Everything You Need to Know About Minneapolis Multiple Listing Service (MLS)

You've probably heard a lot of horror stories about selling your home with the help of a real estate agent. High commission fees, lack of control over the selling process, and mediocre marketing techniques — these are just some of the complaints that homeowners have about traditional real estate agents.

 

We completely understand if you are sure the FSBO route (For Sale By Owner) is the best option for you. After all, you know your home better than anyone else, right? But before you go ahead and put up a "For Sale" sign in your front yard, there's something else you should know about - the Minneapolis Multiple Listing Service (MLS).

 

Licensed real estate agents like us at Real Estate Corners offer a flat-fee Minneapolis multiple listing service that will get your home on the MLS and in front of thousands of potential buyers. Here's more to convince you that this service is worth considering.

 

What is the MLS, and why should you care about it?

 

The MLS is a platform that licensed brokers, and real estate agents use to put up and search for homes available for sale in a given area. The MLS provides detailed data on properties such as square footage, number of bedrooms and bathrooms, listing price, and more. This information is critical for both buyers and sellers as it allows them to compare similar properties and make informed decisions.

 

So, should you care about the MLS? Absolutely. Here's why:

 

The Internet is a very important resource in the real estate industry.

 

A 2020 survey by the NAR reported that 97% of homebuyers turned to the internet when searching for a new home. This means that almost all potential buyers will use online platforms, including the MLS, to find their dream home. If you hire us to list your home on the MLS, you are increasing its visibility and chances of being seen by a larger pool of buyers.

 

It is a safe, reliable platform.

 

What makes the MLS different from other online marketplace platforms is that it is exclusive to licensed real estate agents and brokers. This means that the information on the MLS is accurate and reliable as it comes directly from professionals who are held to a code of ethics.

 

We will start by gathering details about the property and will use comparisons with recently sold homes to set an appropriate list price. Once all the details are in place, we will create a listing in the MLS. This listing includes photos, square footage, the number of bedrooms and bathrooms, and other home features like a garage.

 

However, aside from the basic details, MLS listings often include private remarks intended only for other agents to keep the seller's privacy and safety intact. These confidential notes might have the seller's contact information, tips on the best times for showings, details about pets in the house, gate codes, or specific seller disclosures and homeowners association (HOA) rules. Every property listed on the MLS is given a unique MLS number to easily identify and find properties. This number is used as a reference for agents and buyers to keep track of the listings they are interested in.

 

Provides maximum exposure

 

When a seller lists their home on the MLS, it becomes visible to all the agents and brokers who use the system, which greatly boosts the chance of finding a buyer. This increased visibility is actually one of the biggest advantages for homeowners who choose to work with an agent rather than going the For-Sale-By-Owner route.

 

In the same way, when buyers search for a new home, they are provided with access to a vast selection of listings via the MLS. Buyers can work with an agent to find a home that fits their needs. During this process, the agent will talk to the buyer about their ideal location, type of home, budget, size requirements, must-haves, and other preferences. The agent then uses this information to search for homes on the MLS that match the buyer's criteria. When the buyer finds a home they like, they can arrange to see it in person or attend open houses using the information available in the MLS.

 

Have more control but still have guidance.

 

One of the most important things to note when using MLS is that sellers cannot list their homes on the MLS directly. This is because only licensed real estate agents and brokers are allowed to access the platform. This means that sellers would need to work with an agent who can help them list their property on the MLS with a flat-fee arrangement.

 

Will this mean that the seller has no control over their listing? Not at all. Unlike traditional real estate transactions where the agent handles all aspects of the sale, with MLS, the seller still has control over their listing. They can choose which photos to use, write their own descriptions for the listing, and set their own price. The only difference is that the listing will appear on the MLS and get more exposure to potential buyers. 

 

Our flat-fee FSBO package offers an affordable and straightforward way to list your home on the MLS in Minneapolis. Beyond our basic package, we offer additional services like market analysis and competition monitoring, which are available for an extra charge. Reach out to our team today at  (612) 483-1230 for more information on our Minneapolis multiple listing service.