What Is The MLS?
MLS stands for Multiple Listing Service and it is a database utilized by real estate brokers and their agents to keep track of real estate listings. Our MLS is actually called ARMLS, which stands for Arizona Multiple Listing Service.
The MLS, no matter where it is located or what it is called, is a cooperative listing presentation where multiple licensed real estate agents have access to all listings for sale listed in the MLS and agents and brokerages cooperate with each other.
When I get a listing I enter it into the multiple listing service with as much detail as I have access to and a great description. I also upload (and label) the professional photos that are taken and any kind of video and single-property website, plus pertinent documents that make it easy for another agent to write up an offer.
For buyers, the MLS offers properties that are available for sale. With as much information I can get from a buyer, I can create an automated search that will give the buyer homes that they are actually interested in. This can save buyers a lot of time scrolling through homes that don't have everything they want. Sometimes, depending on the buyer's price range, they won't be able to get everything they desire, but we can get as close as possible.
Creating an automated search for a buyer allows them to access what is called a "portal". This allows buyers to create their own searches, save favorites, receive updates, and easily "converse" with me. It's almost like having your own personalized website of listings that match your criteria.
Because the MLS keeps archived sales information, it also enables an agent to create a Comparative Market Analysis (CMA) for a seller wanting to find out how much their house is worth. We can also do a CMA for a buyer that has found a property of interest and wants to see what similar properties have sold for. This helps a buyer make a reasonable offer.
The MLS also provides real estate tax information and sometimes gives us mortgage statistics for each property. It also has several other functions for real estate agents to utilize. Every agent using the MLS has to pay a fee for it, and it is provided to buyers and sellers at no cost.
If you have any questions or comments regarding this FAQ please Contact Me or give me a call at 480-906-1500.