Multiple listing Service, MLS Illinois, MLS USA



Wednesday, August 09, 2006

MLS TOWN: A REALTOR’S PERSPECTIVE


While selling a property, everyone looks for the best deal possible. Even the realtors face the problem of loss of money, in case the property is not sold. The realtors are often thought of charging a high price as the higher the prices in which it is sold, the greater will be the money earned by the Realtors. But it is not true always because it is the market forces that decide the right price and not the realtor. The realtor can ask or be directed to ask any amount for a seller’s property, but it is the purchaser who decides whether the price asked is worth it or not.
A property which is priced higher than the price it deserves in the market would require better marketing, more time and better showcasing. Only when the property is priced right that the deal fetched the greatest profit. The realtor is required to conduct a comparative market analysis, which can detect the best prices for that property. A common way to detect the best price is by analyzing the market. If your property sells in less than thirty days, it is possibly priced to low. If it sells in more than four months, it is possibly priced too high or does not look like it's worth the asking price from the prospective purchaser's point of view.
One reason the realtors keep a higher price for the property they are selling is on the direction of the owner who wants to sell his property for the highest price. Second reason could be that the realtor wants to buy the entire listing i.e. the realtor does not want to lose the property to another realtor who is willing to sell the same at a higher price. Another reason could be that the realtor wants to leave room for negotiation .i.e. the purchaser will always be willing to negotiate down, but if the price it more than 5% above market value most buyers will just pass you by and never make an offer. Real Estate sales and marketing is extremely competitive. It needs careful analysis and examination of the market before taking any decision and that requires the skills of a realtor.

INTERNET - A RESOURCEFUL MEDIUM

Internet has greatly affected each and every part of our life. So is its effect on various industries. The real estate is not far behind with Internet proving its ingenuity in that field as well. Through the Internet, you can read articles on how to buy or sell your house, get a mortgage, etc. The best part of internet is that now you can even search for the house of your dreams, online.




The internet also provides you with a Virtual tour of the newly listed houses. Not to mention, the e-mail facility where you can send letters to the realtors asking for more details of a particular property. The property can be displayed with a photo on the listing. But the terms & conditions of the listing differ from one site to the other. So a viewer can find a property with no photo on one site while the other site displays one photo of the property. Yet another site might show multiple photos of the same property. So it becomes necessary to view the property on the listing of separate real estate sites, for a clear picture of the property.

Although there are many limitations to the display of property on the Internet like difference in the status of the listing where one site may show a listing to be ‘active’ while other may show it as a ‘new’ one. But regardless of these limitations, in the beginning stage of home hunt, the prospective buyers would find it enjoyable to search for the property of their liking on the internet independently. And when they find it tiresome, they can always seek for a mentor in the form of a Realtor, who will guide him/her through the purchase. But the independence offered to the buyers, by the Internet, in searching for the property is a commendable, indeed.

Tuesday, August 08, 2006

REAL ESTATE IN USA



Real Estate is a growing sector in USA. Lately the real estate market has been swinging in favor of the buyers lately. This is mainly due to the high inventory and low housing prices. The sale of homes in USA has shown a drastic fall by 1.34% as compared to last year. This has eventually led to a fall in prices in some areas of the country.

At the current pace, it would take around six months to sell a home in the market. The statistics show that at the end of June there were 3.72 million homes on the market. Compared to last year, that is a whopping increase of 39.2% when only 2.7 million homes were on the market. So basically there is a slowdown in the market.

It's not just the mega hot markets such as New York City, San Diego and Phoenix that are showing stress but this sluggishness is also reported in seller friendly markets such as Las Vegas, Detroit and Midwest college towns such as Madison, Wis.

A ‘to let’ house stays in the market for as long as four months and that is not an uncommon sight anymore. Although the business is slowing, it does not exactly create a buyer’s market. The buyers have become more cautious of buying houses. The interest rates have also been creeping up. The era of high sales, of the last eight years, have come to an end with the slow down of the markets.

Friday, July 28, 2006

How MLS enhances property search in Illinois…


Finding homes in Illinois has never been so easy and so hassle-free. The time, money and effort spent on developing an effective system for exchange of property details is paying off really well. With MLS, customers now have online and direct access to more information about properties than ever before. Before the MLS system was available, the only source for a buyer to get information was directly from a broker. Today MLSs provide important benefits to consumers by aggregating data on homes for sale.

MLS listing is a privately-owned database that compiles details of properties for sale or properties required by potential buyers. An MLS may be owned and operated by a county, a regional real estate board or a real estate company. The service facilitates real estate agents to share information on properties for sale or to access information regarding prospective properties. Armed with this updated and accurate information, an agent can effectively safeguard the customers’ interest, negotiate prices, arrange finance and manage the closing.


According to the 2005 National Association of Realtors Profile of home Buyers and Sellers, more than 77% of home buyers used the internet to search for a home. And majority of those buyers viewed properties listed in an MLS. Consumers can access information on all available listed properties by logging in to the website of their broker of choice. Various Illinois MLSs provide photos, prices and floor plans of available properties and assists in locating new and resale homes in residential communities, retirement settings and country settings. MLS also assists in locating reputable builders for those who plan to build their dream houses rather than purchase one.

How real estate agents in Illinois can serve better with MLS…


Today consumers have access to a vast amount of information about the home buying and selling process. Even so, buyers and sellers still depend on real estate professionals for their experience, expertise and advice to assist them with the complex task of completing a real estate transaction. A real estate agent with access to various MLS's in Illinois will always be updated and aware of the right kind of properties that his customers are on the lookout for. The MLS (Multiple Listing Service) database compiles and facilitates sharing of information about properties on sale. Through MLS listing, an agent representing a seller can effectively communicate and share details with the agent representing the buyer.


According to the 2005 National Association of Realtors Profile of Home Buyers and Sellers, home buyers who used the internet to search for a home rocketed from 2% in 1995 to 77% in 2005. The report also found that of those buyers who use the internet to search for homes, 93% still use a real estate agent. Most of those buyers viewed property that a real estate agent originally listed in the MLS. Through the MLS service, sellers benefit by increased exposure of their property, while buyers benefit by obtaining information on all MLS listed properties while working with only one broker.


MLS services in Illinois have a variety of real estate listings from which an agent can guide a customer to the estate that best suits his needs. By combining the power of the internet and a network of real estate professionals, MLS makes finding a home in Illinois simple and economical. Knowledge of market trends and legal issues, coupled with updated and accurate information furnished by MLS listings, enables an agent to serve better by safeguarding the customer’s interest, negotiating prices, arranging financing and managing the closing. Latest developments of web technologies provide real estate professionals with increased reach to a wider audience of potential buyers and sellers, innovative visualization technology, seamless transaction technology and real-time delivery of listing information.

MLS: the best way to buy and sell home


Buying and selling your house can be made extremely simple by using the Multiple Listing Service. Some of the advantages of joining an MLS Listing are:
It increases the number of potential buyers of property. It was found that four out of every 5 get to the property they wish, through MLS.
By listing on MLS, you can skip the payment to the realtor and therefore, can save up to 2% to 3% on your sale.
MLS ensures that your property will definitely be seen by the prospective customers. By listing it on the MLS, it ensures that your ‘For Sale’ home is easily seen by the prospective buyers.
Your ‘To let’ home gets marketed the best way, through an MLS. An MLS connects you to thousands of realtors and increases your chances of getting noticed.
Finally, it makes good sales and business sense to list on MLS. MLS helps in selling your property fast and at a price that you expect. Listing on the MLS gives you the exposure that you desire.
So in case you are selling your home on your own, MLS is the best way to begin with. Find a flat fee MLS Listing service so that you have the best possible chance of selling your home quickly and at a price you want.
The MLS Listings provide real time access to people all around the world. It serves as a great source of information for anyone with Internet access as they can browse and view property listings on the MLS.

Wednesday, July 26, 2006

What is MLS and how to get its membership?





MLS listing is a database that allows a real estate broker representing a seller to widely share the information about the property for sale with real estate brokers representing buyers. It enables a real estate broker to list all the
property he wants to sell to the potential buyers. The real estate broker can also retrieve all the information about the properties for sale in a particular area, whether listed by his own brokerage or others.
The MLS acts as an exchange for the real estate agents. But the realtors need to take membership to the MLS in order to put information or to collect information about the other real estate agents. Membership to MLS exchange is only for those people who are part of a trade union. A properly licensed broker, who chooses to neither join the trade association nor operate a business within the association’s rules, cannot join the MLS. Similarly, a person who is selling his/her own property cannot put up a listing directly into the MLS.
The realtors in United States can join the National Association of Realtors (NAR), in order to list their property on the MLS. But the NAR restricts the limit of information shown on the MLS by the real estate agents. The Department of Justice (DOJ) has filed an antitrust lawsuit, claiming that NAR’s policy restricts brokers from establishing websites that show home sellers information that is in the MLS. The DOJ's antitrust claims also include NAR rules that exclude certain kinds of brokers from membership in MLSs. The real estate brokers in Canada can put their listing by membership to the Canadian Real Estate Association (CREA).
There are alternatives available for MLS. There are websites which allow the licensed realtors or non-realtors to put up their property for sale as well as allow the prospective buyers to search for House/property, without any cost.

























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