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. Real estate brokers recognize advancements in technology once MLS searches became popular and are willing to present the advantages and disadvantages of MLS inquiries to interested parties. The decision to use this service is ultimately up to the potential buyer.
No. of Sell Options by Owner (FSBO)
One of the big disadvantages of MLS searches is that they do not include homes sold by the owner, unless the seller has negotiated a certain percentage of the commission with real estate agents. If interested in FSBOs, the buyer should search potential neighborhoods for FSBO signs and negotiate a price within their range. If the buyer doesn’t know much about price negotiation, or how much the houses are worth, MLS inquiries still provide some input for comparison purposes. If the buyer does not wish to conduct excessive research, MLS inquiries provide another benefit.
Less research for the buyer
Buying a home may already be considered a stressful process for some. MLS searches can reduce some of that stress by reducing the research the buyer must do. There are already many other things a buyer should remember to consider, including community, crime rate, demographics, school districts, job prospects, and more. MLS queries place hundreds of participating broker houses in a database, with hundreds of fields to search for properties. Knowledgeable brokers and 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 downgrades MLS queries
The younger generation might claim that the Internet is called the “information highway” for a reason. While it is true that certain states have their MLS queries available on the Internet, not all states have this accessibility. It is also important to note that the information that is researched on your own time may not be as accurate as the 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 who participate in MLS consultations try to offer the buyer the greatest number of options. They take into account the buyer’s requirements and try to create satisfying customers.
Ultimately, the decision to use MLS searches or do the research on your own is up to the potential buyer.