It’s easy to look at an MLS listing and go straight to the photos, price, bedrooms, and bathrooms. But once you’re working with buyers, you’ll find yourself paying attention to a lot more than that.
The MLS can tell you about the property’s history, current status, showing instructions, HOA information, what’s included in the sale, and other details that may not be obvious from the photos.
Learning how to read an MLS listing takes a little practice, but knowing where to look can save you time and help you spot questions worth asking before you head out to a showing.
Check the Status First
One of the first things worth checking is the listing status. Your buyer may send you a home they found online, only for you to pull it up in the MLS and find out that it’s already pending or something has changed.
You’ll get familiar with the different MLS statuses pretty quickly. Until then, if you’re not sure what a particular status means or whether the property can still be shown, check with the listing agent before making plans with your buyer.
Take a Look at the Listing History
Take a minute to check the listing history too. You might see that the price has changed a few times, the home has been sitting for a while, or it went under contract and came back on the market.
There could be a perfectly normal reason for any of that, so don’t jump to conclusions. Just keep it in mind, and if there’s something you want to know more about, give the listing agent a call.
Actually Read the Remarks
It’s easy to skim the description after looking through the photos, but take the extra minute and read it.
The public remarks may mention updates, renovations, community features, or details that aren’t obvious from the pictures. The agent remarks can be even more useful because they may include showing information, access instructions, offer details, or notes intended specifically for other real estate professionals.
Reading everything beforehand also keeps you from standing in the driveway trying to find information your client is asking about.
Find Out What Stays with the Property
Just because something is in the house doesn’t mean it’s included in the sale. If your buyer loves the refrigerator, outdoor equipment, mounted television, or another item they see during the showing, check the listing information before telling them it stays.
Pay attention to the inclusions and exclusions and ask the listing agent when something isn’t clear. If an item matters to your buyer, it’s better to confirm than assume.
Don’t Skip the HOA Information
For a property in an HOA or condominium community, there may be more for your buyer to consider than the monthly or annual fee.
Look for information about association approval, amenities, restrictions, and any other details included in the MLS. Then make sure your buyer knows they’ll need to review the actual association information and documents as appropriate.
The MLS gives you a place to start, but it shouldn’t be the final word on an association’s current fees, rules, or requirements.
Look Through the Property Details
This is the part of the listing where new agents sometimes move too quickly.
Check the year built, lot size, parking, property type, taxes, construction information, heating and cooling systems, and other fields that may matter to your buyer.
Think about the conversations you’ve already had with your client. If they told you they absolutely need a two-car garage, confirm that before putting the property on Saturday’s showing schedule.
Little things like this can save everyone time.
Read the Showing Instructions Before You Leave
Showing instructions can vary quite a bit from one property to another.
You may need to use a scheduling system, wait for confirmation, contact the listing agent, or follow special instructions for an occupied property. There may also be notes about pets, alarms, gates, parking, or certain times when showings aren’t allowed.
Check all of that before heading to the property—not when you’re already standing outside with your buyer.
Days on Market Doesn’t Tell the Whole Story
If a home has been on the market for a while, your buyer may wonder why it hasn’t sold yet. There could be a number of reasons, and the days on market alone won’t give you the answer.
Take a look at the listing history and what’s been happening with similar homes in the area. If you still have questions, reach out to the listing agent.
The same goes for a home that was just listed. A new listing may get a lot of attention, but that doesn’t necessarily mean you should assume there are already multiple offers.
If It Matters, Verify It
MLS information is incredibly useful, but that doesn’t mean every field should be repeated to your client as a guaranteed fact.
If something is important to their decision, find out where it should be verified. That may apply to measurements, schools, permits, zoning, association information, property condition, or other details.
Knowing when to verify information is just as important as knowing where to find it.
Spend Time in the MLS
Getting comfortable with the MLS mostly comes from spending time in it. Even when you’re not searching for a client, pull up a few neighborhoods you know and see what’s listed, what recently sold, and how prices compare.
Click around, try different searches, and get familiar with where everything is. After a while, you’ll know exactly where to look without having to think about it.
Build Your Real Estate Foundation at LEAP
At LEAP Real Estate Academy in Orlando, future Florida real estate professionals learn the fundamentals they’ll need before entering the business. Once you’re licensed and working with a broker, tools like the MLS become part of your everyday work.
Learning how to read an MLS listing takes practice. The more time you spend using the system, the easier it becomes to find the information your clients may never notice on their own.
