MLS Offers: The Better Way To Manage Your Offers.
MLS Offers is an exciting real estate tech startup led by industry veteran Alan Fenn. Their patented SaaS platform is improving the offer submission, negotiation and management process for real estate professionals across the country. Growth has been strong since coming out of beta 6 months ago and they now have users in 42 states, spanning more than 200 Realtor® associations.
MLS Offers provides a free service that organizes and adds much needed transparency to agent-to-agent offer communications. Through its user-friendly interface, both parties can easily share and manage all offer terms, docs and correspondence in one centralized location and in a uniform format. Much like email replaced faxed offers 20 years ago for increased efficiency, agents are now replacing email with MLS Offers for the same reason.
With MLS Offers, the listing agent is in control of the offer process, which is different than other “offer” technologies on the market that cater to buyer agents. This is significant because, by placing a link in their MLS offer instructions, listing agents ensure they are able to receive, negotiate and manage all their offers across all their listings in a clean and professional environment.
MLS Offers recently partnered with the Miami Association of Realtors® (MIAMI), which is the largest local Realtor® association in the country with 46,000 members, and integrated their service into their Matrix MLS platform. MLS Offers CEO Alan Fenn said “While an MLS integration is not needed for agents to use MLS Offers, it provides significant benefits that enhance the user experience for their members.”
The integration has resulted in very strong adoption in the Miami market. Over 50% of MLS Offers’ users nationally are now in this market due to the MLS integration. Fenn also said “We are now taking this integration template to other MLSs across the country. We just recently signed two additional MLS partnership agreements that we will announce soon and we are in talks with several others. I believe 99% of agents still don’t even know we exist, so the sky is the limit.”
The current offer process in the industry is messy, especially for agents that have multiple listings and receive multiple offers, which is common in the low inventory environment that most of the country is experiencing. In addition, agents with teams, assistants, or transaction coordinators that need to collaborate on offers often get disorganized and frustrated forwarding emails back and forth to each other. Having a centralized location to review and negotiate all offers is ideal.
Some highlights of MLS Offers include:
- Listing agents are able to provide offer instructions and docs to buyer agents before they submit to ensure complete offers on first submission.
- Team members can share internal time and date stamped listing notes.
- Agents receive confirmation their offers and subsequent communication are successfully sent to the other party.
- Buyer agents will always know the status of their client’s offer.
- Countering and amending offers is extremely simple and a log of all proposed changes is kept for easy reference.
- All offer correspondence is viewed in chronological order, similar to email.
- Reply to multiple offers with one click when sending messages, rejecting offers or requesting a highest and best offers by a certain date.
- Track important closing information and dates on accepted offers.
- Share contact information of parties involved in the closing process with the other agent. (title, lender, inspectors, etc.).
The real estate market is moving fast toward end-to-end online real estate transactions and the offer submission through acceptance stage of the transaction is the most integral. MLS offers has a granted patent on this technology that they believe will allow them to control the online offer space in the industry. Their patent covers the process of facilitating offers on listings they receive from MLS feeds. Major home search portals and most real estate software vendors receive the listings they display in the same way.
The team behind MLS Offers was the first to bring online offer submission and negotiation to the real estate market in 2009 as an ancillary feature of another transaction management platform they operate called eBrokerHouse.com. Through that platform they have facilitated over 2.5 million offers and over $60B in closed transactions for agents. So this team obviously has a lot of experience in this space.
“eBrokerHouse is a paid subscription service serving a niche market and it has many other functions besides offer management that the vast majority of agents do not need. With MLS Offers, we have created the standalone offer platform that all agents need regardless of the amount of business they have or the niche they serve. We focused a lot on providing a clean and simple interface with no learning curve. If you can use email, you will be comfortable with MLS Offers. Also, the fact that it is free removes the main roadblock for most agents and will allow us to maximize adoption. If we want to replace email as the accepted form of offer submission and negotiation among agents, we had to also be free.” Fenn said.
To learn more about MLS Offers, visit: www.mlsoffers.com