MLS (or Multiple Listing Service) searches are based on the principle; “Help me sell my inventory and I’ll help you sell yours.” It is a unique concept, although it is not used by many other industries. Realtors recognize technological advances once MLS searches have become popular and are willing to present the advantages and disadvantages of MLS queries to interested parties. The decision to use this service is ultimately up to the potential buyer.
No Sell By Owner (FSBO) Options
One of the big drawbacks of MLS searches is that they don’t include homes sold by owner unless the seller has negotiated a certain percentage of the commission with the real estate agents. If interested in FSBO, the buyer should search for FSBO signs in potential neighborhoods and negotiate a price within their range. If the buyer doesn’t know much about negotiating prices or how much homes are worth, MLS inquiries still provide some input for comparison purposes. If excessive research is not desirable to the buyer, then MLS queries provide another benefit.
Less research for the buyer
Buying a home can already be considered a stressful process for some. MLS searches can reduce some of that stress by reducing the research the buyer has to do. There are already so many other things a buyer should remember to consider, including community, crime rate, demographics, school districts, job prospects, and more. MLS queries put hundreds of homes from participating brokers into a database, with hundreds of fields to search for properties. Expert brokers with years of experience determine these popular search fields; whereas if the buyer does the research himself, he may question whether the information he finds is accurate.
Internet outdated MLS queries
The younger generation might claim that the Internet is called the “information highway” for a reason. While it is true that some states have their MLS queries easily available on the Internet, not all states have this accessibility. It’s also important to note that information researched at one’s time may not be as accurate as MLS searches provided by real estate brokers.
A trusted community
As mentioned above, all MLS inquiries are based on the premise “You scratch my back and I’ll scratch yours.” In other words, there are no hidden agendas. All brokers participating in MLS inquiries try to give the buyer as much choice as possible. They take into account the requirements of the buyer and try to create satisfying customers.
Ultimately, the decision to use MLS search or do your own research is up to the potential buyer.
