Multiple Listing Service (MLS): What is it?
REALTORS® have spent millions of dollars to develop Multiple Listing Services (MLS) and other real estate technologies that make the transaction more efficient. An MLS is a private offer of cooperation and compensation by listing brokers to other real estate brokers.
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 principal that's unique to organized real estate. Help me sell my inventory and I'll help you sell yours.
This is great news for Sellers and Buyers! Let me explain:
SELLER: By listing your home through a licensed REALTOR® on MLS you are enlisting the assistance of every other licensed REALTOR® out there! That means that you have several real estate agents working towards selling your home.
BUYER: The great news about MLS for Buyers is that you can begin a working relationship with a single REALTOR® of your choice. The REALTOR® of your choice will be able to better understand your wants/needs and take the time to find properties that will best suit you. This means that you only have to explain yourself once, to one REALTOR®, and then work together with that REALTOR® to find your new home. Doesn't that sound much easier than trying to contact 5 different REALTORS® so that you can go look at 5 different properties? Yes...much easier!!!
If you have any questions about how the MLS system works I'd be more than happy to provide more information.