Multiple Listing Service (MLS)
The Multiple Listing Service (MLS) is an exclusive database of properties created by real estate agents and brokers. The idea behind the creation of the Multiple Listing Service (MLS) was to have a place where real estate agents and brokers could share their portfolio of clients' properties with other agents and brokers in order to make their sales process faster and easier.
Although nowadays the Multiple Listing Service (MLS) is fully digital, it originates back to the 1800’s when real estate agents and brokers would meet in person at their local Realtor® association office and share information about the properties they were trying to sell (or buy).
When your Listing Agent or Listing Broker lists your home in the Multiple Listing Service (MLS) he or she usually puts in detailed information about the home – How many bedrooms? What neighborhood is it in? – as well as current and past information regarding the sale itself – What kind of Listing Agreement does he/she have with you? What are the visiting hours of the home? – so that other Buying Agents can find the perfect option for their clients. In short, the Multiple Listing Service (MLS) pulls all properties offered into a common offering list, where the Listing Agent/Listing Broker and the Selling Agent/Selling Broker split the commission in the event of a sale.
Aside from being a tool to provide bigger exposure to the property, The Multiple Listing Service (MLS) also helps Agents and Brokers to achieve a better Competitive Market Analysis. In sum, the Multiple Listing Service (MLS) is a mechanism that exemplifies the real estate business way-of-thinking: a competitive market where people work together to sell each other’s stock, so that, in the end, everyone is happy with their share of profit.
Please note that only real estate agents or brokers are allowed to list properties in the Multiple Listing Service (MLS).
Real estate tip:
Having your home featured in the Multiple Listing Service (MLS) is one of the great benefits of working with a real estate agent or broker. Use our Real Estate Agent Directory to find a trustworthy one to list your property in the Multiple Listing Service (MLS)!
Popular Real Estate Terms
Reduction of part of the balance of property by charging an expense or loss account. The reason for a write-down is that some economic event has occurred indicating that the asset's value ...
Second layer of flooring material placed over the rough flooring or flooring planks in a structure. The finish floor is a polished floor often made oak or other hardwood materials. ...
Largest form of owner ship giving the owner complete control including the development off an inheritable estate. ...
Lien which is over and above a first lien. A second lien is subordinate to the first lien and can be satisfied only after the initial lien is satisfied. ...
Use of borrowed funds to enhance expected returns. It is anticipated that the investment will earn a return exceeding the after-tax cost of borrowing. ...
Form used to record information about a credit applicant's ability to meet his obligations in connection with a real estate purchase. ...
Most people seem to be baffled by the fundamental terminology in real estate: brokers vs. agents vs. employing brokers vs. mortgage brokers, etc. Let us provide some clarity! The primary ...
Funds earned by the contractor for construction activity but held back by the owner of the property until the job is finished to a greater degree. This provides the contractor with an ...
The floor of a building closets to the building grade. Normally, the ground floor of a building is the first floor. A ground floor can sometimes be located between the first floor and the ...
Comments for Multiple Listing Service (MLS)
question: I was told that when you list for two weeks the agent holds in house before going MLS. Is this true?
Dec 03, 2020 14:07:43Hey, Dean! Listing on Multiple Listing Services is only restricted by the client's decision to use an MLS. Once the client and agent have agreed to list the property on the MLS and the listing agreement is signed between the two parties, the agent has to file the listing with the MLS within 3 days. Failure to do so will result in a fine. Typically, an agent would want to list as soon as possible as it increases the chances of a property being sold.
The client can decide to list or not to and the only situation in which an agent doesn't list the property should be if the client requests not to. The decision to list a property is protected by the Equal Housing Opportunity guidelines and should not be infringed.
Dec 11, 2020 07:11:31Have a question or comment?
We're here to help.