Realtors come and go and in the world of Long Island real estate, it can feel like a real jungle out there. Right now, the market is so hot that flippers are just selling to one another without going through the public. However, the most professional realtors in the industry know that the MLSLI is the one place that the public can see exactly what's happening to make decisions.
It's a trusted tool for the industry but it's also important to buyers and sellers. That's why we work with the MLSLI. Here's what you need to know.
How Does the MLS Work?
The MLS is a listing service that shares information among real estate professionals. While every real estate professional works with a different market, the common thread is that for brokers, sellers, and buyers, it's hard to know what's going on. The MLS helps brokers to offer data about how much their sellers should price their home for and how much buyers should spend.
The MLS also contains the kinds of specifics about a home to allow buyers to choose what works best for them. The Multiple Listing Service includes not only address and age of a home, but square footage, upgrades, and the nearby school district.
Sellers prefer different types of financing when dealing with buyers. Thankfully, buyers can go into a transaction armed with the right information so that they can make an offer that the seller will accept. With the handful of photos and even virtual tours available on the service, buyers will be ready to make a decision.
Homebuyers are often shocked to find out that the information they're looking for about homes isn't available on standard internet feeds. The public information available about homes for sale can be outdated, insufficient, or inaccurate. The MLS is the gold standard of information for buyers and sellers.
The MLS and public listing sites might have the same information, but that's because public listing sites pull from the MLS. The MLS is the most frequently updated source with information that's entered and vetted by professionals.
FSBO and the MLS
When looking at the MLSLI, Long Island prospective home buyers and sellers might be looking for the type of deal that comes with FSBO. Selling as "for sale by owner" is attractive to a lot of homeowners who don't want to have to pay the additional fees that come with listing through a broker or a service. Buyers look for FSBO because they can often make a faster purchase and find a better deal from a seller looking to get rid of a house fast.
However, those looking for FSBO listings will be disappointed by the MLS. You won't find any separate FSBO listings on the MLS, however, there may be many homes being listed and sold by owners who don't have representation.
FSBO listings circumvent some of the restrictions of the MLS if sellers are willing to pay a flat fee for a discount real estate broker who will enter the information. They must pay for access to the MLS.
However, it's advised that all offers should be presented through agents and brokers. In fact, it's not advised to try to list or buy via FSBO at all because agents are less motivated to show these. They might even flat out refuse.
Who Owns the MLS?
While the MLS can be found nationwide, there are local MLS companies all over the country. These local MLS companies work together or merge together to create larger regional services. For example, while there are MLS listings affiliated with Suffolk County or Kings County, MLSLI covers all of them.
They are sometimes privately owned and operated or in other cases, they're an affiliate of a local board of realtors that keeps them updated. When it comes to the regulations and rules that govern each MLS, you'll find the National Association of Realtors offering rules that each listing service abides by.
While in the 1980s, listings were owned by local boards of realtors, things have changed. Conflict of interest lawsuits made it so that these associations now have separate MLS groups.
Getting Listings From the MLS
Getting listings from the MLS is challenging for outsiders. Lots of websites purport to have the latest information for homes available on the market but there are few of them who will provide the kind of data you get on from MLS.
If you want to get that information, your agent can set you on a private home search, but that's not available to just anyone. They have to be a part of MLSLI if you want the latest Long Island listings.
Buyers looking for reports need to know what to ask for. Thankfully, agents can walk buyers through what it means to get a comprehensive report and what they can expect. Names will vary by location but this information is usually available to savvy agents.
If you enter your home search preferences into the MLS, it can generate automatic emails about homes that match that criteria. You'll also get access to listings on homes that aren't available anywhere else yet.
The Long Island Market
As home to nearly 8 million people, there are four counties including Kings, Queens, Suffolk, and Nassau. Long Island to some people is considered separate from Queens and Brooklyn, but they're located on the same plot of land.
Officially, Brooklyn and Queens are part of New York City, governed by its laws and led by it's elected officials.
Long Island, despite the many low-income working-class areas of the island, is among the top ten wealthiest areas in the country. East of Manhattan and extending for 125 miles, you'll find beaches, parks, and plenty of historical sites. With some nice views and friendly local communities, there are a lot of reasons why people move to this area that's so proximal to NYC.
The reason the homes are so valuable is that the schools are some of the top-rated in the country. With more than 100 school districts between Nassau and Suffolk counties, there is a lot to choose from. And with a strong economic background with thousands of small businesses, it's been insulated from unemployment and economic downturns.
Beyond the home real estate market, you'll find lots of commercial and office space in the region. The MLSLI has every kind of property you could desire in the region and all the information available. We love working with the MLSLI because it makes serving the community easier and offers potential buyers or investors everything they need to make a choice.
MLSLI Offers Professionalism
For first-time buyers or long-term investments, MLSLI is the go-to resource for making that decision. Using an experienced and professional real estate agent is vital and with the help of the MLSLI, you get access to one of the most critical tools of the trade.
The computerized network has thousands of real estate offices cooperating with one another. Within the service, there are thousands of professional realtors who are vetted by the National Association of Realtors. There are also owner brokers, sales associates, and all kinds of stakeholders involved and sharing information.
This serves the buying and selling public best by offering a wholly-owned subsidiary of the National Board of Realtors.
MLS is one of the prime marketing tools for selling and showcasing homes for sale. Whenever a home, townhouse, condo, or even a plot of land is on the MLSLI, everyone connected finds out about the property. That opens up sellers to the largest number of buyers.
It opens up buyers to the latest information available as well as the condition of a property.
The main thing that every realtor wants to do is to make the home buying and selling process easier. By starting with a professional tool with a simple online interface, buyers and sellers promise to deliver individualized results that take into account all the details.
Rather than sending their clients on a wild goose chase through the complicated forest of online listings, the MLS serves as a road map. No longer will buyers or sellers have to figure it out for themselves. They get the entire industry of Long Island real estate professionals working to help offer the information they need to make the right decision.
Should You Trust the MLSLI For Your Choice?
The short answer is: absolutely
When every professional in the industry agrees on a realtor like the MLSLI, there's no way you should second guess that. There isn't much that everyone agrees on but the MLSLI is one sure bet you can make.
If you're curious about whether it's currently a buyer's or a seller's market, check out our latest coverage for tips.