Know Your Lingo: What’s a Multiple Listing Service?
A Multiple Listing Service plays an important role within the real estate industry. Agents and brokers are constantly utilizing them to look for and place homes on the market. So what exactly is an MLS? What part do they play in getting homes into and out of the market? Let’s take a look at the important role these entities play within our industry.
Defining a Multiple Listing Service
A Multiple Listing Service is essentially a large database where agents and brokers input the properties they have for sale. This helps real estate professionals search and find the houses their customers are looking for and also gets properties they are selling in front of other potential buyers. Agents get commission from both the sale of homes they’ve personally listed in the MLS as well as when a client they’re representing, purchases a home listed by another agent.
With an MLS, sellers now get more eyeballs on their property and buyers have access to a plethora of homes on the market. The process by which this occurs – buying agents and selling agents sharing properties – is defined as broker reciprocity. This provides a unique business situation within an already competitive market. Agents and brokers have to work with their competition in order to provide a successful experience for their clients.
How MLSs Manage Data
A Multiple Listing Service is paid for and managed by real estate professionals on a daily basis. Clients have access to MLS listing information through their specific agent or broker’s website thanks to IDX providers like WolfNet. Every MLS is different in how they collect and share their data with agents. We take the data from 600+ MLSs across the country and standardize it across the board to represent the data correctly on agent’s and broker’s property searches.
MLSs are influential players within the real estate industry, allowing every type of professional to participate, from single agents to large brokerages. With the continued growth and innovation, MLSs will continue to provide new ways for real estate professionals to access and share their data.