While searching for a home to buy, you may have come across the term multiple listing service, or MLS. Do you know what it is? The information below may shed some light on the matter:
Members of the National Association of Realtors saw the need to make real estate transactions faster and more efficient, thus they invested millions of dollars to create an online system that allows them to do just that. An MLS permits a real estate broker to draft a contract that invites the cooperation of other brokers in the purchase or sale of his property. The broker may also use the MLS to offer compensation to his fellow professionals once the property is sold or bought.
Currently, there are over 800 MLSs in existence. Through these systems, brokers are able to share information on their listed properties and invite others to do the same. Through MLSs, selling brokers can achieve wider exposure for their property, while buying brokers are able to establish a network of connections and information that allows them to compare properties and find the one that suits their client’s needs.
MLS is a very powerful real estate tool. If you want to harness it to your advantage, talk to a certified Realtor in your local area.