HOME SELLING ADVICE: The MLS Real Estate Meaning & Why It Matters To You

October 13, 2020

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NEW VIDEO 🚨: This AIN’T your HGTV home selling. LINK in Bio/YouTube: Bronx Homes.


In “HOME SELLING ADVICE: The MLS Real Estate Meaning & Why It Matters To You,” we discuss the importance of the multiple listing service when it comes to selling your home.

FREE PROFESSIONAL EQUITY ASSESSMENT REPORT: To receive a free equity assessment report to learn the current value of your home, please go to www.homepricebronx.com.

NEXT VIDEOS: 1) SELLERS MARKET 2020: https://www.youtube.com/watch?v=JmCDo4louRM&t=199s 2) IS ZILLOW ACCURATE: https://www.youtube.com/watch?v=aT72bAwrPMo&t=7s

WEBSITE: If you are interested in putting your house on the market or just want more home selling advice, you can visit my website at www.justinsimmonsbronxhomes.com for more detailed information on the home selling process and find other real estate tips for sellers and information on the Bronx real estate market. You can also use this site to search for Bronx homes (and beyond) from the One Key MLS.

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If you are thinking about selling your home, then I got the big three letter acronym that you need to know, MLS. Welcome back. Welcome home. My name’s Justin, your local Bronx real estate agent. And if you’re a first time viewer and you wanna keep getting weekly information on the home selling process or home buying advice, be sure to slam that subscribe button and the bell next to it so you don’t miss anything. With that being said, we are talking about the Multiple Listing Service, MLS. So, these are private databases created and maintained by real estate brokerages to share listings with each other. And makes it easier to help our clients sell and buy their homes. And by the end of this video, I promise you, you’ll have a understanding of why the MLS could be such a big deal, if you’re considering putting your house on the market. The first thing to know about the multiple listing service is that there are multiple, multiple listing services and they’re divvied up by regions. Second, big thing to know, is that just because someone’s a licensed real estate professional, does not mean they’re a member of an MLS. The first reason MLS is gonna be a big deal to you as a seller is because of the marketing and exposure opportunities to potential buyers. We need eyeballs on your property. So, when we put your home on the MLS, it’s going to syndicate to sites like Zillow, realtor.com, trulia.com, homes.com, so buyers can see your house and then they call up their agent and be like, hey, I wanna go see this house. Can you schedule an appointment? That’s one way to get a ton of exposure. And if you like what you’re hearing so far, be sure to slam that like button for us. The second reason it’s important to get your house on MLS, which is even more important than the first, is because it exposes your home to a bunch of licensed real estate professionals. And we’re the folks that are coordinating the scheduling for our clients. We send them homes as well. A lot of our clients actually rely on us to send these homes ’cause they’re too busy doing other things. So, you wanna get your house in front of our eyes too and then we can notify our clients. We’re also gonna do vetting earlier than our clients might. We’re gonna make sure the property taxes aren’t too high for their pre-approval. It has all the features they’re looking for. And then we can come bring them to the house to come see it. But if we don’t see it and a lot of times our clients are too busy to do searches on their own, your home might go unnoticed. Now, if you have any questions about the MLS or any other ways that we can market and expose your home, drop them in the comments below, I’ll get back to you as soon as possible. Now you might be thinking, hey, I understand why a lot of buyers might not see my home if it was just on Zillow or trulia.com. They’re busy doing other things. But why wouldn’t the real estate professionals also check these other websites just to see if anything wasn’t on their MLS. I mean, that’s another opportunity for them to sell something to their client, right? Good question. Great question. Here’s the problem. One, a lot of the information we have on these sites, Zillow, Trulia, is not accurate. We don’t like to waste our time. I have seen a bunch of homes on Zillow that sold five years ago, still listed as active. Why? I don’t know. But when we go to our MLS database, we have up-to-date and accurate information. We need that so we can help transactions close smoothly. Now, I don’t know if I should tell you this, but I promised you the real on real estate, so I gotta say something. The second reason, a lot of agents don’t go to sites like Zillow or Trulia to look for homes for their clients is we don’t know what we’re gonna get paid, right? So, if we see a house on the MLS there’s already an agreement of compensation laid out there for us bright as day. So, we know going in, oh, the other agent’s gonna split this amount of their commission with me. That’s independent from whatever agreement might have been worked out with my buyer. I already know what I’m getting on this side. If an agent doesn’t see that, that can be a point of contention later on if they have to figure out, well, how am I getting paid? You might see a home listed on Zillow, but that agent might not be offering any sort of compensation to a buyer’s agent. You don’t know and because it’s Zillow, they don’t have to tell you. You might be looking at us a little sideways after I told you that. But if you put in work and wasn’t sure how you’re gonna get paid, how would you feel? So, with MLS, it makes it very easy from the beginning for us to get a sense of what we’re walking into. Now, for you as a seller, if you’re gonna be meeting with a real estate professional to consider listing your home with them, you can ask them, hey, are you a member of any multiple listing service? And they can tell you if they are, and if they are, they can tell you which multiple listing service they’re a member of. They all have different names. Now, if you’re asking me, for example, I can tell you I’m a member of OneKey MLS, which covers New York city, Long Island and Hudson Valley, right? And we have over 40,000 real estate professionals who are subscribed to it. So, you gotta start thinking in terms of the multiples of these 40,000 agents, how many agents will see my home? How many agents will tell their buyer clients about my home? You can easily get into the tens of thousands of people being notified about your home. Now, if we’re talking about the SmartMLS in Connecticut, there’s over 15,000 real estate professionals subscribed to it and it covers the whole state. So, just so you can get a sense of the scope of what we’re talking about here, to get the broad exposure we need for your house very quickly. Now, one thing I’m not saying is that a non MLS brokerage or a brokerage that’s a part of a MLS that’s not very big in your region, cannot successfully sell your home. I am not saying that, okay? Realtors watching and real estate professionals watching, I’m not saying that. However, if you are having trouble getting competitive offers or if you’re worried about that, that could be part of the reason why MLS is a major tool in our toolbox. I’m just telling you about the showing and marketing aspect of it, but there’s a ton of other resources it provides us as real estate professionals and information it gives us that makes it a lot easier to get your home sold effectively. Now, beyond marketing exposure, one thing the MLS can help us with, is find out the value of your home. So, if you’re thinking of selling and you wanna get an estimate of how much you could walk away with, from your sale, I have a link in the comments and descriptions below, so you can get your free professional equity assessment report and find out what your home is worth in today’s market. Of course, if you know anyone that can benefit from this video, please be sure to share it with them. Sharing is caring. Lastly, make sure to slam that subscribe button so you can keep getting the real on real estate. Thanks again and I’ll see you next time.