Multiple Listing Service (MLS)
Candlefocus EditorThe primary purpose of the MLS is to provide a comprehensive database of real estate property listings that is constantly updated and available to subscribers, referred to as “participants” in the industry. This real-time database is used by brokers and agents to share information about properties for sale. It includes details about the property, including pricing, location, size and features, as well as information about the listing agent and any cooperating agents.
Using an MLS as a tool for real estate transactions offers both buyers and sellers many benefits. As a seller, you can ensure that your property is included in the database and therefore get increased exposure to potential buyers, both within your local area and beyond. As a buyer, you will have access to far more properties for sale and the ability to research in depth, set up alerts for new listings, and track changes in the market. Additionally, an MLS system makes it possible to quickly locate professional assistance in the form of local real estate agents who are familiar with the area.
MLSs have also become an invaluable tool for appraising real estate values. With more and more property data available, they have become a reliable source of comparables that can be used to help determine a real estate market’s fair market value. This is because the MLS database allows agents to look back at previous sales on similar properties and use those values to inform their assessment of property values. This can be particularly valuable in competitive markets where the availability of property can be limited.
MLSs now play a major role in the real estate industry and are essential for both buyers and sellers. Agents and brokers use them to access up-to-date information about properties for sale, brokers use them to find listings and generate leads, and buyers use them to search for properties and get market data. Without an MLS system, real estate transactions would be vastly more difficult and time-consuming – if possible at all.