Recently, Zillow announced that it will exclude any properties that aren’t shared via the Multiple Listing Service. Zillow is the most popular real estate website of its kind in the U.S., offering online information and services related to selling, buying, renting, and financing real estate. It has more than 200 million unique monthly users, so when Zillow threatens to exclude certain properties, it’s a big deal.
The Multiple Listing Service, or MLS, is a database where real estate brokers upload information about properties for sale. The MLS is powered by the Internet Data Exchange (IDX)—and Zillow has an agreement with IDX to display the data uploaded by those brokers (with their permission, of course).
If your head is spinning, stay with me. This actually matters if you’re interested in buying or selling a house.
By requiring properties-for-sale to be listed on the MLS, Zillow has made the real estate market freer and fairer. Now, I’m not so naïve as to think Zillow is motivated by these lofty ideals. I expect Zillow is trying to get more for less, that is, to reduce costs while improving their offering. Since Zillow uses IDX data, it makes sense that Zillow wants everyone to upload their information to the MLS, which feeds IDX. The more robust the IDX feed, the more useful the Zillow platform.
Regardless of Zillow’s motivation, when all listings are shared on the MLS, it’s good for buyers and sellers. As of now, the only properties that do not appear on the MLS are homes that are for sale by owner (FSBO) and those for which a seller has signed a request for exclusion. Short-term exclusions are fine if the seller is simply finishing up a repair or renovation or getting the house painted. Otherwise, listings should be out in the world for all to see.
When a listing is not on the MLS, an unscrupulous agent can limit who sees the listing in an effort to double-end the sale (that means collecting the commission by representing both the buyers and the sellers). Sometimes offices try to use “office exclusives” as a benefit for their agents. With an office exclusive, only real estate agents in a given office know about a listing, so only they can get the commission.
As a rule, the more marketing exposure any property gets, the better the outcome for the seller. In the aggregate, this also benefits buyers because they get to see more properties.
So, if you engage a real estate agent who recommends skipping the MLS, that’s a red flag unless they are responding to your needs. A Realtor’s job is to sell your house for the highest price in the shortest time with the least inconvenience. The best way to do this is to get your property in front of as many buyers as possible, and that’s what the MLS does – even more so now that Zillow won’t include non-MLS properties.
If you have questions about property management or real estate, please contact me at [email protected] or call (707) 462-4000. If you have an idea for a future column, share it with me and if I use it, I’ll send you a $25 gift certificate to Schat’s Bakery.
Dick Selzer is a real estate broker who has been in the business for more than 45 years. The opinions expressed here are his and do not necessarily represent his affiliated organizations.
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