The Austin MLS is a database of properties that are currently listed for sale or lease in the Austin area with licensed Realtors. This database also includes a record of properties that are currently pending or have already sold. Pending and sold date allows Austin Realtors
to run market analysis
for sellers and help them properly price their properties by showing them what other comparable properties have recently sold or leased for in their area and neighborhood.
Austin buyers' agents
are also able to use sold information to help their clients make wise and informed purchases. If a buyer has an interest in a particular home, his or her buyer’s agent should examine what other homes have been selling for in the area to determine what a reasonable offer price would be.
Who Has Access to the Austin MLS?
Only agents licensed by the Texas Real Estate Commission
and members of the Austin Board of Realtors
can gain access to the Austin MLS. Many home buyers make the mistake of thinking they can access the MLS through online searches on sites such as Realtor.com
, but the data the public can view is often limited in scope and can sometimes be a little outdated as well. However, this doesn’t necessarily mean a buyer or seller can’t gain access to the information contained in the Austin MLS. Austin Realtors can provide their client with any information requested of them, but just can’t allow a client to access the MLS directly.
Membership in the Austin MLS is generally considered to be essential to the practice of residential real estate in Austin because without it, listing agents
couldn't produce enough exposure for their listings to actually sell them, and buyer agents wouldn't have access to a comprehensive enough list of properties for sale in the area for their buyers to see.
Who Owns the Austin MLS?
The Austin MLS is owned and managed by the Austin Board of Realtors. The Austin Board of Realtors sets its own rules for access, membership, and sharing of information among its members, but is still subject to nationwide rules established by the National Association of Realtors.
What Information is in a Austin MLS Listing?
Austin MLS listings contain specific information regarding each property listed in the MLS from the address, lot size, year built, and square footage to schools districts, property taxes, and types of financing the seller will allow. There are typically several photos for each property, and in many instances, a link to a virtual tour.
When a listing agent gets a new listing, he or she will upload the details about the property in the MLS for other agents to see. The listing agent offers to share his or her total commission with any agent that brings a buyer to purchase the property. In most cases, listing agents don’t actually produce the buyers for their own listings. Typically, buyers' agents bring the buyers to the home, and the listing and buyer agents end up splitting the total real estate commission.