Why does the MLS work so well?
Insider secrets below!
Why the MLS works so well
The Multiple Listing Service is an the best place to reach the most buyers. Primarily, this is because each of the 860 regional MLS’s across the United States function as de facto monopolies. What do we mean by a monopoly? In practical terms, that means that around 90% of US residential home sales are started as a listing in the MLS.
Pragmatically, that means that any serious buyer of residential real estate will be starting her search in the MLS daily. The best way to get the best price for your home is make sure you are in front of all the buyers. And you do that by getting a listing into the MLS.
The only problem with the MLS is the uniform, high commissions. And the dirty secret of the MLS is that the commissions don’t help sell a home in the modern Internet age. And if you are checking out Surefield, you are getting close to figuring out to keep those for yourself as well. While many people associate the MLS as the place where all the homes are for sale, according to the National Association of Realtors “an MLS is a private offer of cooperation and compensation by listing brokers to other real estate brokers.”
So-- the public things that the MLS is a place to find all the homes for sale and the brokers all think that the MLS is a place to share commissions.