EP 22 - What is the MLS? - a podcast by Brian Cook And Kindra Cox

On Episode 22 of The Brian and Kindra Show, they discussed MLS, the Multiple Listing Service. MLS started in 1800's America when a group of brokers met discussing housing information and compensation for working together, establishing ethical guidelines to protect the public when it came to swapping/transferring property. 

 

What does that mean to us today? It means these meetings still happen. 

Brian and Kinda are part of the Northwest Oklahoma Association of Realtors MLS encompassing not just Woodward, but the full Oklahoma Panhandle, East to I-35, South to Kingfisher, and over to Camargo. Whenever they are talking to buyers and say, “We can show you anything in town,” they just about can.

 

Brian and Kindra work with other brokerages in the MLS. Their favorite thing about working with other brokers is Realtor Tour. Realtor Tour is a meeting of all agents to discuss new happenings, legislation, and listings! With the new listings, realtors come together and drive around town checking out new properties. This allows for Brian and Kindra to share properties with other agencies. Then, if an agency has a buyer that fits the property it’s easier for them to coordinate, bring the contract, and sell the home! Some people ask, “Why would you want to share the commission?” Brian and Kindara do what is best of the customer. The best for the customer is to get them a house or to sell their house. If somebody else has a customer ready, willing and able, they don't want to stand in the way. They want that thing to sell.

 

Through Brian and Kindra, a property is listed on the multiple listing service and the seller might ask, “Does anybody call me to schedule a showing?” The answer is NO. Although Brian and Kindra are part of MLS, they have the exclusive right to sell your house. They are hired to sell your house and to be the middleman, working with other realtors/buyers to schedule showings. The exclusive right to sell or lease means that a seller cannot call other realtors to ask about showings of their property. The showing realtor updates the listed realtor on all showings and the seller goes through them to get information. Every agent doesn’t call the seller, the listed realtor is the middleman. 

 

How do realtors get into each other’s houses? Each home has a lockbox with an automatically generated personal code, linked through Bluetooth that realtor’s access through their phone. The boxes and their one-time codes are highly secured. Each realtor has an app on their phone and is notified when one of their listed properties has been accessed. This allows them to see who has been in the house and for how long. This access helps realtors have an easier time to access each property, so they can be more efficient with showings, but is also very safe and helpful for the sellers. 

 

What does the MSL do? It coopetate’s. Coopetate is a coined term amongst realtors that is a mix of cooperation and competition. Friendly competition is important, but also cooperating to see each other’s success. 

 

Brian and Kindra hope these tips have been helpful to you.  As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

 

 

 

Further episodes of The Brian and Kindra Show

Further podcasts by Brian Cook And Kindra Cox

Website of Brian Cook And Kindra Cox