Agencies cope with the task more efficiently and faster than those who make independent attempts to sell or buy housing. How is it possible? The first ones have a modern and powerful tool. It is called the multi-listing system or just MLS. What is multiple listing service software development and how this system speeds up operations in the real estate market, will be discussed in this article. So, keep on reading!
What is multi-listing software?
Multi-listing is a professional electronic database that is intended only for realtors and includes objects for sale. The information in this database is fundamentally different from the information collected in real estate resources, free classifieds sites, etc. To begin with, let’s look at the difference between the information present in the multi-listing system and information that can be found in other sources.
How the multi-listing system works
The multi-listing system is not public, it can only be used by professional market participants. They are real estate agencies or private realtors. On the one hand, immediately after the conclusion of the contract with the client, realtors enter the property into the system. The object becomes available to all real estate agencies that may potentially be interested in selling this object, which allows you to find a client as quickly as possible.
On the other hand, professional sellers get access to verified and structured information, which eliminates the time spent on useless negotiations with property owners who are not going to sell their homes, as well as with unscrupulous sellers.
As a rule, multi-listing systems are implemented at the city or regional level. No database would include information on real estate throughout the country. At the same time, in the United States, where the real estate market is somewhat more civilized, such a system is successfully operating on a national scale. Maintaining the system and maintaining it in working order requires certain costs, so the use of MLS involves a paid basis. To find out more about it, ask for the help of Inoxoft specialists.
By delegating all rights to sell property, the client receives:
- protection of the seller from crime and unprofessionalism;
- protection of the economic and legal interests of the seller;
- a real assessment of the property and the best orientation in the market;
- saving time and reducing unnecessary contacts;
- an effective advertising scheme; the ability to sell real estate at the maximum price;
- opportunity to work with a professional agent.
The main goals and tasks of the MLS
Well, the main task of the MLS is to provide professional information circulating in the real estate market to all realtors united by a multi-listing system.
To ensure this, it is necessary to create an information system, the competitive advantages of which will be:
- organization of closed information exchange between professionals;
- creation of the most complete real estate database; implementation of the principle of exclusive relations with clients;
- control of the uniqueness of information;
- volume and completeness of professional information;
- reliability and reliability of information;
- convenience and high performance of the system;
- accessibility of the system only to professionals;
- creation of motivations for entering into civilized relations in the real estate market.
The main advantages of MLS
The advantages of a unified multi-listing system are:
- Prompt exchange of information. Almost all subscribers at least once a day (and some more often) transfer their data to the system and they are immediately available to all subscribers.
- The use of MLS allows you to get rid of duplication of information not only within the MLS but also in each agency, which allows you to eliminate the inevitable conflicts between agents in the bud and reduce the cost of advertising one object compared to more than one worked with it, agent.
- Ability to obtain information about problematic objects, agents, etc.
- All subscriber data is broadcast daily on the site, where any Internet user has the opportunity to make selections on them and contact agencies directly.
- Ability to connect any number of your agents with home computers to MLS with full preservation of capabilities, i.e. At home, the agent can work in the same way as in the office.
- Each agent can receive an email address and then he can correspond with his clients via the Internet, including sending them samples by letter.
- The ability to attach any amount of graphic information to the object cards (plans, photographs, etc).
- To speed up and facilitate the purchase and sale of property by consumers.
- Increase the efficiency of the business of MLS members.
Interaction between MLS members
How is the interaction between realtors carried out if the contract was concluded with one agency, and the other agency has a potential buyer? At the time of placing an object in the multi-listing system, the real estate agency with which an exclusive contract for the sale of the object was concluded indicates the amount of commission that the partner agency will receive in a joint transaction. If the transaction has taken place, then each of the partners receives their part of the remuneration established within the limits of the agreement.
The fact that the sale of the apartment is carried out by an agency with which an exclusive contract has been concluded does not allow the partner to increase the sale price and thus receive additional profit. Participants in the system are deprived of the opportunity to take not entirely honest actions in relation to colleagues, an exclusive agreement does not make it possible to take away a client or force him to lower the price.
The unified system forces realtors to be attentive to their obligations, as well as to the reliability of published information. If a realtor violates the rules established for participants in the system, the agent may lose access to work with MLS, which will have a very negative impact on the productivity of his future work, and therefore on the ability to continue his career.
Summing it up
Real estate is one of the most reliable sectors of the industry. However, this reliability should not give you the false impression that you can refrain from innovating. Real estate is an industry that benefits greatly from technological progress. Most routine tasks have been automated, customer relationship management has been taken to a new level. The real estate market is becoming more transparent.
If you want your real estate business to be successful, you must complement it with a software solution. It can be a simple landing page to advertise your property, or a complex AI-based system to manage your property’s listing. In any case, Inoxoft will be happy to help you develop real estate software.
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