What Does “MLS” in a Real Estate Ad Mean?

Anyone who has even a passing interest in the real estate market has seen or heard the term “MLS”, but few consumers know exactly what “MLS” is, or understand the important role it plays in the real estate industry.

The “MLS” (Multiple Listing Service) is a complex information sharing and cooperative marketing network created by Realtors several decades ago to help the public buy and sell homes. While it is computer based today, it began as an exchange of paper listing information and photographs.

The Multiple Listing Service or “MLS” is a member-based service, paid for by the Realtor members of the local real estate Board. The “MLS” symbol means cooperation among REALTORS, so it is much more than a database of property information. It is the local real estate Board that actually administers and operates the local “MLS” system. The Canadian Real Estate Association owns the trademark, and licenses its use to Boards and Associations across Canada.

“MLS” makes the real estate industry unique by encouraging a high degree of cooperation among salespeople. For example, if you’re shopping for a car and you visit a local dealer, the salesperson’s goal is to sell you a car from that car lot. They won’t provide you with information on cars available at other competing dealerships. In the real estate industry, the opposite is true. “MLS” allows for cooperation between all REALTORS no matter which company they work for.

If you are selling a property, listing with a REALTOR who uses “MLS” means your property gets maximum marketing exposure to all other members of the local Board. You’ll have REALTORS everywhere trying to find a buyer for your property. It is the “MLS” computer system that will provide other members of the real estate Board with detailed information about your property.

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If you are selling a property, listing with a REALTOR who uses the “MLS” system means your property gets maximum marketing exposure to all other REALTORS
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If you are buying a property, “MLS” is a valuable research tool for your REALTOR. They’ll input the criteria you want and generate a list of all properties that meet your needs. Other REALTORS from five or ten other companies – to your REALTOR, might list these homes, it doesn’t matter. Their goal is to help you find the property you want. “MLS” supplements the REALTOR’S in-depth knowledge of the neighborhood and the current market conditions to help you make a wise buying decision.

The “MLS” system provides REALTORS with access too much more detailed information than you’ll find on a web site. “MLS” information will include room-by-room measurements and specifics on the property condition, renovations, appliances, property zoning and rental rates. Through the system, REALTORS can also access the sales history of a home in order to see how many times it has changed hands and at what prices.

Whether you’re buying or selling “MLS” is your REALTOR’S indispensable tool.

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