Have you ever been in a situation where a few people were talking about a topic and it sounded as if they were using a foreign language? Maybe they were?
How did you feel? Frustrated, confused, ignorant?
I have been in that space many times, and I remember before being a Realtor, real estate was one of those spaces.
So much of real estate is built around knowledge and understanding. As your Realtor, I want to ensure when we talk about the process of buying and selling your home, we are on the same page. The worst thing you can do is nod and act like you understand everything.
Therefore, starting with this blog we are going to make sure you have a deeper understanding of real estate lingo.
Today’s word is MLS or Multiple Listing Service.
The MLS is a tool used by cooperating real estate brokers within a region or state. This tool is a private database created, maintained and paid for by real estate professionals to help their clients buy and sell property. In most cases, access to information from MLS listings is provided to the public free-of-charge by participating brokers. Data that is not publicly accessible includes information that would endanger sellers’ privacy or safety, such as seller contact information and times the home is vacant for showings.
Each time a property is listed, it is assigned a MLS number which allows for Realtors in the association to access the property. This levels of the playing field for all Realtors, and in turn allowing buyers and sellers to work with the professional of their choice.
With the databases all virtual today, additional information is accessible to Realtors. Did you think the stats I share in my newsletters and article were all calculated by me? The data comes from the MLS. This provides more knowledge to all parties involved, optimizing success.