It’s a term being used more and more in the estate agency industry, but do you know what MLS actually is?
MLS stands for Multiple Listing Service. It’s where estate agents agree to cooperate with each other and share property data and properties for sale or to rent. The aim is to sell stock faster and for a higher price by attracting interest from more buyers or tenants via exposure to other agents databases.
It’s an approach widely used in America. Commissions are shared, but because it works both ways, what agents lose out on in commission on their own properties, they gain through the sale of stock from other agents reciprocating this service.
It’s an interesting concept, particularly when you look at it from a vendor's or landlords perspective – is this the way that an agent ensures they meet their legal requirement of achieving the best price possible for them?
Agents opting for the MLS approach are positioning themselves more as property consultants – a one-stop shop for a buyer or tenant to speak to about their property requirements who then have the ability to present a buyer or tenant with more relevant choices. From a vendor or landlord perspective it allows them to present a greater choice of buyers or tenants.
OpenBrix are giving agents the option of taking this approach to listing and selling properties on its portal. It will enable estate agents who are willing to share their stock to collaborate and make available to their buyers a broader portfolio of properties that includes stock from other local, national and international agents.
They also see this as a solution for multi-branch estate agents to link up all of their branches and offer one universal portfolio via a portal.
Adam Pigott, CEO at OpenBrix commented: “An MLS approach to selling property will benefit agents, buyers and sellers. For agents it will help them to sell stock faster by attracting more buyers, for sellers it will help agents maximise the value of their properties by attracting more interest, and for buyers it will create greater choice and a more convenient service.
“The MLS model works well with pretty much any shape and size of agency and whilst our MLS hasn't officially launched yet we already have various clusters of agencies that are wanting to work together in this way.”
In terms of commission sharing, OpenBrix will have a dynamic model where the level of shared commission can be set by the listing agent on a per property basis and this information will be available to other agents involved in the MLS.
To find out more about OpenBrix you can watch Kerfuffle’s Supplier Spotlight Webinar with Adam Pigott, OpenBrix CEO here.
