estate agents in your area would be notified of your listing and be able to show potential buyers the property?

That is the purpose behind the MLS. It is a local database that brokers browse to find listings for potential buyers. So when you put your home on the MLS through ForSaleByOwner.com, every real estate agent in your area will see it.

Traditionally, there were two real estate agents involved in every property transaction: the listing agent (the person who puts your property on the MLS) and the agent who actually sells the property. Typically the two agents would split the commission (generally around 6%).

With ForSaleByOwner.com’s flat-fee MLS listing service, you can expose your property to millions of buyers and real estate agents by listing it in the MLS with a picture of your home for six months. It's no different than walking down to your local real estate agent's office and promising to pay 6% of your property’s sale price to put your home on the MLS.

Also, in addition to ForSaleByOwner.com and the MLS, your property will be listed on Realtor.com through its affiliation with the Multiple Listing Service. The combined number of potential buyers who visit this group of websites is estimated at more than 10,000,000 per month!

After you upgrade, ForSaleByOwner.com refers your property out to a member of our network who handles your local area. The agent does not charge a commission and will not accept a commission for the service (we pay our network real estate agent a flat fee to list your property). With the listing agent's commission out of the picture, only the buyer's agent is left to pay their 2-3% when the property sells!

And, of course, if a buyer contacts you through ForSaleByOwner.com you don't have to pay any commission whatsoever.

For more information please contact Customer Support.

 
 

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