Multiple Listing Service
- Multiple Listing Service: “MLS”or “Multiple Listing Service” means a system by which authorized Participants and Subscribers make blanket unilateral offers of compensation to other Members (acting either as buyer agents or in other agency or non-agency capacities as defined by law) during the course of which the Compilation is accumulated and disseminated to enable Members to serve their customers, clients and the public, and includes data entry of listings, terminal support, program support and educational classes on its computer system.
- Multiple Listing Service: The MLS (Multiple Listing Service) is a computerized database that enables realtors to display real time real property listing information, so that authorized participants, as well as the public, can view and evaluate listings. The MLS serves as a means by which authorized participants (listing brokers representing sellers) make blanket unilateral offers of cooperation and compensation to other authorized participants (co-operating brokers representing buyers). MLS participants actively show and sell homes that are listed by other participants (member realtors). This process provides the basis upon which the Broker, who is working with the buyer and referred to as the Cooperating Broker, earns a commission. A cooperating broker’s entitlement to compensation is determined by the broker’s performance as procuring cause of sale or lease. Approximately 85% of all properties sold are sold through the MLS.
The MLS combines the listings of all available properties that are represented by brokers who are both members of that MLS system and of NAR (National Association of Realtors) in the U.S.
The purpose of the MLS is to enable the efficient distribution of information so that, when a real estate agent is introduced to a potential home buyer, s/he may search the MLS system and retrieve information about all homes for sale in a given area or price range, whether under a listing contract by that agent’s brokerage or by all participating brokers.
MLS systems set their own rules for membership, access, and sharing of information, but are subject to nationwide rules laid down by NAR. An MLS may be owned and operated by a real estate company, a county or regional real estate board of realtors or association of realtors, or by a trade association. Membership of the MLS is generally considered to be essential to the practice of real estate brokerage.