MLS mysteries. Like, what is it?

By
Real Estate Broker/Owner with Michael Dixon Realty

MLS mysteries:

Just in case you have not had any experience with the MLS -- Multiple Listing Service -- let me give you a brief introduction.

A Multiple Listing Service is a voluntary, cooperative group that real estate brokers and agents join to make it easier for buyers, sellers and REALTORS to get from point A to point B in the real estate buying and selling process.

For example, the Americus Board of Realtors has its own MLS, with its own website, where sellers can advertise their properties for sale and buyers can "shop" for properties to buy. REALTOR members of the MLS make their listings available to each other for showing and selling.

As a buyer, you can use one agent to look at any listed property in the MLS rather than skip around from agent to agent in different companies. Your agent can show you all the other agents' listings, and handle your offer if you make one.

When your purchase is closed and you become the new owner of a piece of real estate, the company that listed the property is paid a commission. If you worked with a different company to buy the property, the two companies will split the commission, usually 50-50.

Throughout the process you have been able to look at properties and purchase one while working with one agent. This enabled the agent to get to know your likes and dislikes about houses or land, and be better able to help you find what you wanted.

The MLS makes it possible for one agent to take care of you from start to finish. It gets the property sold by the seller, bought by the buyer, and earns a commission for the listing broker, the selling broker, and the agent or agents who worked with the buyer and the seller.

When you go online to look for a home or land to buy, hopefully you and the agent who shows properties to you will develop a rapport and be confortable working together. When that happens, stick with your agent. Your loyalty will motivate your agent to help you reach your objective. Everybody wins.

Do you have a question about buying or selling a house or land? For example, what is earnest money? What happens to your earnest money? Who gets it? How about commissions? How do you decide how much commission to pay? Who pays the commission? Buyer, seller, or both? It's something to think about. Email me at: michael@michaeldixonrealty.com or call me at 229-924-3089.

P.S. -- Don't listen to the doom and gloom commentators on TV about us being in a recession, and how terrible everything is. They are politically motivated, and are trying to effect the outcome of the November presidential election. The growth of our economy has slowed, but it does not meet the standard definition of a recession.

This is a great time to buy real estate because supply exceeds demand and most prices are negotiable. The value of your property should appreciate as the inventory of unsold properties declines. Think long term. As an investment, real estate should be a top priority.

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