The Multiple Listing Service and your REALTOR
I have found that most of my clients have been confused regarding the mls system and realtor.ca formerly called mls .ca....adding to the confusion !
Realtors use the mls system available thru their local Real Estate Boards and ONLY AVAILABLE TO REALTORS. This is an accurate and constantly updated site as the status of listings change. For example as properties are sold conditionally, sold, expired, suspended etc.
The Multiple Listing Service is a co-operative system used by REALTORS of Canada’s real estate boards. This is different than the consumer website www.REALTOR.ca, which offers a brief description of most properties listed on MLS systems .This is available to the public as an information tool for most properties available anywhere and is totally independent of the Realtor mls site.
The Toronto Real Estate Board’s Multiple Listing Service provides an ongoing inventory of available properties and other related information. With training, experience and access to this database, a REALTOR can provide invaluable assistance in buying or selling your next resale home.
For sellers, a REALTOR can use the system to determine a fair listing price by performing a comparative market analysis. This analysis focuses on the geographical location of your property and describes it as accurately as possible. The database can then be searched to reveal comparable sold, active and expired properties, retrieving information such as sold price, list price and average time on the market to help determine a range of fair listing prices. For buyers, a REALTOR can match your very specific needs to all properties listed.
Your REALTOR can create a profile outlining your desired price range, location and specific details like the number of bathrooms, bedrooms and fireplaces. For buyers who are geographically focused, your REALTOR can even search all active listings on a particular street and retrieve all relevant information including property description, a photograph, and assessed value. The system updates nightly, listing all potential properties that meet your particular needs and automatically emailing them to you. In helping you to determine an offer, your REALTOR can also search specific properties’ historical data such as previous selling prices.
As well, the MLS allows REALTORS to monitor monthly sold statistics to ensure property prices reflect current market conditions. Whether you are a buyer or a seller, the MLS system supports your REALTOR in helping you make informed decisions that lead to successful transactions.