The real estate market is booming. According to Precedence Research, it’s growing from $3.9 trillion in 2023 to an estimated $4.12 trillion in 2024 and is projected to hit $7.03 trillion by 2034, with a steady annual growth rate of 5.5%. Impressive, right?
But even with this growth, challenges remain: outdated or inaccurate property listings, lack of clarity, and fierce rivalry. For example, Houzeo reports that 15% of real estate contracts fail due to errors like incorrect square footage.
If you’re an experienced player, these issues might sound familiar. And if you’re a novice in the industry, you’ll likely face them sooner or later.
Here’s the good news: Multiple Listing Service (MLS) software can help you tackle these issues. By centralizing property data and offering powerful tools, MLS software development services make life easier for agents and brokers. It fixes inefficiencies, ensures accurate listings, and helps you stay competitive.
In this article, we’ll explain how MLS software works, why it’s vital, and how to build a system that sets your real estate business up for success.
What Is MLS Software?
Multiple Listing Service (MLS) software is a digital platform that helps real estate professionals store and share property information. Think of it as a central hub where agents and brokers can access up-to-date details about properties for sale, making it easier to assist their clients.
In the past, MLS was just a printed book used to share listings among realtors. Today, thanks to technology, it’s a powerful tool with advanced features for property management, customer relationship management (CRM), and real-time data sharing – all designed to streamline the real estate process.
In fact, 97% of homebuyers use the Internet to search for homes, and 51% end up purchasing a home they found online. This shows just how important MLS software is for providing accurate, up-to-date property information.
It’s no secret that top platforms like Crexi, Showcase IDX, and IXACT Contact are leading the way – but why not to use MLS software development services and stand out in the market?
Types of multiple listing services
Did you know there are also special-purpose MLS platforms? They focus on a single type of property, such as luxury homes, commercial properties, vacation rentals, farms, and ranches.
Even if you use general MLS software development services or rental-focused ones, there’s room to create a niche platform. For example, a service dedicated to farms and ranches could stand out. While the audience may be smaller, focus on their specific needs.
Take time to study your local market and identify an underserved area. Finding the right fit could set your company up for success.
How does MLS work?
A multiple listing service is a private database where real estate agents and brokers in a specific region share property listings.
See how it works:
- Agents upload detailed information and photos of properties they’re selling.
- These listings are updated regularly to keep the database current.
- The shared MLS allows agents to show their office’s offers and properties listed by other agents in the area.
While most homes for sale appear on a MLS platform, there are exceptions. For example:
- For Sale by Owner (FSBO): Homes sold without an agent typically don’t appear on the MLS.
- Pocket Listings: These are exclusive, off-market properties kept hidden by the seller, often for privacy reasons or to wait for the perfect buyer.
An MLS platform is a powerful tool that connects buyers, sellers, and agents, making the real estate process smoother and more efficient for everyone involved.
If you’re considering MLS software development services, Forbytes can help you. Reach out to us, and we’ll help you bring your idea to life.
Must-Have Features of MLS Platforms
Want your MLS platform to stand out and succeed? Start by defining the core features that will make your software smart and advanced. To help you, we’ve highlighted must-have features for your app and examples of competitors already using them. Let’s take inspiration from the top LMS software.
AR/VR integration
Augmented reality and virtual reality are essential for real estate MLS software. Clients can explore homes with virtual tours or enhance images with extra details. It’s an interactive way to stand out and attract buyers.
For example, Flexmls by FBS works with iGUIDE to offer 3D virtual tours and floor plans. This makes it easy for agents to add detailed property information and media to listings, improving MLS data quality.
Management tools
Efficient management tools are a must for your MLS software. They help keep you and your clients organized, making everything run smoothly. You can easily create, update, and track contracts and listings, keeping all your documents in one place.
Matrix™ by CoreLogic offers tools to manage contracts, track listings, and speed up transactions. These features help make clients’ work smoother and reduce mistakes.
Search filters
Search filters let you easily find properties that match specific needs like location, price, and size. This saves time and helps clients find the right property faster.
Realtor.com® offers strong search filters that assist users in finding properties by location, price, size, and more, making the search easy and efficient.
Virtual tours
Virtual tours are a must-have feature for real estate MLS software. They let clients explore properties through 360-degree views or interactive walkthroughs, without needing to visit in person. This is especially useful for out-of-town buyers or early property evaluations.
Matterport offers 3D virtual tours, letting users explore properties from all angles without visiting in person. It’s especially helpful for remote buyers or initial property viewings.
Favorites tab
A “Favorites” tab lets you and your clients save and easily find properties you like. It helps keep track of their top choices and makes decision-making simpler. You can also quickly follow up on the most interesting listings.
For instance, Zillow has a favorites tab where clients can save and revisit their favorite listings, helping them stay organized and make better decisions.
Built-in calculator
A built-in calculator is one of the most useful features of real estate MLS software. It helps you and your clients estimate mortgage payments, property taxes, and other costs, making property valuation easier.
For example, Redfin has a built-in calculator that allows users to estimate mortgages, taxes, and other costs, making it easier to plan their finances.
Contracts & listings
Having tools to manage contracts and listings keeps all your property and transaction info organized. This helps you handle listing details, manage contracts, and track changes easily, making the process smoother and reducing admin work.
Dotloop keeps contracts and listings in one place and makes transactions easier, saving time and effort for real estate professionals.
Need MLS software development services? Contact the Forbytes team, and we’ll help build a successful real estate platform with top features.
Benefits of Using MLS Software Development Services
According to a recent report, the number of MLS systems is growing rapidly. By November 2024, there are 535 MLS systems in the U.S. alone. Why are so many real estate brokers and agents using them? It’s simple – the benefits they get from MLS software development services are unbeatable. Let’s dive into what makes them so valuable.
- Increased visibility: MLS software helps you showcase properties on multiple platforms, giving them maximum exposure. This attracts more buyers and boosts your chances of making a sale.
- Easy listing management: With MLS software development services, you can quickly update and manage property listings. This makes it easier to match buyers with their dream homes and speed up the sales process.
- Real-time market insights: Get access to market trends and data to set competitive prices and stay ahead in the vertical. MLS software helps you make informed decisions for better sales outcomes.
- Smooth transactions: Simplify the buying and selling process with built-in tools for managing offers and tracking buyer interest. It’s all about faster and hassle-free transactions.
- Better efficiency: Centralize property data and automate tasks to save time and effort. MLS software development services help you focus on what matters, mostly growing your business.
- Happier clients: Provide real-time info and easy search tools that keep clients satisfied. Happy clients mean long-term relationships and more success for your company.
All these advantages show that MLS integration is a win-win strategy for your real estate company. Now, it’s the perfect time to explore how to build custom MLS software that will set you apart from your competitors.
How to Build an Advanced MLS Platform
Imagine this scenario: You set out to build an advanced MLS platform but rushed into development without proper research or user feedback. When the platform launched, agents found it difficult to use, and buyers questioned its data accuracy. As a result, the app failed to gain traction and was ultimately shut down.
To avoid such a situation, we recommend the following steps for building an advanced MLS platform:
Step 1. Define your goals and needs
Start by figuring out what you expect from MLS software. Talk to key people like real estate agents, brokers, and clients to understand what they expect from the platform.
Next, set clear goals for the project. Think about the features you want, how your software should work, and what kind of experience you want to create for users.
Finally, make a list of all the requirements. This should include both the functional parts (like search filters and virtual tours), technical aspects (such as performance and security), and any advanced features you might want, like AR/VR.
Step 2: Conduct your market research
Keeping your finger on the pulse of the situation in the industry is essential for success. That’s why it’s time to dive into market research. So, what does that involve? Start with an analysis of your competitors and your target audience. Look at market trends and figure out what your stakeholders need.
Once you’ve done your research, you’ll spot gaps in the market and can begin building a system that offers something unique. This step is key to helping you stand out with your MLS software.
Step 3: Choose the right technology stack
Selecting the right technology stack is crucial for ensuring your MLS platform runs smoothly, and securely, and can scale as needed. A well-chosen tech stack helps your software perform well under high traffic and easily adapt to future updates.
That’s why you need an intuitive, user-friendly interface, scalable architecture, and efficient data management. Additionally, ensure your platform can easily integrate with third-party tools.
By picking the right stack, your MLS software will meet both current needs and future growth.
Step 4: Consider AI implementation
Consider integrating AI into your MLS software because adding AI-powered tools can provide even more value:
- AI-powered recommendation system: Help users find properties tailored to their preferences.
- Property description generation: Use AI to create detailed, engaging descriptions for listings.
- Automatic property price suggestions: Let AI suggest optimal pricing based on market trends.
- Virtual tours with AI and AR/VR: Offer immersive property tours without leaving home.
- Smart tour scheduling: AI can optimize viewing schedules for maximum efficiency.
Embracing generative AI tools can transform your business, making it more efficient and user-friendly.
Step 5. Develop your MLS software
To bring your MLS software to life, start by building a Minimum Viable Product (MVP). The MVP helps you sketch out how the user interface will look and work. By creating wireframes and the MVP, you can visualize the design and get feedback from stakeholders early on.
Once you have the basics in place, you can add more advanced features like AR/VR for immersive experiences, virtual tours, and third-party APIs for things like payment processing and CRM integration.
Pro Tip: Since, you’re going to build a product, stand out by personalizing it to meet your clients’ needs. Use customer feedback, data insights, and customizable features to tailor your offerings.
Step 6: Focus on further improvements
The real estate market moves fast, and your MLS software should keep up. Maintenance isn’t just about fixing bugs. It’s about constantly improving your platform to meet changing user needs.
Listen to your users and stay on top of market trends. Add features that make the platform more valuable, like improved search tools, a new CRM system, or enhanced security options.
Keeping your software fresh and competitive ensures that agents and brokers see its value, helping your platform stand out in the crowded real estate market.
Custom vs. Off-the-Shelf Real Estate MLS Software
Custom or off-the-shelf real estate MLS software, that is the question. Let’s clarify.
Custom MLS software is perfect if you want a solution tailored to your unique business needs. It offers flexibility, scalability, and full control, giving you an edge in a competitive real estate market. While it may cost more upfront, the long-term benefits make it a great choice for businesses looking to grow and innovate.
On the other hand, off-the-shelf software is quicker and more affordable, making it ideal for companies that need standard features and fast deployment.
At Forbytes, we specialize in both creating custom MLS software and integrating off-the-shelf solutions. Whatever your needs, we’re here to help build the perfect platform for your real estate business.
