The Role of MLS in a Competitive Marketplace
The role of MLS in a competitive marketplace
Real estate is an extremely competitive profession. Buyers and sellers choosing to work with a professional can select from a wide choice of realtors, service options and pricing models.
Using the MLS gives excellent exposure to properties for sale, thus attracting offers. Many alternate systems and services exist to buy and sell homes and they all compete for customers. For instance, a person can choose to sell a home themselves or with the assistance of a marketing company.
Consumers can choose from numerous Internet websites like eBay and craigslist, as well as other ways to advertise or buy a home.
"Sellers and buyers often decide to work with a realtor because they want expert guidance through a complex process. For this important transaction, people want to select someone they are comfortable working with and who offers the services they are looking for at a price they can agree on. The MLS system allows consumers to do just that," Moldowan says.
"Realtors are there to represent you in the transaction. Its not just about selling a house," he says.
If the MLS system did not exist, sellers would have to choose an individual real estate brokerage to list their home and only that brokerage would have the information about it and the ability to show and sell it. If the MLS system did not exist, buyers would have to go from realtor to realtor to view the listings of each individual brokerage. The Multiple Listing Service gives consumers a choice of which realtor to work with, at the service and price range appropriate for them. And that realtor is obligated by law to look after the best interests of his or her client.