MLS Long Island provides access to valuable information about properties for sale in a particular area. Realtors can get hold of pictures, descriptions, and prices of every property listed. Additional information are also available. Used extensively in modern real estate transactions, both buyers and sellers can avail of its services.
A MLS Long Island provider typically covers a specific territory within a geographical area. The territory would include several counties. The provider manages the listing and offers subscriptions to realtors and brokers. A provider will likely enter into an arrangement with other providers to be able to disclose information from their respective listings.
Participants holding valid real estate licenses can take part in the service. They will be required to sign an agreement and abide by its terms and conditions. As part of the covenant, members take part in an orientation and training program.Members should also be active employees of a real estate firm or an existing independent contractor of good standing with a firm. Members are also expected to remain active in the system in terms of sharing their own listings.
A member firm of the MLS service would pay a fee to have their own listing included in the MLS Long Island system. In exchange, they gain access to the listings of other members as well.In some cases, the listings can be made available to the general public. But this would usually require the payment of a flat fee. Subscribers can also get training to learn how to use the MLS Long Island system.
You can expect to find detailed information about every property listed in the MLS Long Island system. For starters, accurate photographs and the exact address of the property for sale are included. Moreover, you will learn right away the square footage of the property. Even information regarding property taxes is disclosed in the listing.
Keep Your Eyes Open to Drawbacks of MLS
Despite the numerous benefits of MLS, some claim there are certain drawbacks about the service that you should watch out for also.
1. By listing your property, you may end up with less money. Some experts even claim that a homeowner can get more by selling their own property. Profits you can expect from the sale is the difference between selling price and purchase price. An owner who sells their own property may gain a larger profit as opposed to hiring an agent.
2. You are expected to pay separate commissions to the listing and selling brokers. Unfortunately the rates can be expensive and reach up to thousands of dollars for each one. On top of the fee paid for MLS you also need to pay the agent’s commission.
The commission paid to an agent is about 3%. An additional 2% to 5% for full service is given to the listing broker.
3. If you are the seller, an agent working for a buyer will likely talk you into making repairs. Moreover, they will try to convince you shoulder warranty costs for certain items.
4. To a certain extent, signing up with MLS may confine you to a broker for an indefinite period. Part of the requirements is to sign a long-term contract. Unfortunately, you will not be able to cancel the contract when you want to.
5. Overpriced properties listed on MLS system. More often than not, the properties listed on a service are overvalued. This is likely done by an agent to make a seller believe that their property can be sold at a higher price. Eventually, the price would be lowered to accommodate a buyer’s asking price.
Admittedly, you may run into problems with MLS. However, with the aid of a professional realtor you can avoid any complications that may come your way.