The Complete Guide to the Greenwich Multiple Listing Service (MLS)
When buying or selling a home, your local REALTOR® uses the Greenwich Multiple Listing Service (MLS) to find homes for sale or market your property. Here is what you need to know.
What Value Does the Greenwich MLS Provide?
Why Use the Greenwich MLS to Sell Your Home?
As a Buyer or Tenant, How Can the Greenwich MLS Help Me Find a Home?
As a Seller or Landlord, How Can the Greenwich MLS Help Me Sell or Lease My Home?
Am I Required to Market My Home Through the Greenwich MLS?
Can I Make an Offer to Compensate a Buyer’s Agent on the Greenwich MLS?
What Is the Greenwich MLS?
The Greenwich MLS is an online database and platform that compiles property listings from participating brokerages in the Greenwich, CT market. The platform enables agents to efficiently search and market available homes for sale and lease to facilitate and execute real estate transactions on behalf of their clients.
As individual property listing permissions allow, MLS participants and subscribers may share listing information to national and local websites that advertise property information. All of these functions of the MLS operate under rules and policies to make sure its information is complete, accurate, and transparent.
What Value Does the Greenwich MLS Provide?
The Greenwich MLS allows local real estate professionals to see, share, and promote homes for sale and rent so they can be found by the largest pool of potential buyers and tenants.
The Greenwich MLS provides the most accurate, reliable, and detailed information about properties across all areas of Greenwich, Old Greenwich, Cos Cob, and Riverside (both that have sold and are for sale), including listing price, address, features, disclosures, and square footage. The MLS also helps to promote fair housing and equal opportunity by giving real estate professionals and their clients access to consistent information.
Why Use the Greenwich MLS to Sell Your Home?
Your property will be exposed to qualified, vetted buyers. When your agent activates the listing on the Greenwich MLS system, local agents and their clients are immediately notified of a property matching their search criteria. That’s over 200 REALTOR® Offices and 1200 Salespeople working for you.
You’ll get top dollar for your home. 60% of Residential homes sold on the Greenwich MLS sold at or above list price in 2024. Competition among buyers leads to the highest potential sale price.
Your transaction will close quickly. 72% of Residential homes sold on the Greenwich MLS in 2024 closed within 60 days of listing.
As a Buyer or Tenant, How Can the Greenwich MLS Help Me Find a Home?
Using the Greenwich MLS allows you and your agent to access many homes for sale and rent and connect with agents representing their clients’ homes. Your agent will also have access to comparable property data, which they will provide to you to help you to make an informed offer.
As a Seller or Landlord, How Can the Greenwich MLS Help Me Sell or Lease My Home?
The Greenwich MLS is the most trusted source for local real estate data because the information is verified by real estate professionals. Listing on the Greenwich MLS will help a seller or landlord reach the largest pool of qualified buyers or tenants and potentially attract the best offer.
Am I Required to Market My Home Through the Greenwich MLS?
You should discuss a marketing strategy with your agent. While you always retain the right to withhold your listing from the MLS, you will be asked to sign a form verifying that you as the seller have made the choice to forgo the benefits of selling your home on the Greenwich MLS. The MLS will provide the most exposure for your property to qualified buyers.
Can I Make an Offer to Compensate a Buyer’s Agent on the Greenwich MLS?
An offer of compensation is when the seller or the seller’s agent offers to compensate another buyer’s agent for bringing a buyer to successfully close the home purchase. As of August 17, 2024, offers of compensation are no longer allowed on MLSs.
However, offers of compensation can still be made off-MLS and shared through common marketing vehicles such as flyers, signs, emails or other communication channels. Read more about offers of compensation here.
Can I Offer Concessions on the Greenwich MLS?
To attract more buyers, sellers may offer concessions, which are certain costs associated with the buyer’s home purchase that a seller agrees to pay. Like offers of compensation, sellers may communicate these concessions through common marketing vehicles such as flyers, signs, emails, or other communication mechanisms. Read more about concessions here.
How Do I Access the Greenwich MLS information?
The Greenwich MLS provides a consumer accessible property search portal on GreenwichRealtors.com. Greenwich MLS Participants and Subscribers also provide public access to the data on their consumer facing websites.
As a buyer, your agent will provide you with the MLS property listings that may meet your criteria. For both buyers and sellers, when you work with an agent who has access to the Greenwich MLS, you can discuss how the MLS can benefit you.
Remember, agents who are REALTORS® are guided by ethical duties under the Code of Ethics, including the pledge to protect and promote the interests of their clients. Your agent will help you to weigh your options and develop a strategy you are confident in.