The Multiple Listing Service (MLS) offers several benefits in the real estate industry, including:
A Multiple Listing Service (MLS) is a database established by cooperating real estate brokers to share information about properties for sale, with the goal of connecting homebuyers to sellers. When real estate agents list a property for sale, they add it to the MLS database, allowing all agents and brokers in the region who have access to the system to review the listing. The MLS helps real estate agents and brokers connect by consolidating and sharing information, while also providing more exposure to the selling broker and more options to the broker representing the buyer. It also levels the playing field by allowing small and large brokerages to compete with each other. The information listed on the MLS includes photos and detailed descriptions of the homes for sale, and the databases are updated regularly by participating real estate professionals.
The MLS is a private offer of cooperation and compensation by listing brokers to other real estate brokers. It was created in the late 1800s to foster better cooperation among real estate brokers. Without the collaborative incentive of the existing MLS, brokers would create their own separate systems of cooperation, fragmenting rather than consolidating property information. MLSs are a powerful force for competition, leveling the playing field so that the smallest brokerage in town can compete with the biggest.