What Is MLS in Real Estate? Your Questions Answered.
What is MLS mean in real estate? In short, the MLS is the Multi Listing Service.
This is the system that member of the National Association of Realtors input the data when they take a listing to sell your home.
When a Realtor® leaves a listing presentation with all the paper in hand, they will go to the MLS and put all the information in. This is how you, the end user, will find all the homes that are on the market for sale.
It is important to under how the MLS works. Each city has their own Board that is part of the National Association of Realtors. Each board is ran by general by-laws and rules that the members vote on to govern the local association.
When an LA real estate agent enters the information into the MLS, it will be available to view by those clients that are working with a Realtor®. Most local MLS update several times a day for those clients so they are the FIRST to learn about a new listing. The listing agent is also able to run what is called a reverse search that will show the listing agent any clients that may be looking for a home like the one they just entered into the system. The listing agent is then able to reach out the agent that has the client that matches their new home for sale. This is a huge advantage for those that are currently working with an Agent and not looking on their own.
What Is An MLS Number in Real Estate: How Often Is It Updated?
Around midnight every night the main server for the MLS (located in Chicago, where the head quarters is for the National Association of Realtors) gets updates from all the local servers. This will feed Realtor.com site with any new listings.
From there, Realtor.com will feed all the third party site (third party sites are any other site that is not realtor.com or a search that is set up by an agent inside the local server.) with the new listing information. Depending on how often those servers update the inform is when people that are NOT working with a Realtor® will get the information about new listing. This could be the next day or several days later.
A lot of third party sites do not update as often as the local MLS or realtor.com. Every see those listing that are on the market for one day and already under contract? The reason that happens is that person is set up with an agent inside the local MLS and get that information before the rest of the world does.
Hope this information helps you with what and how the MLS works. If you have any questions please let me know. I help clients move, buy or sell in Los Angeles. If you are ready to buy something and would like to be set up inside the local MLS, let me know by using the contact form below.
Not in the LA area? That’s okay too – I have a well connected network of agents around the U.S.A. that can also help out. I would be more than happy to introduce you to someone in your area that works like I do.
Happy House Hunting!