Definition of "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)!
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.