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Multiple Listing Service (MLS)

DEFINITION

Real estate organization for real estate agents to view listings, recently sold properties, and other real estate data.

EXPLANATION

Multiple listing services, more commonly known as the MLS, is a real estate organization where real property information is listed. Agents, brokers, and other real estate professionals use the MLS to access listings, find new properties, list properties, and maintain communication with agents of listed property. The MLS is an online portal used by real estate professionals to receive and relay information about properties.

The agent must get a signed statement from the seller to permit the listing being placed on the MLS. The statement is called the multiple listing clause. The multiple listing clause is a provision in a listing agreement that grants the agent the right to list the property on the multiple listing services website to inform other brokers of the listing.

Who Has Access to the MLS

The MLS can only be accessed by members of the organization. Members can access information about local properties including their sizes, addresses, features, and descriptions. The MLS also offers members access to pictures and important information about a property, which also pertains to a property’s zoning and history. Property is located on the MLS by real estate professionals.

Information listed on the MLS can be seen by all MLS members. If an agent introduces a buyer to the listing agent, he or she will be entitled to compensation according to the listing terms indicated on the MLS. Sellers are not required to have property listed on the MLS. If property is not listed on the MLS, the listing is considered a pocket listing.

What is Listed on the MLS

A multiple listing service (MLS) database compiles all real estate properties that are currently listed, pending, or have recently sold. This database serves as a one-stop resource for real estate agents to estimate the value of property based on recently sold comparables.

A local multiple listing services (MLS) is an online database of all current listings, expired listings, and sold properties. It is a powerful tool that gives an agent access to comparables, including their square footage, listing price, sold price, and photos.

An agent must pay an annual fee and become an MLS member in order to gain access to this database.

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