FAQ: What is the MLS?

• The "MLS" is the "Multiple Listing Service".
• The MLS is designed to make it easy for REALTORS® to cooperate in selling homes.
• One function of the MLS is to maintain an enormous computerized database of information about homes which are being offered for sale.
• This MLS database lists the price and address of each property for sale, along with hundreds of descriptive details regarding each property.
• For each property, the database lists the fee which the listing broker/agent is offering to other agents who "cooperate" in the sale of that property.
• In most cases the "cooperating agent" acts as a Buyer Agent. That is, he acts solely as an agent for the Buyer (and has no agency relationship with the Seller), while the Listing Agent acts solely as an agent for the Seller (and has no agency relationship with the Buyer).
• The Listing Agent is paid a pre-agreed fee by the Seller for his services. The Listing Agent pays some portion of that fee to the Buyer Agent.
• In most cases the Buyer pays no fee for the services of his Buyer Agent.
• The MLS benefits the Seller by giving his Listing Agent a quick way to "get the word out" about his property. In a sense, the entire real estate community is constantly trying to sell every listed property, no matter which Listing Agent is working with the Seller.
• The MLS benefits the Buyer by giving his Buyer Agent access to all listed properties in behalf of his Buyer. The Buyer does not have to work with scores of different agents in shopping for a home. He can work with a single trusted Buyer Agent who always keeps the Buyer's needs and best interests in mind.
• The MLS database can only be accessed directly by real estate brokers/agents, using software provided by the local Association of REALTORS®.