Best Multiple Listing Service (MLS) Software

What is Multiple Listing Service (MLS) Software?

Why Use Multiple Listing Service (MLS) Software?

Who Uses Multiple Listing Service (MLS) Software?

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.

Trends Related to Multiple Listing Service (MLS) Software

The real estate industry has been impacted, like others, by the internet and other modes of technology that make it easier for buyers to research any houses or properties that they want to purchase or rent. Below are a few trends that specifically impact MLS, therefore impacting the entire real estate transaction workflow.

Standardization — The Real Estate Standards Organization (RESO) has requested that all national associations of realtors to adopt standards within their MLS, standards that affect the data fields that make up MLS systems. A benefit from that standardization is the repositioning of MLS in the current real estate ecosystem, reduce the costs of supplemental systems that are used to translate and upload MLS data, and optimize the ways agents and brokers subscribe to and use MLS.

Enhanced security and authentication measures — MLS are full of sensitive information that have the potential to be hacked. Security is needed to prevent or restrict access to MLS data. Security systems have been created to require (higher) levels of authentication as well as tracking who has accessed and shared MLS data. Additionally, single sign-on security has been developed and implemented into the systems used by real estate professionals when accessing MLS, which further streamlines the research and discovery process.

Keeping up with the internet — Easily accessed and navigated websites like Zillow and Trulia has allowed buyers to circumvent the need to utilize agents and brokers when looking for properties. Fortunately, that has propelled innovation within the real estate sector, specifically to persuade buyers to return to real estate professionals when making such a significant purchase. That innovation has also helped MLS to better serve the needs of real estate professionals, breaking down barriers to access MLS systems and/or providing APIs or access points that make it easier for them to access MLS systems.

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.

Software Related to Multiple Listing Service (MLS) Software

MLS software can be used as a standalone solution, but other software does exist that can be used in tandem with or as a supplement to MLS, thereby providing a more comprehensive platform. These are a few such solutions:

Real estate marketing — Branded websites, links that lead to virtual tours, customized email marketing automation, and other efforts at real estate marketing help agents and brokers distinguish themselves in front of their clients. Real estate marketing software simplifies such marketing efforts. Some real estate marketing solutions seamlessly integrate with MLS, and some either provide a built-in or integration with a CRM.

Real estate CRM — Real estate CRM provides real estate agents and professionals with a contact management solution that is tailored to the nuances of the real estate industry. Its lead nurturing tools scours MLS for new listings to better send offers to clients as well as generating leads from MLS for future prospects.

Real estate activities marketing — Real estate agencies need process and workflow management. Real estate activities management software provides agency management functionality. Real estate activities management software that integrates with MLS provides a better experience for homeowners and home searchers. Those integrated solutions can take MLS data and convert it into easily digestible information that agents can then optimize, along with streamlining day-to-day responsibilities of real estate professionals.

Brokerage management — Brokerage management software streamlines and automates the daily workflows that brokers need to perform better. Similar to real estate activities management, these solutions integrate with MLS to create a better dashboard when looking at and tracking the activities of a firm’ brokers.