Benefits of MLS access vs Zillow, Trulia, ect?

Question

Can somebody please help me understand the tangible benefits of gaining access to the MLS?  I just completed my real estate licensing exams for Missouri, and I will be applying for a license, and placing it with a broker.  I understand that I'll have to pay a fee through the broker, if I want to access the MLS.

My question is - What is the actual benefit of MLS access, when most - if not all - of the information is publicly available on sites like Zillow and Trulia?  With available technology today, the MLS doesn't seem to have nearly the weight that it used to... but the access fees remain high.

• On the buyer/investor side - Do agents get "early access" to property listings?  Somehow better information?
• On the listing side - Does a MLS listing really get that much more exposure than one on Zillow, Trulia, etc?

Thanks!

EDIT - Yep, I see the typo in the title.  :-/

Brandon Sturgill · Answer

@Jesse Smith you are right that MLS really does not carry as most notoriety as it used to...same thing with RE agents and traditional brokerage...they are being eroded...

One of the shortcomings with companies like Zillow is they are offending RE Boards across the country to the point where many boards will not permit syndication to Zillow...our local board just lifted this ban a couple months ago. And even at best it's voluntary to syndicate to their site. Zillow is a threat to the national assoc. of realtors...and they are one of the most powerful lobbies in the country...they are on the fringe of a battle...could get ugly

The beauty of having access to raw data in real time is that it can be used for analysis for many different purposes....while the MLS portal is not perfect, it acts as a solid way to communicate with your clients about properties in an interactive way.

The one thing you gain with your board membership is access to RPR...it's arguably one of the most dynamic reporting tools available...you simply cannot duplicate it. And hopefully, you have access to Core Logic products as well for tax and mortgage data along with building comp reports. We're also able to access a commercial analysis program called Valuate...they are partnering with local MLS' and their tools are high quality. The things you can do in the MLS cannot be duplicated...

In reality, it all boils down to controlling information and the MLS is the only real source (for now)

Aaron Poling · Answer

Zillow is definitely the most popular website for home search, they also own Trulia so they will share all info. They auto load to some sites, but not any other large competitors that they wouldn't want to share with. Either way it will get you lots of exposure.

Within the mls the agreement is set and the listing commission is stated on the agent side so it makes it smoother. Agents can always reach out through any site and request cooperation, but lots of agents are hesitant to do so. I personally do it all the time.

The other thing to consider is how good your area's mls is. In my area we have MRIS or BRIGHT MLS which has lots of extra tools and benefits, but everyone is different. Our fees are also very reasonable as well so it wouldn't make sense not to have it. In your area it may be different.

Jesse Smith · Answer

@Walter Aaron Poling - Thanks for the reply.  Sounds like the primary benefit is the extra info and disclosures available via the MLS.

When I posted my FSBO house on Zillow, it auto-listed on other sites, like Trulia.  I've also had a lot of brokers and agents calling me asking for a commission for bringing a buyer, so Zillow seems to be getting quite a bit of exposure to RE professionals.

Aaron Poling · Answer

The MLS system is set up for agents to use and should have more information than public sites. The majority of information that zillow, trulia, etc.... have on them is pulled from the mls through an IDX agreement. The mls should also have docs that agents have uploaded for the listings such as: plats, septic info, etc... which can be helpful. Also, the mls will be more accurate information than the IDX sites as they may not update as much, but mls updates every time an agent updates their listing information.

If you are planning on listing, the mls agreement is typically what is in place that allows cooperation with other brokers, which means you have more access to buyers for your listings. Also, if you list on the mls the information will automatically be pulled to the IDX sites, if not you would have to upload each one individually to each site.

As an active agent I don't think I could do my job without the mls, as an investor I could use other sites but feel like the mls makes things a lot easier for me.

Hope this helps some! Thanks Aaron