Below is only a summary explanation of the MLS or Multiple Listing Service. We could go on and on about the history of the MLS dating back to before the turn of the 20th Century, but that would be beyond the scope and the purpose of this page. Instead we'll concentrate on the modern day MLS System and how it helps today's sellers.
The MLS is a collective software data base that Realtors use to input listings. The MLS was formed as an aid to sell property inventory between brokers. The MLS stands for Multiple Listing Service and is available by membership only. Most if not all MLS Companies are owned at a local or semi local level by NAR (National Association of Realtors) Boards.
There are 2 requirements two the Georgia MLS one is to be a member one must hold a valid Real Estate Broker's Licensed in the state of Georgia and the other is they must offer compensation to other members. i.e. Cooperating Buyer's Brokerage Payments. One does NOT Have to be a member of the NAR to be a member of the Georgia MLS but, the catch is, if your broker is a member of NAR then you must be a member as an agent of the broker.
The FMLS is actually the exception to the rule as they are NOT controlled by the NAR but rather they're an independent company. They do not charge their members to use their services but rather charge a percentage fee to each member when one of its listed properties sells. They do however charge an initial membership fee.
OK so on with the modern MLS story.
Back in the day the MLS was in print book-type format that agents would carry around in their cars while showing property. Remember the pay phone?
Today as you might imagine the MLS is all computerized and spreads the information of listings via the internet. We'll it's not quite that easy...you see when a Broker or Agent enters a listing in the database the listing is only accessible to other Brokers and Agents.
So the next evolution becomes IDX or Internet data exchange and is made possible through broker reciprocity. This broker to broker agreement allows other brokers to display listing information from other brokers.
So how does my listing get on Realtor.com, Zillow and other big Real Estate websites? Well this is automatically handled behind the scenes once an agent/broker inputs a listing into the MLS.
The MLS Feed is handled by third party vendors like List HUB that distributes the MLS Feed to these websites and some websites even get feed directly from the MLS.
At any rate all this goes on behind the scenes but it's what technically allows the public to search for listing on the Big Box Real Estate Websites. As you can see it all starts with the Broker/Agent input into the MLS and ends up on your dinner plate as a listing on your media screen.
If your home isn't listed in the MLS and your trying to sell your home you might just end up hungry tonight.
Our Final Thoughts
The Ebb and Flow of the Real Estate industry is changing forever. There are companies that will buy your home below market value i.e. "ibuyers" We call these companies Equity Sharks because that's exactly what they are! Do you know your giving away up a HUGE chunk of your equity. I promise one day you'll wish you had your equity back!
Then there are agents that look at you like you've got a "lollipop stuck side ways in your mouth" when you ask them to reduce their commissions and there's a few that will but probably not enough to make you happy.
We're here to say that our business model is just all that all the time. You don't have to beg and pry just to get a good deal because that's what we offer. Consumers have spoken and we've listened.
In our opinion the current Real Estate commission structure is circling down a half clogged drain and we're here to clean up the mess.