MLS Listing Service Helps both Buyers & Sellers
What Does MLS do?
When selling a home the sellers agree to pay a percentage of the sale of their home (commission) to the real estate broker they have chosen to help them market and sell their home. In each MLS listing, the seller’s agent designates what percentage of the home sale they will share with an agent that brings a committed buyer to purchase the home.
The MLS is set up so real estate agents benefit from working with each other and their partnering clients to make sure everyone is satisfied. Buyers’ agents want to help buyers find the perfect home and sellers’ agents want to help sellers sell their home quickly at the best possible price.
What exactly is an MLS® System?
The MLS has been the number one tool used by Realtors to buy and sell real estate in Canada. It is a unique database system containing Real Estate Listings used by real estate agents to bring buyers and sellers together.
Today, there are over 700 MLS databases across Canada. Each database includes all of the properties listed for sale by each member real estate agent in a particular region.
The private databases are paid for and maintained by real estate brokers in each region. An individual MLS can have its own unique policies and rules, but it also complies with the regulations sanctioned by the National Association of Realtors®.
- You reach more buyers. Over 80% of home buyers use a real estate agent in their home search. MLS listing information is available to all member agents in your area, regardless of broker affiliation. When you have access to agents, you have access to the buyers they represent. Simply put, if your property isn’t on the MLS, you aren’t reaching 80% of the market!
- It helps you price your home right. By using information from all local listings on the MLS, your agent can provide a complete and informed market analysis of your home, including the information you need to price it competitively.
- Your personal information is kept private. Though much of the information in an MLS home listing is shared with buyers, your contact information, as well as any vacancy information, is kept private and secure.
MLS helps buyers
- You have better access to new property listings. As a buyer, you get the most accurate, up-to-date information on the homes for sale in your area. In a competitive market, quick access to newly listed homes can help you find the home of your dreams! It can take buyers with no access to MLS data much longer to be notified of new property listings.
- You save time. You don’t waste time looking at houses that don’t fit your needs or desires. Your real estate agent has the ability to narrow your search by neighborhood, school district, style of home, size, number of beds/baths, parking and much more.
- You can easily compare homes for sale. The MLS makes it easy for you to compare prices and features of different homes. When you’re ready to make an offer, this helps you make an informed decision and ensures you aren’t paying too much for a home.