MLS Explained | The Smartest Way To Sell A Home
What Is MLS?
The "Multiple Listing Service" (MLS) is a database where real estate agents list homes for sale and offer compensation to a buyer agent.
The MLS is used by agents to list homes, search for homes and get the most information about a property for sale.
Why Use The MLS?
1. 94% of homes are sold through the MLS by buyer agents. By offering a commission on the MLS, buyer agents bring you buyers!
2. Once listed on the MLS, your listing is syndicated to over 100 real estate sites such as Zillow, Redfin, Realtor.com, homes.com and many more for maximum exposure.
Commissions On The MLS
Effective August 17, 2024, due to the National Association of REALTORS (NAR) Settlement, MLS’s are implementing changes in compliance with the Settlement agreement.
Change Highlights:
Compensation Removal from MLS: Offers of compensation will no longer be displayed on any MLS listings, including both current and historical listings. No MLS fields, description or picture may reference compensation in any manner. 3rd party websites such as Zillow and Redfin will not display compensation either.
Offers of compensation outside the MLS: Compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.
Buyer Agent Compensation on Listed Simply’s Website: Compensation offers are permitted on non-MLS platforms, so we will display any Seller Concessions you choose to offer on your Listed Simply listing, if applicable.