MLS or MLS Long Island stands for multiple listing service. It is a service that real estate brokers use to gain access to listings from other real estate broker’s database and share their own listing as well. In this day and age of fast paced information sharing, almost everybody uses MLS Long Island. Multiple listing services can help you sell your property faster than listing it with one real estate agent or broker alone. It opens up your property’s doors to more potential buyers than ever.
MLS Long Island is an option offered to sellers by real estate brokers to let other real estate brokers handle the sales process from beginning to end. This means other brokers can market, auction or negotiate on your behalf. It removes the exclusive rights of one real estate broker from selling your property and gives more brokers access to your property for selling.
Multiple listing services have been around since the late 1800s. Even when computers and online listings have not been invented or used as much as it is used today, several groups of real estate agents would meet and exchange listing in order to let other brokers see what they have. Then they divide the profits or commission based on their agreement.
Once you have signed a multiple listing agreement with your agent, other real estate agents and brokers now have the rights to market your property on their own website. The profits from selling your property can be shared by both your real estate agent and the other real estate agent that sold it for you. This would still depend on the agreements between the real estate agents using the listing. Some only allow a percentage of the profits to be given to the original agent that you signed up with while the agent that sold your property gets more. Others agree to a 50-50 profit sharing.
Access to these multiple listed properties is limited to the brokers and agents that are members or partners of your real estate agent. This means not just anybody can see your property unless they are allowed so there is no need to worry about your safety or your property’s safety. The real estate agents and brokers with access to your property are well trained and would not divulge any information about your property unless you have explicitly given them permission.
Most people looking to sell their properties fast like this kind of arrangement because it lets them reach more potential buyers. This looks good in theory but in reality some agents don’t like to work hard for multiple listing properties because of the shared commission. Properties listed exclusively with one real estate agent or broker means the commission goes to them completely.
Another pitfall of selling your property through multiple listing is that potential buyers could look to the real estate agent that has the lowest price and go to them. Some agents list your property lower than your asking price depending on the market that they have. So potential clients look for that agent and try to transact with them instead. This lowers your property value and profit as well.
MLS Long Island has its pros and cons. Whether you put your property up for sale this way or exclusively list it with one real estate agent or broker is your choice. Just make sure that you know what you are getting into. Ask your real estate agent or broker any questions you might have in order to understand fully what multiple listing is all about. If your agent is a good agent, he will want you to feel at ease and would be willing to answer your questions truthfully.