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Posts Tagged ‘MLS’

What is the MLS?

J. Andrew English J. Andrew English
Tuesday, September 7th, 2010
MLS = Multiple Listing Service

What does that really mean?

The MLS is a database where local Realtors(R) share information regarding
properties for sale or lease. There are over 900 different MLS's across
the United States. As a seller, you want to be in your local MLS, not a
neighboring MLS system. Over 90% of every listed property is sold through
the local MLS.

How does the Local MLS give me national exposure?
Local MLS's feed over to national websites such as Realtor.com. When you
list your property on the local MLS, not only are you getting your
property out to local Realtors,(R), but you are also having your property
listed on various national sites. These sites include Realtor.com, Remax,
Zillow, Trulia, etc...

ABOR Luncheon

J. Andrew English J. Andrew English
Thursday, June 3rd, 2010

I recently had the pleasure of sitting through a Luncheon with about 60 other central TX Realtors(R) and I thought I would pass along some of the tidbits I picked up. During the discussion, other Realtors(R) voiced their likes and dislikes of showing properties. The one constant concerned directions. Multiple individuals expressed displeasure with incomplete MLS directions. Another pet peave noted by other Realtors(R) were listings with no photos. On the flip side, Realtors(R) raved about the attachment feature MLXchange offers and recommended that everyone take advantage of this.

Our sellers could take advantage of this by uploading surveys and disclosures to their listings through this attachment feature. There is no cost for this. The easiest way to do this is to simply email the attachments in PDF format to info@congressrealty.com and ask us to upload these to your existing MLS listing. It’s that easy.

Overall, the luncheon was quite informative and affirmed our belief that the MLS is the single most important tool available in selling your home. Countless times I heard Realtors(R) reference this very same fact during the luncheon. Not a single minute of the luncheon was spent on any other form of advertising other than the MLS. This 2 hour meeting was open for any topic the Realtors(R) wished to discuss……. they spent every minute on issues concerning the MLS.

Why is this important to note? I listened to 60 full service Realtors(R) re-affirm the viewpoint of Congress Realty…. the MLS is the vehicle that sells properties, not the Realtor(R), not the fancy magazines, not the open houses…… it’s the MLS.

Green Valley and Rio Rico, Arizona

J. Andrew English J. Andrew English
Wednesday, January 6th, 2010

If you are a property owner in Arizona, it is very important to realize that there are many different MLS’s throughout the state. It is imperative that your property be listed on the correct local MLS. To illustrate this point, Tucson, Green Valley, and Rio Rico all have different MLS systems. Each city has their own sep system. As a seller in these areas, you want to ensure your property is on the correct system. Listing a home in Rio Rico on the TARMLS website for example will provide little to no value. In this example, your home needs to be placed on the Santa Cruz County MLS system.

Anytime you are interviewing full service agents or limited service agents, always ensure that agent is a member of your local MLS. Do not be fooled by national companies who try and trick you into listing your property on the largest available MLS instead of your local MLS.

Local is always better in the world of MLS exposure.

MLS Remarks

J. Andrew English J. Andrew English
Thursday, December 4th, 2008

The MLS remarks are intended to be a paragraph concerning the physical property description. What this means is that the remarks should only desribe the actual property, not incentives or financing terms for owner will carry, etc… The MLS is very particular about what goes where in the listing. For example, they want all financing terms to only be placed in the financing section of the MLS. The reason they do this is because they want to make searching easier for agents. For example, if an agent is looking for a property in McDowell Mountain Ranch that is offering a lease option, they only need to search those two specific sections. (financing and subdivision) What the MLS wants to avoid is agents putting information in the remarks but not in the proper MLS field. This will basically render the MLS search feature useless. What our sellers need to keep in mind is that by using all of the MLS fields properly, they greatly increase the exposure of their property. If they have the information in the proper MLS sections, their property will be returned on more searches.

MLS Merger coming in CA

J. Andrew English J. Andrew English
Tuesday, September 16th, 2008

East Bay MLS
Bay Area MLS
Metro List
REIL
San Francisco

A handful of the largest MLS’s in the state of California are seriously considering a massive merger that would bring together over 70,000 real estate agents under one MLS system. The positive of this is that sellers will have massive exposure all throughout the north central area of California. Agents in Oakland will now have access to detailed MLS data for properties outside of their immediate area, for example, San Francisco, Sacramento, etc.. and vice versa…. I personally support this merger because of the benefit it will bring buyers and sellers in the immediate future. It will be interesting to see if and when this merger takes place. In the past, mergers like this are typically delayed because many “local brokerages” strongly protest. These local brokerages do not want the barriers that protect their high commissions to come down. By allowing outside brokerages to compete for local business, local traditional brokerages will face increasing competition for listings/business.

The good and bad of the MLS Merger

J. Andrew English J. Andrew English
Friday, September 5th, 2008

I am the first to complain when certain areas have their own “local” MLS without any real reason. A prime example is Odessa, TX. Currently, Odessa and Midland have two separate MLS systems, despite both areas using the exact same Navica program. To participate in both systems, you must join and pay both associations. Why do they do this? Local brokers in Odessa don’t want to compete with Midland brokerages. (and vice versa) Why would they? The system is set up currently so that the only way to compete in both markets is to join both associations. I have a problem with this because it hurts the homeowner. If these two systems were to merge, homeowners would have twice the exposure AND local brokerages would face increased competition amongst each other.

In what situation does it not make sense for two systems to merge?  (those close in proximity) While it may make geographical sense, the problem with the MLS merger is the power that the new system now has.  While brokerages have to compete with each other, the MLS can now instill stiffer fines, require orientation, increase the cost of lockboxes, etc…  A great example of this is the GLVAR. The Las Vegas association has total control over all of Southern Nevada. If you want to do business in residential real estate, you must play by their rules and pay their fees. You have no other option. I would be interested to see how a local Boulder City or Henderson Association of Realtors(R) would take away from the power of the GLVAR. Currently, the GLVAR gets away with things such as issuing fines in excess of $1,000 for late status updates, automatic fines of $100 for not uploading a picture within 5 days of the listing, and so forth…… I can’t imagine the funds that the GLVAR brings in annually from fines alone.

ARMLS switches MLS providers

J. Andrew English J. Andrew English
Tuesday, August 5th, 2008

ARMLS implemented the conversion over to the FLEX MLS system last week after months of preparation. Previously, ARMLS was using the TEMPO system. The transfer has been anything but smooth for ARMLS administrators. Thus far, a number of bugs have yet to be solved within the system, including email functionality, IDX transfers, and overall website performance. According to a source inside ARMLS, they are still being bombarded with emails and phone calls from angry agents regarding the switch.

Agents depend upon the MLS for more than just property information. The system is used for prospecting, CMA’s, etc…. it is the life blood of this business. My problem with the change is that TEMPO is a quality established provider in other large markets. (such as San Diego, DFW, etc) With most Phoenix area Realtors(R) nervous about their own futures, why give them something else to worry about? ARMLS has recently lost thousand of members over the past few months for a number of reasons. (including raising dues for its members) The CEO of Flex has already issued one written apology as of last week regarding the poor performance of the MLS thus far, we will wait and see if this leads to changes in the upcoming months.

J. Andrew English – Real Estate Broker