You Ask, We Answer: Why Is It Important to List My House on MLS?
With all of the digital access many of us enjoy, it’s understandable that some Connecticut homeowners are tempted to list their houses without representation from a licensed Realor, and to undertake the marketing of their homes without listing them on MLS. While social media apps and third party websites are an important part of marketing a home for sale, ensuring your Connecticut home is listed on MLS has numerous benefits. Here’s why it’s important to list your house for sale on MLS, and what benefits you can expect to enjoy when you do.
First thing’s first. What is MLS?
When it comes to buying or selling a house in Connecticut, MLS is a bedrock of the real estate business. The acronym stands for “Multiple Listing Service,” and it’s a database that aggregates real estate listings and pertinent information in the region it serves.
This online tool is accessible only by licensed Realtors and helps both buyer’s agents and listing agents to pull the most up-to-date information on properties that are actively listed, on deposit, or sold. Such information is critical to helping Connecticut homebuyers find the homes they’re seeking, and in helping sellers understand what similar homes in their area have recently sold for, and therefore, what the best price to list their home for sale is.
I like sites like Calcagni.com. Realtor.com, and Zillow. Can’t I just list my home there?
What many homeowners may not know is that listing your home on MLS automatically populates to Realtor.com, as well as sites like Calcagni.com and Zillow. In fact, Realtor.com only pulls its listings from MLS. Because MLS is solely accessible to licensed Realtors, the information has to meet certain parameters set by MLS, thereby ensuring the listing information is as accurate as possible.
What are the parameters set by MLS?
MLS requires that licensed Realtors meet certain standards for accuracy of the listing. As such, Realtors are required to upload their listings generally within a 24 hour time frame of getting the listing agreement signed, or they face having to pay a fine for tardiness. This ensures that everyone–including other agents and their buyers– has access to the same inventory of homes at the same time, and that the overall inventory of houses for sale in Connecticut is accurate and up to date. And speaking of accuracy, MLS requires that Realtors are as precise as possible when listing a property; there is no “guessing” at square footage or the numbers of bedrooms and baths. MLS also requires photos to be uploaded at the time of listing, so buyers, sellers, and their agents can get a true feel for the property being sold. Lastly, changes in the status of the property must be input in a timely fashion. For instance, if a home goes into contract, it must be updated in MLS so others know it’s under contract or sold. Ditto with price adjustments.
What are the benefits of listing my home in MLS?
Now that you understand more about MLS and its functions, it’s easier to understand the multiple benefits of having your home listed in this system.
1. The widest audience possible
Because it is not only accessed by Realtors statewide but also feeds into other real estate websites that homebuyers and sellers in Connecticut use regularly, you can be sure that as many eyes as possible are viewing your home for sale. And, because these third party sites are populated automatically from MLS, it’s a time- and energy-saving initiative to list your home on MLS.
The stringent rules in place for listing a home on MLS mean that your home will be represented accurately. This may help avoid tricky negotiations later down the road, as buyers will know and trust that the information in the listing is true. It will also help filter out buyers whose needs do not align with the specifics of your home.
3. Better quality buyers
Since MLS is used by licensed Realtors, the buyers viewing your home using MLS listings will be represented by these agents. This means that most of the buyers viewing your listing will be prequalified, bringing better quality buyers to the table right from the get go.
Now that you understand more about MLS and its importance of using it to sell your home, contact us for a complimentary Equity Analysis to discover what your home is worth!