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?
IMHO... the best way to get access to the MLS (at least if you are in Oklahoma City) is to approach your favorite Realtor, and become a clerical assistant. Then, you are granted access to the MLS as a non-licensed member.
The MLS is a gold mine and a wealth of information. You can tell how many days a property has been on the market, if it is vacant or not, what the mortgage balances on the properties are, how much the price has dropped down since it was listed, expired listings that Realtors no longer have under contract, etc. etc. It is WELL worth the money.
In my experience, the MLS (in Houston anyway) is far superior to any other info online. I am a full time agent/part time beginning investor. When I find properties for my investor clients, I can pull all the recent sold comps in the neighborhood (narrowed down to sections if it's a large neighborhood), gather the average PPSF and Days on the Market for that neighborhood, calculate the accurate current resale and rental value for the property, and put all that into a spreadsheet to quickly cross reference the listings to find the best ones. Investors asked me for this data all the time because there is nowhere else for them to get it. Also, just having access to the MLS will not suffice. There are many tips and tricks to manuvuer through it and find the best data. Just my 2 cents.
I couldn't imagine buying a property without all this info.
To add to the OP's original post, can anyone list the associated fees with getting access to the MLS/BLC for their respective markets as salespersons/brokers? Once I obtain my broker's license (renamed from salesperson license in Indy), is it a monthly based subscription or an annual fee? Is it free access if I hang my license at certain principal brokers (where its like a volume type license)? My understanding is outside of obtaining a login, you must have an active license but i'm not sure of the fees to obtain access.
@Shawn Holsapple Any information you can share since you're in my market?
The fees are set by your local Board of Realtors. You pay their MLS fees, plus annual NAR fees. No brokers get "free" access. Call your local board/broker. Here it's about $800/yr plus $200/yr.
Thank you as this is the type of information I was looking for regarding MLS fees. I'll try giving the board of realtors a call to see if they give that information out to individuals without their license.
@Cary Trusty its about $1200 per year after all said and done.
I don't have the break down but that's about what I pay.
Then, there's E&O insurance and access to the CSS [centralized showing service] that can run another $50+ per month.
Oh, and you'll need a Sentri Key too! That's a few hundred a year as well.
It was a shock to me when I first got my license. No one tells you how much it costs to "join the club" and have access.
I know they take bi-annual payments but not sure about monthly.
You must have an active license as well. I would suggest "hanging" your license with a Principle Broker instead of staring your own Brokerage - there is a ton of paperwork and liability involved.
@Shawn Holsapple - Thanks for all the information! Yeah, I wasn't sure with the new changes in Indiana if there was a 2 year waiting period of carrying an active broker license before you can start your own brokerage. I hadn't heard of the CSS but my Realtor (who helped me purchase my home) used a showing service to help sell my mother's home so maybe that is it.
I guess it depends on your reason for needing access, if it is to find properties to buy then most agents can setup searches for you and that will send you all new listings in your criteria they may however want you to sign a buyer contract stating that any houses in the MLS that you buy will go through them.
If it is for just about anything else you will need to get a license to get full access, I have heard of agents charging people for access and that is shady and immoral not to mention a huge risk on their end and I would never do it.
Ok, I'm starting to educate myself and I'm new to all if this. I'm looking into my brokers license in Sept but I was also informed that having a license, I can't do wholesaling? True? I can only do flips besides listing and buyers agent?