Sending Out An SOS… For MLS Access

SOS Does it seem like getting access to the MLS is as painful as getting a root canal?

Well, fellow investors, Cody Sperber here to the rescue, answering the burning question, “How in the Sam Hill does one get access to the goshdarn MLS?”

You guys are constantly asking me this question and for good reason...

The benefits of using the MLS are endless. So knowing how to get in and poke around the MLS is crucial to your success as an investor.

This is a bit technical, but for starters, the MLS can:

Enable real estate brokers to establish educated contractual offers of compensation among licensed brokers
Facilitate cooperation among licensed brokers with other broker participants
Accumulate and disseminate information to enable educated property appraisals
Serve as an informative listing of information to better serve brokers’ clients, customers and the public

Historically, access to the MLS has been granted exclusively to licensed Realtors giving them major advantages over “the little guys.” Not cool.

But as always, I’ve got your back, and more importantly, I’m going to share 3 ways with you – right here and now – that will give you access to the one and only “untouchable” MLS.

Option # 1: Your Investor-Friendly Real Estate Agent

Priority #1 for Option #1 is to find an agent in your local market who has all the qualifications you want and need. Talk to other investors to get recommendations, network whenever and wherever you can, and attend your local real estate investor association meetings to find your guy or girl.

Be sure to tell any potential agents how they will benefit from working with you…

You want your agent to know that you plan to buy a high volume of properties and even list them after you rehab them. Let your agents know that you’ll send leads that don’t suit your needs – to them – so they can get more listings.

In return, ask them to help you with market research and time-consuming paperwork. Then ask them (drum roll) to give you access to the MLS. In most cases, agents won’t hesitate. So you shouldn’t hesitate to ask.

Remember that investor-agent relationships should be mutually beneficial, and agents will want to know what’s in it for them.

Option # 2: Become a Licensed Real Estate Agent

Will it cost you a nice chunk of change ($2,000 give or take a few depending on your market)?

mls

Yes.

Will it take some time to get licensed?

Yes. But the time and money are well worth it. There are (as with anything) some cons, but the pros outweigh them, in my opinion.

Here’s what you can look forward to and what may sting a bit if you decide to become a licensed agent:

The Positives

You learn the fundamentals of real estate
You have more direct access to all the data you want and need through the MLS
You can make more money because you don’t have to pay commissions
It keeps you morally in-check because having a license holds you ethically accountable
You can help others who are buying and selling their properties make money
You can eliminate the middleman and gain control (and credibility)

The Negatives

You have to pay for the license (duh)
You’ll spend valuable time earning and retaining your license
You’re held to a higher standard because you’re considered to be “an expert” in the industry (Some feel that this negatively impacts their business, but I actually think this makes you a smarter, stronger investor.)
You’ll have loads of paperwork (but if you put your big-kid pants on, you’ll power through it in no time or hire someone to do it for you)
You must legally disclose to buyers and sellers that you are a licensed agent, so there is no room to take advantage of anyone. (Again, this is NOT a bad thing. I put this on under the “negatives” list, because some feel this is an inconvenience.)

Here’s my take on this last one...

ethical Under no circumstance should you be a jerk.

Under no circumstance should you take advantage of anyone or work your deals with anything but good intentions.

So, if you’re one of the unfortunate ones who finds this last bullet point to be a hassle, maybe you should think twice about being an investor. I don’t know about you, but I want my fellow investors and colleagues to be good, ethical, do-the-right-thing people.

I don’t need scam artists and unethical people giving real estate investing a bad name.

Good food for thought.

Option # 3: Getting Hired as a Marketing Coordinator

There is one more way to gain access to the MLS, and that’s by getting hired by a local broker or agent as a marketing coordinator. If you don’t want to get licensed, then this is the way to go.

You’ll have to turn on your mad rapport-building skills and get in good with an investor-friendly real estate agent or broker – and I know you can do it! Offer to take some of the tedious but necessary marketing tasks off his/her plate…

And voila, you’ll have access to the MLS.

Side note – you’ll probably have to pay a small monthly fee, but mission accomplished, right? Once you’re “in,” you’ll be able to do market research and find comps on your own.

Priceless!

That’s All Folks!

When it comes to gaining access to the MLS, you’ve got options and it IS absolutely possible – simple even, to get the information you need to keep your business growing. Figure out which option works best for you, and run with it.