What is the MLS (Multiple Listing Service)
The MLS is a proprietary electronic database that contains every residential home, vacant land and commercial property listed by Realtors® for sale or lease within a geographical area. Created by the National Association of Realtors® (NAR), the MLS is the most widely used source of properties for sale by Realtors® in the United States. The MLS combines all Realtor®-listed properties in one database within a large geographic area. There are around 67 different MLS systems throughout Florida. Realtors® are members of a local Board and pay an annual fee which allows them to access their local MLS. The MLS contains detailed information on the properties it lists, records of all recent closed sales and their sales prices as well as property tax information. With this information, Realtors® are able to generate comparable analyses of properties and custom searches by any criteria. The MLS also provides a platform for Realtors® to state the listed properties' commission participation to other Realtors®. This is why you do not typically see For-Sale-By-Owner (FSBO) properties listed in the MLS . Additionally, many Realtors® do not approach FSBOs because there is no stated commission agreement. MLS ADDvantage® bridges that gap between Realtors® and FSBOs by offering a flat fee listing in the MLS. Sellers gain the same exposure that Realtor® listed properties enjoy without having to pay a full service listing commission. Instead, sellers pay a low flat fee up front to list in the MLS and then offer buyers' agents a commission to bring a buyer. (This commission is determined by the seller).MLS - How it Works
- The MLS is NOT one big database of all Florida properties. There are over 67 separate MLS databases in Florida.
- Each MLS covers a specific geographic area. Some MLS databases overlap areas. For example, Venice, Florida properties can be listed through the Venice or the Sarasota MLS .
- Some Realtor® boards share data or “reciprocate” with each other. For example, a Tampa, FL property would go into the Hillsborough MLS or Mid Florida Regional which datashares with the Pasco/Pinellas MLS. Members of either board have the passwords to access each other's MLS and search listings.
- Sellers need to be listed in an appropriate local board where MLS data will be seen by the local Realtors® in that area. For example, it would do a seller in Miami little good to be listed in the Jacksonville area MLS.
- Realtor.com, unlike the MLS, is one big database of properties—not only for Florida, but for the entire US. Data on Realtor.com comes directly from all of the MLS databases. It is not as extensive as what the Realtors® see but it does give buyers a way to view limited MLS data.
A full service listing agreement is typically a 6 month listing. The main drawback of most full service agreements is that the Exclusive Right of Sale Listing Agreement most often used by Realtors® is a contract which lasts 6-9 months and during this listing period, you cannot sell your house yourself or “FSBO”. Customarily, a 6% commission is shared between the listing agent and the selling agent (sometimes the listing agent is also the selling agent). Listing with one of the ADDvantage® flat fee MLS programs saves you the “listing side” of the commission (which is typically 3%) because you become the “listing agent” for a flat fee.
With ADDvantage®, if you are successful finding a buyer for your property on your own without the assistance of a real estate agent, then you would pay NO commission; just the MLS ADDvantage® flat fee of $299. It's that simple.
If contract representation is also needed, sellers can choose the Professional ADDvantage™ program. Professional ADDvantage™ does use an Exclusive Right of Sale Listing Agreement but unlike with the full service version that most agents use, we allow sellers to cancel the listing at any time and they can still sell FSBO without paying any commission. The primary reason for the Exclusive Right is so that the listing will look like any other listing in the MLS as opposed to a flat fee listing which would show as “Exclusive Agency” or “Limited Service”.
When most Realtors® search the MLS database, they do not care who listed the property. Their primary concern is that the customary 3% commission is being offered. All listings in the MLS state the commission being paid. We recommend offering 3% or more. (Visit Street Smart ADDvantage® Realtor® E-Blast to learn about our commission strategy to get you better and more plentiful offers.) The purpose of using a discount MLS listing service is to avoid paying the customary 3% listing side of the commission while still getting the benefit of the MLS. The key is that you must be willing and able to show the property yourself.
MLS ADDvantage® offers a Flat Fee listing in the MLS which is designed for Investors & Sellers who have the experience and time to show their properties. This means your property is placed (or listed) in the number one real estate database in America used by the best Realtors® in your area. Every time a licensed real estate agent searches for a home or vacant land in your price range for one of their clients, your property will appear in the available properties for sale. All calls from your MLS listing will come directly to you. All unrepresented buyer leads will be forwarded to you by ADDvantage® with our exclusive Lead Capture system. If you have any questions about this offer call 727-942-2929 or 1-877-232-9695 for live help.