Anyone who has been considering buying or selling real estate in Greeley and Northern Colorado probably has heard about the multiple listing service.  To the average public it might seem like kind of a mysterious element that only real estate agents can access and understand. 

I'd like to kind of explain how the multiple listing service (MLS) works here in Northern Colorado.  When I first started in real estate in 2000 we had a program we put onto our computers and then it dialed up the MLS and we could do some searches for certain properties.  Usually there was only 1 picture available and that was taken by an MLS photographer.   There also was a huge book that one could thumb through looking at houses.  I personally never looked in this book as it was on its way out when I became a Realtor.

I think it was in 2001 or 2002 that our MLS system changed for the better.  We could access it through our browser on the internet.  One could enter up to 15 pictures and even virtual tours.  Plus lots of good information.

But for the average consumer how does it work?

Well our MLS service serves mostly all of Northern Colorado.  This includes, Weld, Boulder, Larimer, Morgan, some of Adams counties.  The company that owns the MLS is called IRES.  They are working hard to move into the Denver area as well and hopefully will displace that awful metrolist MLS provider those poor agents in Denver have to deal with.

What happens when your agent enters a listing onto the MLS is that it is placed on an online searchable database that when other agents have a buyer they search for certain criteria.  Say an agent wants to search in Greeley for a 4 bedroom home built in the 2000s with a main floor laundry.  Well the agent enters this criteria into a search form and up comes any and all homes that meet that criteria.  Also all the pictures that the listing agent provided are available to look at.  At that point the agent can print a listing sheet, email the listing to their clients or a number of other options.  From that listing they also can look up the public records which can tell them the last price a property was purchased for and what the past mortgages that were taken out on a property.

The MLS is also used for putting together a market analysis on most kind of properties.  Agents can search for sold homes back about 12 years accurately.  I've searched certain homes and have found they've been listing up to 10 or more times by different agents, sold multiple times for multiple different prices.  From all the data an agent can tell you the average time it takes to sell a property that compares with yours in a similar location to your property.   They will also show you comparable properties and what, when they sold.  Also the listings describe somewhat what features the property has or had when it sold.

What about all the MLS search sites that I can go online and search for properties?  Like Realtor.com and remax.com?  All those sites get their listing information from the MLS.  My Greeley Colorado and Weld County website www.greeley-weldcountyhomesforsale.com. draws listings from the local MLS system onto it.  As does my Greeley and Weld County RE/MAX website www.weldcountyproperty.com.  Sometimes these other property search sites take up to 3 days to update the newest listings.  As an agent I can do up to the minute searches on the MLS.   I also can automatically e-mail you the newest listings 3 times a day.  I do this directly from the MLS so there is no middle man. 

What else does the MLS do?  It also tells agents how much they can expect to be paid in commission.  Typically in Northern Colorado listing agents offer 3% to an agent to bring an offer from a buyer.  This can vary also.  It can be 4% or 1%.  That is up to the individual agent or real estate office.  It will also tell an agent what services the listing agent is providing.  Some listings require the buyer agent to call the actual owner of the home to set up showings and to negotiate with.  These are called limited service listings. 

In addition an agent can download disclosures, special instructions, and anything else the listing agent wants to provide on a particular listing. 

Can an agent make a mistake entering information into the MLS and cause a property to not be found?  You bet!  A good agent will enter all the details they can about a property into the MLS in the specified searchable places.  For example if a property has central air conditioning and an agent doesn't enter into the MLS that it has central AC a buyer searching for a property with that feature will never find it.   Same thing goes for many other specialized features that a buyer might be looking for.  This cuts down on the amount of properties a buyer will have to look at to find the features in a home they want.  But keep in mind the searches are still limited.  If you ask me to find you a house with a certain roof slope we will still just have to go visit each house in person to find what you want.  Those extra special details are why it's a good idea for an agent to provide as many pictures as they can of a home so one might be able to see these small details that they are looking for.  I have been doing video tours of my listings so you will be able to see most every detail. 

I hope this article has kind of provided some insight on how the multiple listing service works in Greeley and Northern Colorado.  If you have any questions please call me at 970-302-1233 of just send me an e-mail using the form below.

First Name* Last Name* Email* Phone Question / Comments Enter the code:    Please wait...