The MLS goes international?
For years now, overseas home searchers in the U.S. have been able to ply the neighborhoods of Monaco and Dubai through luxury real estate websites such as Coldwell Banker Previews International. However, your local Multiple Listing Service did not connect buyers to Costa Rica or Belize. But that, too, may be changing.
The Chicago area MLS announced this week the inclusion of an international property component to its business model – allowing agents to add, list and market properties from around the globe. Illinois brokerages participating in the listing service will now have these properties included on their websites that “feed” from the MLS. Leaders in real estate there are excited about expanding the potential of the “local MLS” to connect buyers to vacation or retirement homes overseas – a growing trend.
I think this development is great. As an agent, I was confronted several times with clients who loved my service and wanted me to assist them in selling second properties they owned in Puerto Rico or Mexico – they trusted my advice. However much I wanted to help them promote the homes, it was not really feasible. Should the local MLSs around the U.S. start providing an international option, I’d be excited to actually list the property here to market on my own website, not to mention the bigger “feed” sites such as Zillow or Trulia.
Fish tacos, anyone?