Even if you’re not a Realtor, you’ve probably heard of MLS. MLS is an abbreviation for Multiple Listing Service. It’s not a company, but a very specific type of service for real estate professionals. Different MLSs cover different areas. For Boston and the surrounding area, the Multiple Listing Service we use is MLS Property Information Network, or MLSPIN for short.
An MLS allows agents to easily share listings and information. They also outline guidelines for conduct, so you can expect a standard of service across agents and companies. It helps sellers get their properties in front of agents across the area, and gives buyers access to all the listings on the market, while only having to work with one agent. Essentially, it helps connect buyers with sellers, and seller with buyers.
As a buyer, talk to your agent (me) about setting up an account on MLS. I like to personally send my clients listings I think they’d be interested in. But I also sign them up for an account to browse properties on their own accord. Let me know if you’d like to be set up.
Once you have a log in, there are some terms you’ll want to know. I’ll break them down for you.
This seems obvious, but any property described as “NEW” has been on the market for three or fewer days. On day four, it becomes “ACT” or Active.
Active properties are on the market, accepting offers. An active property may have received offers, but were not yet accepted.
Indicates a Price Change
Properties listed as “BOM” are Back on Market. Properties that were Contingent, Withdrawn or Under Agreement, that become available will be listed as “BOM” for three days before reverting to Active listings.
When a property has been listed and doesn’t sell, it runs the risk of expiring. If the agent extends the contract for the property, the listing will be marked as “EXT” for three days before becoming an Active listing.
If a property’s listing does expire and is re-listed within 10 days, the listing will show as “RAC,” or Reactivated. After three days, it falls into an Active listing.
A property listed as “CTG,” or Contingent, has an accepted offer but is still available for showings and back up offers. A property could be Contingent if the seller has to secure financing. Another example would be if the buyer’s offer required selling their existing property.
Properties Under Agreement have an accepted offer and are no longer on the market. However, they aren’t sold until the Purchase and Sale is completed.
A property has sold once the ownership has been transferred.
A property that’s been Withdrawn is no longer on the market. However, the listing agent still has an exclusive agreement with the seller. Properties are withdrawn if the seller decides to hold on to the property and sell at a later date. This can be for a variety of reasons, including renovations to help the property sell.
If you or anyone you know is interested in moving and would like to be set up with an MLSPIN log in, let me know! Feel free to email, text or call me. My cellphone is 617 528 8461 and my email address is firstname.lastname@example.org.