How Multiple Listing Service Work?
1. Listing Entry: A real estate agent or broker obtains a listing agreement from a property owner who wishes to sell or rent their property. The agent then enters the details of the property into the MLS database, including information such as location, features, specifications, pricing, and photos.
2. Data Sharing: Once the listing is entered into the MLS database, it becomes accessible to other licensed real estate professionals who are members of the MLS network. Agents and brokers can search the MLS database to find properties that meet the criteria specified by their clients.
3. Cooperation: Real estate professionals use the MLS platform to cooperate with each other on property transactions. If an agent has a buyer or tenant interested in a property listed on the MLS, they can contact the listing agent to schedule showings, submit offers, and negotiate terms on behalf of their clients.
4. Market Exposure: Properties listed on the MLS receive exposure to a wide audience of potential buyers or tenants. MLS listings are often syndicated to other websites, such as real estate portals and brokerage websites, further increasing the visibility of the properties and attracting more prospective purchasers or renters.
5. Updates and Status Changes: The MLS database is regularly updated to reflect changes in the status of properties, such as when a property goes under contract, enters escrow, or is sold or leased. Real estate professionals can track the status of listings and receive notifications about new listings or updates that match their clients’ criteria.
6. Compliance and Governance: MLS platforms are governed by rules and guidelines established by local real estate associations or boards. Agents and brokers must adhere to MLS rules and regulations to maintain membership and access to the MLS database. Compliance ensures the integrity and professionalism of the MLS network and promotes fair and ethical practices in the real estate industry.