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If you're searching for a home in Utah, you've probably heard of the term MLS. But what is it exactly? And how does it help homebuyers? This post will explain exactly what that is and 9 other helpful facts about the Utah MLS. Let's get right into it!
What Is the Utah MLS?
The MLS is sometimes referred to as a Multiple Listing System, but more commonly and universally known as the Multiple Listing Service. The MLS is a database with different technologies. The largest Utah MLS is the Wasatch Front Regional Multiple Listing Service “WFRMLS”. It is powered by Utah REALTORS® and is maintained by the Salt Lake Board of Realtors. And, although the Park City MLS and St. George MLS have their own MLS database and a large and growing number of listings, they make their listings available on the WFRMLS.
1.Utah Doesn’t Have Just One MLS
There are numerous Utah MLS databases (many of which are very small), with over 800 MLS across the United States. Most of the ones in Utah cooperate with the WFRMLS and have over 95% of all the Utah real estate listings.
2.MLS Is a Private Database Based On Cooperation
The Utah MLS is a private database that allows competing real estate brokers to cooperate with each other to sell real estate and make real estate transactions smoother.
3.The Utah MLS Has Been Around for a While
The Utah MLS system has been around since the late 1800s and is a valuable and collaborative tool for REALTORS® and the general public. The Salt Lake Board of Realtors was founded in 1917 and is Utah’s largest real estate trade association. The Utah MLS allows real estate agents to sell property at the best price at the right time for their clients.
4.The MLS Is a Powerful Marketing Tool
When properties are listed on the MLS in Utah, it gets broadcast to all the agents and their clients who are set up and looking in that area. Our Harvest Park Groupwebsite has all the properties on the Utah MLS and is updated every 5 minutes.
5.Is the MLS Trademarked?
The term MLS is a generic term and cannot be trademarked.
6.The Utah MLS Includes REALTOR® Information
There are over 15,000 real estate agents in Utah. The MLS in Utah on the Utah Real Estate website not only includes the vast majority of homes for sale, but it also has a list of Utah REALTORS® in which you can look up real estate agents. The site has over 93% of all the agents in the state.
7.Innovation
MLS databases, and particularly the MLS in Utah encourage innovation and different business models.
8. Rental Properties and Commercial Real Estate Listings
The Utah MLS doesn’t just have properties for sale but it also includes rental properties and multifamily and commercial listings.
9. Used By Homeowners to Find Properties
According to the National Association of Realtors, 51% of homebuyers find their home online. To serve the public, having up-to-date and accurate information on the Utah MLS is critical. To have accurate information, there is a specific form that Utah real estate agents use called the “Wasatch Front Regional Multiple Listing Service Listing Input Form”. It includes detailed information such as price, address, tax information, school districts, lot dimensions, amenities, features, show instructions, real estate agent information, etc.
Real Estate agents are competitive, but they cooperate with one another to better serve their clients. The MLS helps them work together and is based on the idea that “If you will help sell my listing, I will help to sell yours.”
Find Your Dream Home With Harvest Park
If you're looking to buy a home, our website is integrated with the real estate MLS in Utah. That means our site has every listing in Utah available. It is also updated by the MLS every 5 minutes. Visit our Harvest Park Group page to begin your search today!
