Learn More About Multiple Listing Service (MLS) Software
What is Multiple Listing Service (MLS) Software?
Multiple listing service (MLS) software provides real estate agents and brokers with an easier way to upload the necessary information that must populate an MLS. An MLS is a standardized, regularly updated database of available rental and property listings and details in the market. MLS databases make the real estate transaction workflow more efficient by standardizing the way brokers and agents upload information, democratizing (up to a point) the way listings are uploaded and shared, and streamlining information flow from sellers to buyers.
Key Benefits of Multiple Listing Service (MLS) Software
- Provides access to a database full of timely and accurate property information
- Ensures transparency by revealing broker and agent commission percentages
- Levels the competition by making democratic property information
- Increases exposure to property listings
- Ensures that all agents and brokers follow regulation and standards
Why Use Multiple Listing Service (MLS) Software?
MLS provide buyers, sellers, and real estate professionals with verified information about properties that have become or are available. MLS systems also help consolidate property data and save all users time when researching deals. MLS also adhere to strict criteria when it comes to the data that is uploaded into its database. MLS software simplifies adherence to that criteria as well as mining for properties within the system.
Timeliness — MLS listings can be counted on to be new and fresh. New listings must be entered into a MLS within a specific time period, which is generally 24 to 48 hours after a listing agreement is signed. Fines are levied at sellers and real estate professionals who do not adhere to that timeline.
Accurate data — MLS require specific information to be input before a listing is approved and uploaded into an MLS. Local and national associations vet MLS listings for accuracy as well. Information within an MLS simplifies the research effort from agents and brokers, as well as expanding the reach a single property listing can have on its own accord. Couple that with expert property knowledge, and MLS software that facilitates uploading and downloading of property data is far more useful than other resources of property data.
Who Uses Multiple Listing Service (MLS) Software?
Brokers, real estate agents, sellers, and buyers all utilize MLS. MLS software simplifies accessing and leveraging of MLS data, whether that’s simply pulling data to match with prospective clients’ wants, or showcasing those listings on their professional websites for further reach. Sellers work with real estate professionals to post and update available listings, buyers lean on agents and brokers to have the most updated available property information, and real estate professionals turn to MLS data to offset competition within their market.
Kinds of Multiple Listing Service (MLS) Software
An internet data exchange (IDX) is a system that allows non-registered, non-licensed real estate agents and brokers access to, and the ability to search, MLS data. IDX software allows agents and brokers to add MLS listings right into their own database and website. A real estate website that showcases MLS listings can attract more buyers with the content.
Multiple Listing Service (MLS) Software Features
MLS exist to make it easier to upload information into a real estate agency’s databases, access MLS data, and optimize the property buying lifecycle for both buyer and seller. Below are common features offered by MLS software vendors:
Add listings feature — The add listings feature allows users to quickly view and manage stored listings. MLS listings comprise fields that list information about property, neighborhood, HOA, and financial statistics. Visual galleries and relevant geographical information further enhance the attractiveness of listings. Search functionality within the listings feature makes it easier to look up viable listings. Listings must follow a format and will be vetted by local and national associations for accuracy. Most MLS software also allows users to add notifications on those listings, to notify agents and brokers about any changes or interest of those listings.
Edit listing feature — On top of the ability to add listings, the ability to edit listings is another necessary feature of MLS software. Edit listing functionality allows users to submit updates and changes to existing listings, or remove them once the listing is no longer available. Editing also makes it easy to control, validate, and de-duplicate listings.
Client portal — A client portal allows agents and brokers to communicate with their prospective and existing client base. A client portal also helps real estate professionals organize their customized searches for their clients and alert buyers of milestones throughout their real estate purchase process. Client portals allow agents to remain in touch with their clients, all the way from initial research to closing.
Contact manager — Aside from utilizing a portal to consolidate conversations between client and agent, a contact manager helps agents centralize their client information. Like any other CRM, a client manager allows users to add relevant notes to their client files, send bulk emails, receive activity notifications, track successful or unsuccessful closes, and prioritize contacts for searching and prospecting.
Additional Multiple Listing Service (MLS) Features
Lead capture — MLS software has the capability to capture leads, providing a better picture for the agent of the type of client that they want to prospect or the type of property that the client wants to buy.
Mobile-device optimization — Some MLS software understands the behaviors of modern property buyers and the role that mobile devices plays in their own research and buying process. Software that allows for mobile optimization makes it much easier for agents to work on the go, as painlessly as possible. MLS software that can be accessed on a mobile device, without compromising its display, helps agents and brokers better capture leads, research properties, and showcase listing results to their clients.
Forms and contracts — MLS software can offer a module for forms and contracts that can be instantly accessed by the agent or broker. These templated forms are approved by local and national associations, and MLS data can be populated within the forms. This feature can further streamline the real estate transaction workflow.
Potential Issues with Multiple Listing Service (MLS) Software
Restricted access — Historically, MLS only allowed real estate brokers or agents who are licensed or members of a local or national association of realtors to have access to the MLS systems. While there are avenues through which agents and brokers can gain access to MLS, a challenge still remains: effectively accessing and parsing MLS data. MLS data comes from every single MLS database that exists, which makes it a significant trove of property data that must be viewed, uploaded, and downloaded. Additionally, each MLS comes with its own rules and regulations that are determined by state, which can prohibit an agent who is licensed in one state from accessing property data in another.
Potential lack of standardization — Because each MLS comes with its own regulation, there is no standardization in data within each MLS. One pitfall to the lack in data standardization is the potential for duplicate listings or noncompliant listings, discovered when agents upload or transfer listings into their own systems. Any feeds that MLS garner property listings and client information from must utilize specifically written code to gain accurate and updated information from those disparate systems. The Real Estate Standards Organization (RESO) has introduced standardization in the type of information that is allowed to be uploaded into a MLS, to ensure compliance in resulting contracts and agreements. Until that standardization is completely enacted across all MLS, however, agents and brokers must continue to double check listings.
