The MLS stands for Multiple Listing Service and is like a property warehouse – sort of like a “home depot.” When property is available for sale, it goes in the warehouse and when it is sold, it gets taken out of the warehouse. Since MLS only contains information, it is actually a database and an extremely convenient way to know what is available for sale at a given moment. That is why real estate agents developed the MLS. Quick knowledge of home inventory has helped agents become more productive.

The Multiple Listing service is a good idea for sellers because of “supply and demand.”

How can a seller get access to the largest number of buyers? Placing an ad in a newspaper? Putting a sign up in their yard? By putting your home information into a computer accessible by every MLS member, the property will be seen by every qualified home buyers within price range.

Being placed in the MLS expands a home seller’s sales force, exposes the property to a larger pool of prospective home buyers, and creates more demand for the property. The higher the demand, the more pricing power enjoyed by the homeowner – and the quicker a home will sell.

MLS works for home buyers because it is extremely convenient and does not cost a penny.

MLS has all information about a property and is a buyer’s best guide through the available home inventory. If used properly, it can also be a valuable tool to help in the complicated process of becoming a homeowner.