Learn why the Utah multiple listing service (MLS) is the only tool you need to buy or sell your house for the most money.
Regardless if you want to buy or sell homes in Salt Lake City, South Jordan, or Cottonwood Heights, if you're anything like me, you'll do plenty of research before entering into a real estate transaction.
The MLS provides the most accurate home sale and listing data online. Third-party sites like Zillow have a fantastic home search experience but deliver unreliable information.
The advantage of the Utah MLS is that you can list homes for sale with licensed brokers, search for new home listings, find awesome realtors, and tour a nearby open house.
What Is The MLS?
The Multiple Listing Service (MLS) is a collaborative database to help real estate brokerages market their listings to interested home buyers and other competing brokerages. Although real estate sites such as Zillow, Trulia, and Redfin have become incredibly popular, the MLS remains the most reliable source for locating homes for sale in Utah.
When Was The MLS Established?
In the 1800s, brokers realized that marketing their properties for sale to agents outside their brokerage would increase their ability to sell their listings faster while meeting their client's expectations.
As a result, the multiple listing service was established as a collaborative platform for agents to list their seller's homes for sale to every agent associated with every brokerage.
Before the internet, MLS listings were printed books delivered to every brokerage. Agents had to read through the entire listings book to find a buyer's dream home. This was a painful process.
Who Has Access To The MLS?
Only Licensed Realtors Can Access The Multiple Listing Service.
However, thanks to Internet Data Exchange (IDX) services, homebuyers can view public information for home listings on sites like Zillow, Realtor, and DiscountAgent.com.
How Much Does It Cost To List My Home On The MLS?
This depends on the brokerage you hire. Typical listing commissions are six percent of the sale price. Three percent goes to the listing agent, and the buyer's agent pays the other three percent.
I offer half (1.5%) price listing commission.
Listing Your Home With A Realtor
Agent Experience matters.
Before hiring a listing agent to sell your house, you should verify how many homes they've sold, how many years they've been a full-time agent, and any additional training or certifications they've earned.
Reading through their Utah Discount Agent Google reviews to see what past clients say about working with this realtor..
Make sure you hire an agent with years of experience. Most people don't realize this, but the average Utah real estate agent sells three homes yearly. That's not a lot of experience.
How much are Agent Fees To List Your Home?
When listing your home for sale with a brokerage, you, the seller, pay the realtor commissions.
Commissions are usually split equally between the listing agent and the buyer's agent. The standard commission (commissions are negotiable) rate ranges from 5% to 6% of the sales price.
Transaction fees are junk fees brokerages add on top of the listing commission that ranges between $250-$1,000
Comparable Sold Homes
Real estate comparables (comps) are similar properties that recently sold in the area of the home you're trying to sell. The comps are used to ensure you price your home at market value.
Make Sure Your Home Is Show Ready.
The first thing you should do as a homeowner is to declutter and deep clean your home. Ask yourself if you would pay your asking price for a home in its current condition.
Remove personal items from your home that showcase your lifestyle preferences. A potential buyer should not walk into your house and immediately know your religious beliefs, family size, profession, or favorite alcoholic beverage.
Required MLS Forms
The Exclusive Right To Sell Listing Agreement.
In Utah, an MLS listing agreement is a contract that outlines the terms and conditions under which a real estate broker is authorized to sell a property.
The exclusive listing agreement means your brokerage has the right to market and sell your house on the MLS within an agreed-upon timeframe. This agreement specifies the commission percentage and the expiration date of the listing agreement.
The common commission percentage is 6%, and the standard listing period is six months.
The MLS Input Form
The purpose of this form is to collect property information that will be displayed on the MLS property description page.
Utah homes for sale on national sites like Realtor.com, pull property-specific data from the MLS. The MLS collects this data from the MLS Input Form provided by the homeowner.
List price, brokerage name, seller's name, square footage, and year built, just a few data points.
Seller's Property Condition Disclosure
As a seller, you must legally disclose any past or present material defects to the property. This disclosure aims to help buyers make informed decisions about the home's condition before buying it.
Lead Base Paint Disclosure
Sellers must provide the buyer with a lead-based paint disclosure when selling a property built before 1978.
Your Utah MLS Home listing.
Once your home is active on the MSL, every Utah real estate agent is notified and incentivized to offer you a purchase.
In addition, the listing information will be shared with every major national real estate website and every independent local brokerage and real estate agent website.
The MLS is an extremely powerful network that provides sellers' homes maximum exposure to potential buyers. No marketplace even comes close to competing with the MLS.
My real estate listings on the Wasatch Front Regional Multiple Listing Service (WFRMLS) are consistently viewed 10,000 times in the first 24 hours.
Pro Tip: Hire an experienced discount agent like myself to do the heavy lifting and provide your home the exposure only the Utah MLS can.
Make Sure Your Home Is Ready On Short Notice.
You'll receive many showing requests from agents once you're listed for sale on the local MLS. Buyer's agents only get paid if they sell a house to their clients, so they will be eager to show the newest homes on the market.
Therefore, I suggest you keep your house show ready to accommodate any agents looking to show your home on short notice.
Accept A Real Estate Purchase Offer (REPC)
Once your agent negotiates an acceptable offer between you, the homeowner, and the buyer, the status of your home will change from active to under contract on the MLS.
Now you can take a deep breath and let the dishes pile up in the sink since no more showings will be scheduled. If all goes well, you'll be ready close and hand the keys over to the new owner in thirty to forty-five days.
Prepare Your Home For Inspection And Appraisal.
Just because an offer was accepted doesn't mean the transaction is a slam dunk. Real estate deals fall apart ALL THE TIME. Make sure the home is clean and clutter-free on the day of the inspection and the appraisal.
Close Your Real Estate Transaction.
As mentioned above, closing usually occurs 30-45 days after acceptance. Settlement, often incorrectly referred to as closing, is when you meet with an Escrow Officer at your title company to sign the final documents.
Lucky for you, Settlement for sellers is pretty quick (15-30 minutes) since sellers do not need to sign a mountain of lender documents.
Possession Date
Possession is when the buyer and Seller contractually agree the homeowner will be completely moved out of the house, and the buyer has the right to move into the home.
Typical possession deadlines are 24 to 48 hours after closing. Closing means the transaction is 100% complete, and the buyer is the new homeowner.
Realtor Removes Sign and Keybox
Now that the transaction is closed, the MLS listing agent will remove the for sale sign from the yard and the Realtor lock box from the property and change the status on the MLS from Under Contract to SOLD.
MLS FAQ
How Many MLS Are There In Utah?
There are three Multiple Listing Services (MLS) in Utah.
- The Wasatch Front Regional Multiple Listing Service (WFRMLS),
- The Park City Multiple Listing Service (PCMLS)
- Southern Utah Multiple Listing Service.
The WFRMLS is by far the largest MLS in Utah, with well over 90% of the homes listed for sale. Park City agents are not looking out for their seller's best interests by listing on the Park City MLS.
Does The MLS List Multi-Unit And Commercial Properties?
Most homes for sale on the Utah MLS are owner-occupied properties and land. Owner occupied can be any property with four units or fewer since you can qualify for a traditional mortgage to purchase a four-plex if you plan to live in one of the units.
Agents do list commercial properties on the MLS, but LoopNet is the best site to search for commercial real estate.
What Is The Benefit Of MLS To The Public?
Multiple listing services consolidate home sale information in one convenient place while providing maximum exposure for sellers listing their homes for sale with a brokerage.
The MLS is a one-stop shop for a buyer's next real estate purchase.
The MLS provides small Utah brokerages a platform to compete with large international brokerages.
Home search sites, such as Zillow, Redfin, and Trulia, pull new listing data from MLS every 15 minutes.
What Is An MLS Number?
The MLS number is a numerical identifier assigned to every property listed for sale on the multiple listing service.
On the other hand, the Nationwide Multistate Licensing System (NMLS) number is assigned to mortgage loan officers. The NMLS identifies a specific loan officer, and the MLS identifies a particular property.
How Do I List On MLS Without A Realtor In Utah?
You can only list your house on the MLS with a Realtor.
However, you can list your home with discount brokers like myself to save on commissions while exposing your home to the largest network of agents and home buyers.
List Your Home On The MLS And Save You Money
Aaron Peters, a full-service real estate broker who believes in lower commissions, created DiscountAgent.com.
By selling your home with Aaron, you will receive assistance from a top-producing local Utah real estate broker to market and sell your property for the best possible price at lower fees.
Lower listing commissions and get your house listed on Utah's largest MLS. With my experience selling process and discount, you can sell your home for the highest possible price while paying only half the traditional listing commissions.
This post was all about the MLS. Now you should know the best place to search for new homes for sale, how to save money with discount Realtors when selling Utah homes, and what contracts are required to list on the MLS with a brokerage.