How to get the most from the MLS
SELLERS, BUYERS CAN BENEFIT FROM A FEW TIPS ABOUT THE LISTINGS SERVICE
Like a restaurant’s special sauce, the Multiple Listing Service is a real estate agent’s secret weapon.
Existing as long as home selling has been a profession, there are some 600 MLS listings around the country, owned by local Realtor associations or realty firms.
Only professionals associated with these ownership entities can upload sale listings to the system.
Other national and local websites with sale postings get information from the MLS, but not as quickly. It “should be available on a portal within 24 hours,” says David Charron, chair of the Council of MLS.
Here are some MLS tips for sellers and for buyers:
Buyers: Look to get first word
Typically, buyers can have their agent specify criteria — like a home priced from $200,000 to $300,000 in a certain ZIP code or defined area — and then email or text alert them as soon as listings with their specifications pop up. “In a competitive market, timing is key,” says Julie Park, an agent with Level Group in New York City.
Sellers: Track current competition
Sellers should set up similar alerts to the one described above for buyers, says Mike Ferrante of Century 21 HomeStar in Solon, Ohio.
Consider a seller whose home has been lingering on the market. With alerts of comparable properties coming onto the MLS, the seller can better discuss a new price or strategies with his agent.
Sellers: Refine your numbers strategy
Two theories on maximizing pricing on the MLS exist. One is to list a home at a price that’s a round number: $250,000, say, or $300,000. The other is to price with the lowest left digit possible, such as $199,990 rather than $200,000. The advantage to the first theory, says Ferrante, is that the listing is likely to be picked up more often in searches. For instance, a $200,000 home appears in both the $200,000 to $300,000 and $150,000 to $200,000 searches.
But some studies show consumers are seduced by the “left-most digit effect,” thinking it’s more of a value.