Maybe you’ve seen a listing that you’re excited about. You’ve clicked through to the listing, only to find that a different realtor than your own is associated with the listing. Should you contact the realtor associated with the listing, or can you let your own realtor know that you’ve found a listing from another brokerage that interests you?
We get a lot of questions from our clients about Multiple Listing Service (MLS), and how brokerages work together.
Q. What is Multiple Listing Service (MLS)?
A. A multiple listing service is a collection of private databases used by real estate offices who agree to share their listing agreements with one another to locate buyers for properties. Offices earn commissions from the sale of properties they listed AND properties they help sell as a buyer's representative.
Q. So does that mean if my Realtor works at one brokerage, they are still able to show me properties listed by other brokerages?
A. Yes, it means exactly that. Your Realtor is able to show you ANY and ALL properties listed on the MLS system. Your Realtor can show you through ANY home listed on the MLS, regardless of who has listed the property for sale.
Q. How Do Commissions Work?
A. Commissions are set out when a home is listed for sale. In the Listing Agreement, the seller agrees to pay a certain amount to the listing office. The listing agreement further states that should the home be sold by a realtor from another office, the commission amount is shared. Century 21 Kootenay Homes Inc. splits their commissions 50/50 with outside offices.
We’re working hard to help you understand the real estate process! If you have a question, we’d be more than happy to answer it. Get in touch today!