037. what is the mls?

I discussed what the mls is (i.e. an awesome resource) and how brokers and agents use it as our primary tool for contractual obligations between brokers as well as a database of homes currently on the market and recently sold properties.

Hello and welcome everybody to another episode of The Reside Daily Bite; I’m your host, David Doucette. Today, I am officially going to really work hard to try and stop putting/saying “aahs” in my speech patterns as I do these daily bites. And, it’s going to be hard for me to do that but I’m going to try and probably some of my speech will sound a little jagged because I don’t have the “aahs” as fillers. Bu we’ll see how it goes. So now, I’m going to really work hard to do that.

Today, I want to talk to you about the MLS or the Multiple Listing Service, which many of you maybe familiar with or at least have heard the terminology around the real estate circles. What the MLS does for us is we as brokers and agents subscribe to the MLS and we must be a member of the National Association of Realtors; we must join the MLS.

And the MLS -you’re going to find it in North America and it sets up a couple of things. It sets up (1) that the available properties on the market and allows us, brokers and agents, to search the MLS to find out what’s available on the market; (2) very importantly, it sets up the contractual obligations that we, as brokers and agents, have with each other. For example, if I list a house on the MLS, it’s going to say the percentage of the compensation that I’m going to pay to the broker or the agent who brings in the buyer.

Now, here in Los Angeles, it’s typically going to be between 5-6% that the seller is going to pay to the selling agent or the listing agent and that listing agent typically, is going to split a 50-50 with the buyer’s agent. The buyer’s agent will get typically 2.5%.

So, two real good uses for the MLS: (1) allows us to search the database of what’s available on the market; (2) sets up the contractual obligations that we, as brokers, have with each other. And if you’re working with real estate agent or broker, they can set you up on an MLS guest type set up, where you can actually see the kinds of properties that we can see with up-to-the-minute information. If you’re working with a broker or thinking about it, ask them about being set up on the MLS. There are different services to do that; I use the service “Listing Book” for my clients.

If you have any questions or comments: 1-800-476-5579 or you can email feedback@residerealestate.com
My name is David Doucette, thank you so much for checking out the Reside Daily Bite.

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