What is MLS and How Does It Work?

Chances are if you ever looked for a house to buy, or tried to find comparables to see what your own house would be worth if you sell, you did an online search to get your info. Regardless of what website you landed on, chances are almost every house you looked at had a number associated with it and was identified as the MLS® number. So what is that number and how does the system work? We’re going to take a look at how it works and how it is beneficial to all parties involved.

Let's start with what the MLS® is. MLS® stands for the Multiple Listing Service® (MLS®). MLS® is owned and operated by REALTORS® and is the most powerful real estate marketing tool and system in the country with the housing market information originating from the MLS® having long been recognized as the most reliable and comprehensive info available to anyone looking to buy or sell a home. The MLS® system gives unmatched exposure to properties for sale. Simply, if you’re selling your home, a listing on MLS® will be shared with the broadest distribution possible. On the other side, if you’re buying a home, MLS® also has you covered with access to the largest pool of homes to choose from. While alternate systems and services exist to buy and sell homes the MLS® is the option REALTORS® use.

So now you know what it is, but how does it work? Let’s think about how real estate works for a second. All REALTORS® compete with each other the right to be your REALTOR® and for your business. However, at the same time they must cooperate with each other to help you buy or sell property. That unique concept of cooperating while competing is what led to the creation of the MLS®. When a home is listed by a REALTOR® representing a seller, that listing is uploaded through participating real estate boards and given a unique number, that is the MLS number you see. That number can be accessed by all REALTORS® and allows them to use this system to share information between Realtors on homes for sale, allowing others to find it and possibly buy it. It also creates a one-stop shopping option for buyers. When using sites like realtor.ca all listings can be seen regardless of brokerage. This allows all the homes available to always be visible regardless of the website you are on. An amazing tool for buyers and an amazing opportunity for sellers to get their home in front of the most people. In a truly cooperative world, it is an essential and powerful tool for REALTORS® to help you!

Today’s real estate market requires deft hands to maneuver. Your best move is to work with an agent who is always on the lookout for their clients. Here at Jump Realty, all of our agents put their customers' needs at the forefront of their work. They’ll give you honest advice on what course of action is best for you in their professional opinion. All of our agents pride themselves on putting their clients' needs above all else. With offices in Windsor, Tecumseh, Kingsville, and Chatham, no matter where you are a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!