What is the MLS? – Multiple Listing Service Defined, and More Real Estate Terms
Are you new to the real estate industry? Are you an up-and-coming real estate professional, or an individual looking for homes for sale, rentals, or to sell your own home? Learning about the MLS? There are many questions surrounding the real estate business. With many terms and definitions, it can be overwhelming for anyone looking to get involved with real estate. However, understanding these definitions is critical in understanding the real estate market and process of buying, selling, or investing. Continue reading to learn more about real estate.
What is the MLS in Real Estate: Frequently Asked Questions
Here are some of the most common real estate words, definitions, and questions.
1. What is MLS?
MLS is a multiple listing service. It is a database that real estate agents use to share information about properties for sale or rent. The MLS contains information about each listing, including photos, descriptions, and key features of the property. Additionally, agents use the MLS to find properties that meet their clients’ criteria and to market their listings to a wider audience. Simply put, it is like a digital marketplace for real estate professionals. From homes for sale in Florida to commercial properties all the way in Seattle, you can find them in the MLS!
2. How many multiple listing services are there?
The number of MLS systems can vary depending on where you are in America. In the United States alone, there are hundreds of MLS systems. However, each of these multiple listing services serve a specific region/market. The MLSs operates by the work of local associations of realtors or real estate boards.
3. Do I need a real estate license to access a multiple listing service?
Usually, access to the MLS is limited to licensed real estate agents and brokerage agencies. However, there are a few online platforms that provide limited access to MLS listings for the general public. These platforms usually only offer a small piece of the information available on the MLS. However, it is typically not up to date. If you’re serious about buying or selling a property, it is crucial to work with a real estate agent with full access to the MLS. This is to provide you with accurate information. Plus, having an agent by your side can help navigate the complex process of buying or selling a home. It’s like having a partner you can trust who can help you navigate the real estate market. Marketplace Homes works all over the United States.
Marketplace Homes works directly with many MLS systems! Our experts can help you find the perfect home, and even have access to properties that are not yet listed. If you have interest in buying or selling a home, contact us today at 800-331-0646.
More Real Estate Definitions
1. What is the NAR?
The NAR stands for the National Association of Realtors. This association is made up of real estate agents and realtors around the country. This is a professional organization for real estate agents and brokers in the United States. NAR serves to protect the interests of its registered members and strives to advocate for the real estate industry. Furthermore, the NAR also holds a wide range of resources, training, and support to help real estate professionals succeed in their businesses. NAR is also responsible for setting ethical standards and guidelines for its members. This is done to ensure professionalism in the industry. NAR members are required to be committed to high standards. Additionally, they are also required to have ongoing education in real estate and stay up to date with market trends. Put simply, the National Association of Realtors is a national network for real estate professionals.
2. What is syndication?
In real estate, syndication is the distribution of properties and homes to many websites online. Once a real estate agent or brokerage lists a property on the MLS, they have the option to syndicate or distribute that listing to other websites that specialize in real estate. This means the listing is seen by a larger audience. Syndication is able to expose a property to more potential buyers or renters. Syndication is beneficial because it allows for more visibility of the property, finding the right buyer or renter.
* Marketplace Homes utilizes syndication to share homes and properties on many different platforms, ensuring you can sell your home or find a property as quickly as possible!*
3. Who are appraisers?
An appraiser is a professional that determines an estimate value of a property. Moreso, appraisers play a critical role in the real estate business by providing an unbiased assessment of a property’s worth. Appraisers are to consider many factors such as the property’s size, location, condition, and recent sale of comparable properties in the area. Any property undergoing finance typically requires an appraisal to ensure the property’s value supports the loan amount. Additionally, appraisers are also important in assisting both buyers and sellers understand the market value of a property, and ensure fair pricing for all. They are able to explain the “worth” of a property and provide details for buyers, sellers, and lenders. They are real estate professionals that make sure the price is fair.
4. What is a triple-net lease?
A triple-net lease in real estate is often abbreviated as NNN lease. This is an agreement for commercial properties where the tenant is responsible for paying not only the base rent but also the property’s operating expenses, including property taxes, insurance, and maintenance costs.
These are just some of the most commonly asked questions in the real estate industry. If you have questions, it is important to ask a real estate professional.
Understanding the Real Estate Industry
For someone who is just beginning to get involve themselves in real estate, the abundance of terms can become overwhelming. Wherever you are on your real estate journey, we encourage you to get in contact with a professional agent. These individuals are knowledgeable about everything in real estate. From homes for sale, commercial properties, MLS/multiple listing service access, and so much more, real estate professionals are here to help.
Looking to buy, sell, or invest?
Wherever you are in your real estate journey, Marketplace Homes is here to help! Marketplace Homes is a licensed real estate brokerage that is experienced in the real estate industry. Marketplace Homes has an abundance of systems to ensure you are receiving quality service and can buy, sell, or invest with ease.
Amalia Graham is a Marketing Coordinator at Marketplace Homes and a student at Wayne State University in Detroit. She is double majoring in Information Systems Management and Marketing, with a concentration in digital analytics. Growing up in a society focused on the online world, Amalia has always been interested in digital analytics/advertising and the intersection of brand identity in our ever-evolving online communities. She’s fast learner and a valuable member of the marketing team!
When she isn’t busy with work or school, Amalia enjoys collecting vinyl records, drinking coffee, and listening to Taylor Swift.