For real estate professionals, the busy season is in full swing. As we start to settle in and adjust to the hotter temperatures, buyers and sellers are busy striking deals with each other. Tyre Realty Group wants to arm the public with as much information and guidance with their real estate needs. Tyre Realty Group will take a commonly understood term amongst real estate professionals and define it for our readers. This week, we will define MLS.
Whether you are selling your home or buying a home, the term MLS will be mentioned. Simply, MLS is the abbreviation for multiple listing service. The MLS is an online database for REALTORS®. In this database, all homes for sale by REALTORS® are located for other REALTORS® to view. The MLS will also contain tax card information, property specifications and any addenda to the Offer to Purchase and Contract that might be needed.
For sellers, the MLS is an important part of selling a property. In a hot, seller’s market that we are experiencing in Pitt County, some homeowners will attempt to sell their home on their own. However, marketing on third party websites such as Zillow, Trulia, and Realtor.com, is proven to be a less effective manner to market and sell a home. Most REALTORS® do not use these third-party websites to find properties to send to their prospective buyers. Access to the MLS is strictly limited to licensed real estate agents who are part of the local REALTOR® association.
Similarly, the MLS is integral for buyers as well. While third-party home hunter websites are good for the consumer, the information contained on those sites is oftentimes incorrect. The most common mistake is that those sites depend on real estate agents or homeowners to update the information. Some agents are diligent and update, while others seem to forget to update the data. All the material pertaining to the home must be entirely correct in the MLS. However, the North Carolina Real Estate Commission does not police these third-party websites. The North Carolina Real Estate Commission does relegate the MLS.
Please make sure to follow Tyre Realty Group on Facebook and Instagram (@tyrerealtygroup) for our next Term of the Week. If you have suggestions on terms for us to define or if you need an additional explanation for any aspect of real estate, please feel free to contact us at (252) 758-HOME 94663) or leave us a message on Facebook.