What would I have to say to a realtor for them to get me access to the MLS? I never seen an MLS nor do I know how to use it to get accurate values on homes I want to get under contract. Will it cost me money to get access to this MLS?
Investor · Union, NJ · Member since 2011 · 838 posts · 295 votes
14y
To get Realtor access to it you need to be a licensed Realtor, well at least her ein NJ you do. Otherwise you have general public access which is very watered down.
IT is a very sought after tool b/c yu see much more info and have access to much more resources and tools as opposed to general public access.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
14y
Simplest is to get licensed, sign up with a broker (usually have to pay some fee plus part of your commissions) and sign up for your local MLS (usually a charge for that, too.) In another post, you talk about having properties in many states. Realize the really isn't "a MLS". There are many, many of these systems that cover specific areas. You have to sign up for each specific system, and pay its costs.
As far as using them to determine value, you find comparable sales. Similar (style, size, age, condition, location, etc.) properties that have recently sold. You make adjustments based on the conditions and then come up with a value. Really, really helps to actually have eyeballs on the properties involved, or be very familiar with the area.
Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
14y
To gain access to the MLS you need to be one of three professional and you do not have to be a Realtor.
A Brokers
An Agent under/with a Broker
A Clerical User for a Broker or Agent.
The clerical user has full access however agrees in advance to have limited use. The main duty is inputting property or managing property not running CMAs..
However there are plenty of Realtors and MLS Agents/Brokers willing to allow you password access. Although that is a violation of the MLS rules. Some will allow you to come into their office and sit infront of the computer and search away.
If you gain disallowed access please dont brag about it.
WIth all of this said there are plenty of sites like Trulia.com, Yahoo.com etc which have partical data.. COuple that with public data which you can obtain from companies like First American Title or Fidelity National Title and youll soon find that MLS access although important isnt a total requirement.
Furthermore, at the end of the day google Remax.com, Coldwell Banker.com and Century21.com and call the up desk and the updesk agent will do your CMAs for you in hopes of landing your business. This might be the best option if youre brand new and arent certain how to run a CMA and what the numbers mean..
Massachusetts, MA · Member since 2009 · 144 posts · 31 votes
14y
There are lots of sites that let you browse the MLS. To find a good one local to you, i'd advise using realtor.com and finding a house near you. Then use the MLS # associated with that house and do a google search with it. The top few results should be local realtor companies. Find one that shows the most info about the property (like a full item description and multiple photos) and then you can likely find a place on the site to sign up for property updates and more advanced searches.
Just because you use their site doesn't mean you have to call them when you find a house you like. You can use any agent, or call the listing agent directly.
Having full access to the MLS like a realtor has doesn't give you much more info anyways. It will have some agent notes, compensation percentages, and lock box combo's. As far as the property records, you can often find that stuff out on your local towns assessors site anyways.
Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
14y
Originally posted by John H.:
Having full access to the MLS like a realtor has doesn't give you much more info anyways.
I have to disagree with this. The MLS contains a decent amount of additional info if you know what you're looking for. The CMA is nice, and in some cases there is an automated CMA which will spit out a list price and projected sales price and DOM at the given list price. On top of that, you can also look up prior listings of a property you are interested in to see the history of it (sometimes this isn't as useful, but in the historic district I focus on it comes in handy). There are also a significant amount of statistics for sales broken down by area which is another great resource to have.
I agree, MLS is not the be-all end-all, but I wouldn't discount it's usefullness.
Developer · Houston, TX · Member since 2008 · 488 posts · 121 votes
14y
Make a good friend who is a licensed realtor with MLS access. Most likely they won't be giving you their username / password. I will tell you that HAR (Houston Association of Realtors) monitors the login for the MLS system. If your IP address shows up logged in multiple times throughout the city of Houston, you'll be getting a $500 fine for each time, and risk losing MLS access.
Goto your states real estate commission website, and find a new agent in your area. Give them a call, tell them you're a local RE investor / wholesaler. Take them to lunch and explain. Goto their office and use the MLS. They will be hungary to make a deal happen.
Investor · Statewide, MO · Member since 2011 · 814 posts · 425 votes
14y
This is making me think of the scene in the 40 year old virgin where Steve Carell is trying to brag about being with a woman when he never has. If you have never been on the MLS, it's easy to say it's not too big of a deal. Bottom line, the MLS is tons of RE info on steroids. It's the only reason realtors can charge 6%. It's critical to their existence to keep everyone out of it. I have had several accounts. They're brutally tough to get. I currently don't have access. From an investor standpoint, access gives you a tremendous edge.
The people using trulia and zillow, please pm me and I'll sell you everything based on their values at a good discount. LOL. Using the free resources, imo, is like playing with fire.
The best way to get in: find a burned out realtor that is making little to no $. Bring them some business and before you do, let them know your expectations. If they give you the "I could spend the next 10 years in jail for sharing my access" crap, tell them thanks and that you're afraid they won't be able to meet your needs. It's amazing how many broke realtors that are out there that guard their access so tightly.
There's got to be enough in it for the realtor to give you access. It's a challenging subject to approach. If you're not in a position to buy or sell a few, a realtor isn't just gonna hand it over to you.
Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
14y
As a California Broker myself and an Investor, IMHO the only Power the MLS has which allows a broker to charge a 6% commission is Listing Property in the MLS for sale.
That power is largely granted by the buyer's misunderstanding that Sellers pay the commission. Everyone knows that commissions are included in the price and value of property. So until Buyers start realizing that they are in fact paying the commission the MLS will have a strong hold on resale transactions.
The data is great however access is not a requirement. Free Data is abundant and as long as one knows how to distill the data they’re fine.
Investor · Cincinnati, OH · Member since 2010 · 1k+ posts · 928 votes
14y
Anyway, you (or anyone) may want to investigate becoming an agent, sitting through the few dozen hours of class time, taking the test, and paying about $100/mth for various fees with a no-frills flat-fee broker.
You'll get the MLS access, with access to historical sales and current listings for comping, expired listings, etc., plus better access to agents for buying, earning (or giving away) the buy-side commission, etc.
There is a bit more fiduciary shackles on you, but from what I gather you should be able to navigate this OK.
I want to figure the ARV on vacant non listed properties. Would the MLS still be any use for non listed homes? MLS sounds like a great tool for listed properties. I tried to run comps on some unlisted properties I wanted to get under contract using Zillow, Trulia, etc. I am not good at running comps because the houses I was running comps on did not match any homes in that area. Neither home in that area matched any similarities to the house I was looking to get the ARV on.
Investor · Statewide, MO · Member since 2011 · 814 posts · 425 votes
14y
John, I wasn't trying to put you down. It's been my experience that accessing the MLS opens up a wealth of information that is easily sorted and can also be easily mined. DOM, lots of pictures, along with the other available information allow an investor a good idea on the market.
I have yet to see anything remotely close to what can be had on the MLS. Zillow has false sales comps. `Foreclosures in my neighborhood were showing up as open market sales on Zillow. Talk about a sad day when I was going to sell a rental based on the bogus hope they provided.
I'm sorry for assuming you may not have had access to the mls. There's a handful of people here with one rental that speak like they have a few hundred. We must not be looking for the same info. That's my best guess. But if the info wasn't so special, why guard it so aggressively?
Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes
14y
It is indeed expensive to buy MLS access. I agree that all of the information needed for shopping is available free. Except days on market, but I have even seen that. If you want to make an offer you need sales information off the MLS to be sure you are not overpaying or to justify your offer price. However, I believe you can get this from real estate agents pretty easily. Just ask. Call the listing office of a house for sale in the neighborhood you are looking at and ask for a print out of all the solds in the last 6 months for that neighborhood(s)--and tell them you are researching what houses in that neighborhood sell for because you're looking at buying or selling. They will send it to you just to get your email address. And they will be helpful because you are a lead! Printing and emailing that list just takes a few moments and you can get a ballpark idea--which is all you need as all houses, buyers and sellers, as well as time-frames are different. Note: just as realtors can choose the properties to use in a CMA, they can remove solds from a list. Not saying they would, just could.
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
14y
Antonio,
Keep asking them to look things up and they will eventually get irritated and give you your own access. I would try to buy something from them though. :mrgreen:
P.S. I have 2 passwords from 2 different brokers and I never use it for anything. Just saying.
Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes
14y
My personal experience is to have a great team on the ground in the market you are wanting to work in. One of these team members is a local Realtor/broker that must be an investor as well - they will be able to accurately determine a value based on info like the MLS but also real data from the field.
I've found out [the hard way] that it's worth paying the professionals [realtors, attorney's, CPA, etc.] to do their job - they will always pay for themselves.
Real Estate Investor · Edmond, OK · Member since 2011 · 18 posts · 8 votes
14y
The MLS has technology that monitors keystrokes, so Realtors can't give out their passwords without the system being flagged. The system can tell if the password was given out.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
14y
Originally posted by Rose Wilkinson:
The MLS has technology that monitors keystrokes, so Realtors can't give out their passwords without the system being flagged. The system can tell if the password was given out.
Are you talking about simultaneous login attempts?
2 passwords? Sounds like we need to have a talk over here>>>>[email protected] :
Originally posted by Rob Gillespie:
Antonio,
Keep asking them to look things up and they will eventually get irritated and give you your own access. I would try to buy something from them though. :mrgreen:
P.S. I have 2 passwords from 2 different brokers and I never use it for anything. Just saying.
2 passwords? Sounds like we need to talk over here>>> [email protected]
Originally posted by Rob Gillespie:
Antonio,
Keep asking them to look things up and they will eventually get irritated and give you your own access. I would try to buy something from them though. :mrgreen:
P.S. I have 2 passwords from 2 different brokers and I never use it for anything. Just saying.
Real Estate Investor · Edmond, OK · Member since 2011 · 18 posts · 8 votes
14y
Maybe the MLS is different in different states, but in Oklahoma a Realtor can lose access to the MLS if they give out their passcode. There is a lot of "potentially" dangerous information on there. For example, when you have full access like the Realtors do, you can get combinations and access to security system codes, which is not a good thing if you are a pedophile or a serial killer. :-)
Real Estate Investor · Edmond, OK · Member since 2011 · 18 posts · 8 votes
14y
And Jon - No, it has nothing to do with login attempts. Apparently, the way we hit the keys on our keyboards is as unique as a fingerprint, and the MLS tracks your keystrokes when you are typing in your passcode. The technology is so advanced, they can tell if an imposter has the passcode, and it will flag the account. Then usually, the Board of Realtors will notify the Realtor that their account has been compromised and give a fair warning. After that, there is some hefty fines. Past the three strikes, and they are out of the MLS permanently.