What is MLS & why its important for realty world?

MLS – Multiple Listing Service is a tool/ database that allows real estate agents to work with each other in their region to make properties’ buying and selling process efficient.

MLS allows brokers, real estate agents to see one another’s listings of properties for sale with the goal of connecting property buyers to sellers. Under this arrangement, both the listing and selling brokers benefit by consolidating & sharing information and by sharing commissions, even if they work for competing to each other.

The realty business is a competitive, and an exceptional business, in this world the realtors must also cooperate with each other to ensure a successful transaction. MLS system enables that cooperation.

Origin of MLS

“In the late 1800s, real estate brokers regularly gathered at the offices of their local associations to share information about properties they were trying to sell. They agreed to compensate other brokers who helped sell those properties, and the first MLS was born, based on a fundamental principle that’s unique to organized real estate: “Help me sell my inventory and I’ll help you sell yours”.

The term “MLS” is considered generic in the United States and cannot be trademarked or branded. MLSs can be owned and operated by any individual realtor associations, regional multi-association company or independent cooperatives of real estate brokerages. The first multiple listing services were circulated via catalogues, but almost all of them are online today”. source – Wikipedia

How MLS works?

Information about Real estate is readily available on the Internet. Customers can view publicly available listing information on the Web site of their selected agents. MLS is a private database that is formed, sustained and paid for by real estate professionals to help their clients buy and sell property. MLS listings access with limited information is provided to the public free-of-charge by participating brokers, however important data that would compromise sellers’ privacy or safety is not publicly accessible that includes seller contact information, property location and availability of showing that property.

MLS complete access like property posting & listing is only accessible to its members, real estate agents, brokers & an individuals — who get the membership and pay fee for this privilege. It is an agreement among the real estate agents, brokers to list each other’s properties through a cooperative service and bound to follow it.

Why do we need MLS?

MLS works like a bridge that connects brokers and real estate agents by sharing listings with each other and make selling and buying process effective.

1:Great exposure in short time.

MLS helps to realtors to search their required property with one click, It is also helpful for seller & buyer, they can get a better idea of realty market by exploring MLS before selling or purchasing their property.

2:updated properties detail 

As new property is constantly added to the MLS system, it is an updated source of information about available properties. Real estate agents and property buyers can get a true picture of the current market through MLS.

3:Easy to compare properties.

Seller and Buyer can use MLS to compare the facts and figures of similar properties. In addition to seeing the price range, they can access a property’s listing history, community information etc.

4:Find potential buyers

If you’ve listed your property on MLS, you’ll attract thousands of potential sellers & buyers who would not otherwise be reached.