MLS System Exposes Home Listings To The Largest Number Of Potential Buyers. FSBO Sellers Need To Get Listed On It!
The US MLS system is the best real estate system in the world according to Irish-American Real Estate Broker Collin Mullane. For that reason, FSBO sellers need to get listed on it if they are serious about selling their property. FSBO Marketing Solutions can show you how.
Collin Mullane praises the US MLS System in a guest editorial in yesterday’s HousingWire:
I have been following the discussion around the competitiveness, costs and consumer benefits of U.S. Multiple Listing Services (MLS) by those trying to disparage the system. As an Irish immigrant to the United States in 1996 who became a real estate broker in 2000, I can tell you this: The U.S. system has long been — and is still — viewed as the best by consumers around the world.
In his article, Mullane explains the nightmare real estate transactions are in Ireland.
The Lack Of A MLS Listing Style Service In Ireland Makes Selling A Home A Nightmare
Mullane states that in December 2020, his parents in Ireland closed on their home of 35 years after 10 months “in escrow.”
They also recently closed on their purchase of a new home. In the process, they had to rent a home for four months between their sale and their purchase. That’s because simultaneous closings are not done as standard practice in Ireland .
He also explains that drawn-out timetable for closings is typical for the majority of western nations. That is because Europe uses an auctioneer system for real estate transactions. In most cases, a seller may work with one, perhaps two, auctioneers.
Then there is the cost.
An auctioneer in Ireland typically charges a 1.5% fee to the seller. The seller and the buyer must also pay a 1% fee each to the Irish solicitor required to handle the transaction. This like in New York or states that require an attorney to handle the closing.
Irish counties also charge a 1% transfer tax, called the Stamp Duty. A Stamp Duty is like a transfer tax we pay here in the US and can be as high as 2% or 3% depending on sale price.
Mullane also explains that his parents had to pay for the “For Sale” sign outside their home, newspaper advertising, online ads and the brochures for potential buyers. Plus, the additional cost of $6,400 for renting a home between closings.
The Benefits Of The US MLS System
The US MLS system exposes home listings to the largest number of potential buyers. The U.S. MLS has also spawned deeper collaboration among competitors.
There is no question that the US housing market is fiercely competitive. However, the MLS system allows consumers the best chance to see all inventory and make informed decisions.
It’s a trusted, predictable process. And expedient. Closings within 30 to 45 days is remarkable and typical in most US real estate markets. This places fewer barriers on consumers ready for a home purchase or change.
Mullane’s story about his parents in Ireland makes it easy to understand what a market without an MLS would look like.
Call FSBO Marketing Solutions today at 800.497.2375 to learn how we can help you get on the MLS without a realtor.