Multiple Listing Service and Sellers/Buyers

​The Silver City Regional Multiple Listing Service (MLS) is open to licensed real estate brokers and appraisers in New Mexico who are members of the REALTOR® Association. What exactly is an MLS? Simply put, the MLS is a computerized database that contains listings from participating real estate brokers as well as data used by appraisers. Participants receive information on available properties for sale quickly thanks to the MLS system. This powerful combination strengthens the marketing possibilities for sellers and enables MLS participants to better satisfy the housing needs of sellers and buyers.

 

EQUAL OPPORTUNITY

The MLS and its participants recognize the existence of national, state and local laws concerning discrimination in housing. Discrimination in the sale, rental or leasing of housing in New Mexico based on race, religion, color, national origin, ancestry, sex, disability or families with children is illegal. We, as REALTORS® and participants in the MLS, abide by the letter and spirit of the law.
 

MLS RULES

When you, as a seller, sign an exclusive listing agreement with a participating real estate broker, you are also giving your permission to have your property entered in the MLS, subject to its rules and regulations.

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The main benefit to you, the seller, is the increase in exposure your property will receive through the MLS. To insure that both the general public and the brokers are treated fairly, rules and regulations have been established so the information gathered through the MLS is as correct and accurate as possible.
 

UNDERSTANDING THE LISTING AGREEMENT

In an exclusive right to sell contract, one broker is appointed as the sole agent of the seller and is given the exclusive right to sell the property with an additional authority and obligation on his/her part to distribute the listing to other cooperating brokers in the MLS. The advantage to a seller under this form of listing agreement is that all the participants of the MLS are offering your property to prospective buyers.

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The importance of accurate information cannot be overstated. Submitting inaccurate information to the MLS can have ethical and legal consequences for both you and your broker. Prospective buyers rely on this data in making their decision to view and/or purchase your property.
 

AFTER THE LISTING IS SIGNED

When you list your property for sale, your broker will gather the necessary information to enter the property into the MLS, such as photos, square footage, disclosure statements, tax records, and so on. As required by the MLS rules, your broker enters the necessary information in the MLS database within 48 hours of signing a listing agreement to ensure that your property is exposed as a new listing in the market as soon as possible.

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YOUR LISTING WILL BE PUBLISHED AND MARKETED

Once your property's information has been entered into the MLS, it is instantly accessible to all participants who have access to the computer system. This information will remain in the MLS as an active listing until your broker changes it status, it is sold or the listing agreement expires.

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When the listing is entered into the MLS your broker will add photos and videos. You should try to make your property as presentable as possible. Close garage doors, move garbage cans, cut the weeds, bring your dog inside, make sure your car isn't blocking the view of your property from the street, and so on. The better your property appears in the photos and videos, the more appealing it will look to the prospective buyers who may decide whether or not to come and see it based on the photos in the MLS.

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Your property enters the second phase when an offer has been made. If you choose to continue to accept offers and market your property after an offer has been accepted with contingencies, the listing is changed to "active under contract." Once you have signed a sales contract and do not wish to entertain secondary offers, the status of your property is changed to "pending."

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Should it be necessary to take your property off the market during the listing period in the listing agreement, it will go into a "cancelled" status. The information about your property is still in the MLS, but the status will have been changed to indicate it is no longer available for sale.

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The final phase takes place when the transaction actually closes and the property is "sold". Your broker will change the status of your property in the MLS to closed within 48-hours of the closing. The information about your property will remain in the MLS as a closed listing.

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The importance of having correct and accurate data in the MLS about your property cannot be over-emphasized. The reason is simple: You, the seller, have probably relied on this type of information in determining your own listing price to sell your property as quickly as possible. Other sellers and appraisers also rely on these comparable sales to determine asking prices and market values.

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MAKE ALL CHANGES IN WRITING

If you extend the listing, or make any other changes during the listing period concerning your property, be sure they are made in writing and sent to your broker. This will help protect you and your broker avoid confusion or any misunderstanding.

 

YOUR LISTING WILL BE ONLINE

Listings in the MLS are also uploaded daily to REALTOR.COM, and other websites where the broker participates in the IDX program offered by the MLS. These listings are on the internet to be viewed by the public, unless you note on the listing agreement that you do not want your property disseminated/marketed on any IDX or VOW websites.

 

PLEASE COOPERATE WITH YOUR BROKER

For these reasons, we ask that you fully cooperate with your broker in providing all necessary information when your property is listed for sale.

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