Finding a property can be a monumental task, especially in a hot real estate market where properties are selling within a day or two of being placed on the market. With so many realtors® and property brokers operating in specific areas, it can be extremely difficult to get an accurate look at all available properties in a timely manner. That is why Multiple Listing Service systems were created to help the real estate industry operate more efficiently.
What is an MLS® System?
A Multiple Listing Service, or MLS®, is a tool utilized by real estate brokers to obtain and disseminate information on properties to other real estate professionals. The main priority of these systems is to advertise the commission rate being offered by listing brokers on a particular property.
In addition, these systems are also intended to compile information about properties for sale by various brokers in one central location. As agents are contracted by homeowners to sell their house, they send the home information to the MLS®. This information includes address, square footage, year built, number of bathrooms and bedrooms, asking price, and more. There are hundreds of fields populated with information about a home, going far beyond what is offered on public real estate listing sites. MLS® systems allow brokers to view all of the properties posted by other members by geographical location, providing exactly what real estate professionals need to best address the needs of their clients.
What Are the Benefits of a Multiple Listing Service?
By compiling all of this crucial information in one central hub, realtors® can quickly and easily view the properties for sale in a specific area, along with the property details. They provide the most accurate information on listed properties, due to strictly enforced rules. While rules vary by the MLS® system, members are typically required to post new listings within 24 to 48 hours after signing the listing agreement. They must also maintain critical accuracy on listing details, or face fines and other reprisal. Even the number and quality of images are specified by the MLS® rules.
This makes MLS® systems much better than other well-known property search sites like Zillow and Trulia. These public access sites often lag behind the market or feature listings with inaccurate details and poor photos. That is why real estate professionals join an MLS, so they can have accurate and timely property details and easy access to listing agents.
How Does the MLS® System Work in North America?
It is important to note that MLS® systems work differently depending on their location. In North America, these services are controlled by private entities. That means there is no federal or provincial oversight in setting rules and regulations. These private entities establish their own requirements for membership, access, and information, and are governed only by individual provincial rules applying to real estate.
More specifically, in Canada, the national MLS® is utilized by members of the Canadian Real Estate Association. These members work through the 101 real estate boards and 11 provincial/territorial associations throughout the country to gather information. The publicly accessible website—REALTOR.ca— is a culmination of this data and can be utilized by consumers.
The REALTORS® Association of Edmonton is the local governing body for the Edmonton MLS System, and this website TopEdmontonRealEstate.com is set up to provide the latest property listings available in the Edmonton Region. Here, the property listings are pulled from the local MLS® System every 30 minutes to provide the most accurate and up to date search available! We recommend starting your Edmonton MLS® search on our Edmonton community page where we list all of the communities in Edmonton, and diving in deeper from there to find your ideal neighbourhood and ultimately home!Posted by Wally Fakhreddine on