What is the MLS anyway?

Posted by John Sabia on Wednesday, March 11th, 2009 at 1:15am.

MLS is an acronym for multiple listing service. Wikipedia describes it as a suite of services that (1) enables brokers to establish contractual offers of compensation (among brokers); (2) facilitates cooperation with other broker participants; (3) accumulates and disseminates information to enable appraisals; (4) is a facility for the orderly correlation and dissemination of listing information to better serve broker's clients, customers and the public.In layman’s terms the MLS is a central database that participating real estate brokers and agents use to share information about properties. Realtors primarily use it in their day to day operation to find properties for buyers and to help sellers arrive at a value for their properties based on sold and unsold like kind properties. The MLS system is also the most important marketing tool that a Realtor or Broker can have. Participating members of the multiple listing system list their inventory of properties for sale in the database as a way to market them to other members who may have a potential buyer. These Realtors can sell other Realtors listing in return for compensation. If you are looking to sell your home make sure you choose a Realtor who can list your home in the MLS database. Essentially, your home will be accessible to thousands of Realtors and their potential buyers. Other important facts about the MLS: •    There is no national single MLS. •    Local Realtor Associations oversee the MLS system. •    MLS is trademarked term owned by Major League Soccer •    Most MLS’s do not have an access for the general public •    IDX is known as internet data exchange.  This allows a portion of MLS data to be displayed on Realtor websites. When you see “Search MLS” on a Realtors website most of the time you are not accessing the real MLS system. •    Realtors have to pay money to join a local Realtor association in order to access the MLS system. Marc Rasmussen Realtor in Sarasota, Florida Sarasota MLS Return to Fort Lauderdale Real Estate home page

John Sabia

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