Realtors® have invested substantial resources to the development of Multiple Listing Services (MLS) and other real estate innovations. The MLS has helped streamline transactions and improved efficiency. The MLS platform is where brokers offer cooperation and compensation to each other. According to the National Association of Realtors® in the late 1800s, real estate brokers convened at their local associations to share property information. They agreed to compensate brokers who contributed to successful sales. This led to the creation of the first MLS. The MLS operates on a fundamental principle “Assist me in selling my inventory, and I will reciprocate by assisting you in selling yours.”
The MLS enables brokers to share property information and collaborate with each other to sell properties. Brokers offer compensation if they bring a buyer for a listed property. This benefits sellers by increasing exposure, and buyers can access information through a single broker. The real estate industry operates in a unique manner where competitors must also cooperate with one another to ensure successful transactions. MLS Systems play a crucial role in facilitating this cooperation. Without the MLS, brokers would likely establish separate systems, leading to fragmentation rather than consolidation of accurate information.
Multiple listing services allow brokerages of all sizes to compete. This empowers buyers and sellers to work with their preferred real estate professional, knowing they have access to a wide range of properties for sale. Thanks to the internet, clients and customers can easily browse all publicly available listing information on their preferred brokers website or mobile app. Participating brokers typically provide public MLS information However, certain data remains inaccessible to the public, specifically details that could jeopardize sellers’ privacy or safety, such as seller contact information or the times when a home is vacant for showings.
Ultimately the MLS serves as a vital tool in safeguarding the integrity of real estate data for Realtors®, sellers and buyers.
For Buyers
For Sellers
Citations:
- What’s an MLS? (2012, January 11). www.nar.realtor. https://www.nar.realtor/nar-doj-settlement/multiple-listing-service-mls-what-is-it
- Mls, C. C. O. (2023, August 21). CMLS_Value of MLS_Buyer_v18 [Video]. Vimeo. https://vimeo.com/580417524
- Mls, C. C. O. (2023, August 21). CMLS_Value of MLS_Seller_v06 [Video]. Vimeo. https://vimeo.com/580417245