The Multiple Listing Service
The Multiple Listing Service (MLS) is a service of the Silver City Regional Association of REALTORS® and is open to all members of an Association. Simply put, the MLS is a computerized network of participating real estate offices. Through the computer system information on properties for sale is quickly disseminated to more than 65 cooperating REALTORS®. This powerful combination strengthens the marketing possibilities for sellers and enables REALTORS® to better satisfy the housing needs of sellers and buyers.
The MLS and its participants recognize the existence of national, state and local laws concerning discrimination in housing. Discrimination in the sale, rental or leasing of housing in New Mexico based on race, religion, color, national origin, ancestry, sex, disability or families with children is illegal. We, as REALTORS® and participants in the MLS, abide by the letter and spirit of the law.
When you, as a seller, sign an exclusive listing agreement with a REALTOR®, you are also giving your permission to have your property entered in the MLS, subject to its rules and regulations.
The main benefit to you, the seller, is the increase in exposure your property will receive through the MLS. To insure that both the general public and the agents are treated fairly, rules and regulations have been established so the information gathered through the MLS is as correct and accurate as possible.
UNDERSTANDING THE LISTING AGREEMENT
In an exclusive right to sell contract, one broker is appointed as the sole agent of the seller and is given the exclusive right to sell the property with an additional authority and obligation on his/her part to distribute the listing to other cooperating brokers in the MLS. The advantage to a seller under this form of listing agreement is that all the members of the MLS are offering your property to prospective buyers.
The importance of accurate information cannot be overstated. Submitting inaccurate information to the MLS can have ethical and legal consequences for both you and your Broker. Prospective buyers rely on this data in making their decision to view and/or purchase your property.
AFTER THE LISTING IS SIGNED
When your property is listed for sale it will go through three phases of processing:
In the first phase, your sales agent either enters the required information in the MLS computer software. This must be done within 2 working days of the time you sign a listing agreement in order to make certain your property is exposed to the market as quickly as possible. Your property will be entered into the computer database as a new listings and will remain active until your REALTOR® changes its status or it expires. This provides two very effective methods of marketing your property.
YOUR LISTING WILL BE PUBLISHED AND MARKETED
Once the information about your property has been entered into the MLS database, the information is instantly accessible to all the REALTORS® who have access to the computer system. This information will remain in the computer system as an active listing until your REALTOR® changes it status, its sold or it expires.
When the listing is entered into the computer database your agent will add one or several photos. You should try to make your property as presentable as possible for these photos. Close garage doors, move garbage cans, cut the weeds, bring your dog inside, make sure your car isn't blocking the view of your property from the street, and so on. The better your property appears in the photos, the more appealing it will look to the prospective buyers who may decide whether or not to come and see it based on the photos in the computer.
These two marketing methods provide the maximum exposure of your property to other Realtors® who will try to help your REALTOR® sell your property.
Your property enters the second phase when it goes off the market. Once you have signed a sales contract and do not wish to entertain secondary offers, the status of your property is changed to "under contract."
Should it be necessary to take your property off the market, it will go into a "withdrawn" status. The information about your property is still in the computer system, but the status will have been changed to indicate it is no longer available for sale.
The final phase takes place when the transaction actually closes and the property is "sold". Your REALTOR® will change the status of your property in the MLS to sold within 2 days of the closing. The information about your property will remain in the MLS as a sold listing.
The importance of this information cannot be over-emphasized. The reason is simple: You, the seller, have probably relied on this type of information in determining your own listing price to sell your property as quickly as possible. Other sellers and appraisers also rely on these comparable sales to determine asking prices and market values.
YOUR LISTING WILL BE ONLINE
All the residential listings in the MLS are also uploaded daily to REALTOR.COM and to websites where the Broker and Agent participate in the IDX program offered by the MLS. These listings are on the internet to be viewed by the public unless you note on the listing agreement that you do not want your property marketed on any websites.
PLEASE COOPERATE WITH YOUR REALTOR®
For these reasons, we ask that you cooperate fully with your agent in giving all information required at the time your property is listed for sale.
MAKE ALL CHANGES IN WRITING
If you extend the listings, or make any other changes during the listing period concerning your property, be sure they are made in writing and sent to your REALTOR®. This will help protect you and your REALTOR® avoid confusion or any misunderstanding.