What Is MLS Realty?
The MLS (multiple listing service) is a database of all private properties for sale in a certain area, such as a state or large city. The MLS is a useful tool for home buyers and agents.
Other People Are Reading
-
Function
-
The MLS is a large database maintained by real estate brokers working in cooperation. It allows them to view all local homes for sale, no matter who the seller's legal agent happens to be. Most MLS databases are also accessible online.
Membership
-
To join the Multiple Listings Service, brokers must be licensed members of the National Association of Realtors. The MLS must follow state laws and guidelines on real estate listings.
-
Association
-
Real estate brokers in a given area will form an association to agree on the information they are willing to share. When they have a property to sell, they enter all of the relevant data into the MLS database.
Data
-
The information commonly includes address, selling price, house square footage, property taxes, dimensions of each room, school district, amenities such as outdoor pools, lot size and date of construction. The listing also carries a photograph.
Sales Commissions
-
The brokers in the MLS also publish the commission they are offering to potential buyers' agents. If the house is sold, the seller and buyer agents divide the commission paid by the seller of the home.
Non-Agented Sellers
-
Sellers who don't have an agent can sometimes list their properties in the local MLS, for a fee.
-
References
- Photo Credit Home sweet home image by Ivonne Wierink from Fotolia.com
