If you’re not familiar with the term “MLS” or “Multiple Listing Service,” take a moment to read our previous blog post, “What Is the MLS?”
If you do know what MLSs are, you may not be familiar with all the data associated with them. So, we’re going to break down exactly what MLS data is and why it’s valuable for real estate entrepreneurs!
Public Vs. Private MLS Data
MLSs are broken into two parts: public and private data.
Public MLS Data
The MLS data that’s public is essentially all the data you could expect to see in an MLS listing and on listing sites such as Zillow, Realtor.com, Redfin, etc.
This data includes:
- Pictures
- Property descriptions
- Notes from the agent regarding how they’d like to sell
And more. Public MLS data is created by the real estate agents working with the homeowner to help them sell.
Private MLS Data
While public MLS data can be seen by anyone with access to the MLS listing, private MLS data is reserved for brokerages and agents only, AKA the “back office.”
Private MLS data includes:
- Sold datasets
- Sold Prices of properties
- The sale date
- If a listing failed, the date it failed
Since private MLS data is only for brokerages and agents who pay dues, you’ll have to find an alternative way to access it if you’re an investor with no intention of getting a real estate license and paying dues yourself.
PropStream’s MLS Sold Estimated Price Offers This Information With 99% or Better Accuracy
Because of the NAR’s regulation about third-party access to private MLS data, PropStream has developed a proprietary algorithm to share an estimate of the MLS Sales Price that’s 99% (or better!) accurate.
Tip: To learn more about our estimate, check out this blog post or this explainer video!
Since we’re restricted on what we can share with users, this estimate is the closest possible data you can access without getting your real estate license and paying the dues to access MLS data directly.
In addition to MLS Sales Prices, PropStream has data for the month and year of the sale as well as Failed Listings.
Why This Estimation is Crucial For Real Estate Entrepreneurs
Having the ability to access private MLS data with 99% or better accuracy is a game-changer for real estate pros who don’t have their real estate license and are searching in non-disclosure states.
Pro Tip: In non-disclosure states, MLS Sales Prices aren’t shared with the public where they are in disclosure states. Non-disclosure states include Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah, and Wyoming.
Even if you live in a disclosure state, unless you get a real estate license and pay dues to be part of an MLS, you won’t be able to see this data until the public record is published.
Depending on how quickly your county works, you could end up getting this information weeks after competitors unless you’re using a real estate data software like PropStream.
Use the Power of MLS Real Estate Data to Negotiate Your Next Deal
Now that you have a deeper understanding of what MLS data is, you can use it to build your arsenal of knowledge about each property before you begin reaching out to leads.
Start your 7-day free trial and login to browse PropStream MLS data today!
