What is the MLS and who owns it? | BuySelf.com


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BuySelf, Inc., Real Estate, Flat Fee MLS Listing Home Sales,Bloomington, MN

What is the MLS and who owns it?

The Multiple Listing Service (MLS) is the tool every Realtor uses to find properties for the buyers they work with. Placing a listing in the MLS makes agents with buyers aware of the property is for sale. The MLS also shows agents the commission they earn if their buyer buys the property, thereby motivating the buyer agent to show and sell the property to their buyer. The information is organized in a password-protected, members only website that shows the property information. Years ago, the listings were organized in printed MLS Books.

To input listings, one must have a real estate license and be a member of the area's association of Realtors. MLS members cooperate by showing and selling the homes listed by other members, for which they receive a commission for bringing the buyer to the seller. The MLS requires that commission amount offered to the buyer's agent be listed along with the detailed information about the home and picture(s).

The MLS is the primary tool agents use to find a property when they have a buyer. 86% of buyers use agents to help them find properties (especially the most motivated buyers: relocation, preapproved, etc.). For most agents, the MLS is the tool used every day to find a home for their buyers (for many agents, it is the only tool they use to find homes.) The MLS is not available to the public, only MLS Members can view the MLS listings. In recent years, most MLS systems have distributed some listing information to websites like Realtor.com and allowed MLS members to show some listing information on their own websites.

Our service enables you to get the best of both worlds: get MLS exposure to buyers and pay a commission only if you accept an offer from a buyer involved with an agent. Our average customer walks away from closing with a check that is $8,072 higher than using a traditional agent.

The MLS is used by agents from nearly every real estate company, including all of the large and medium sized companies, including Remax, Coldwell Banker, ERA, Century 21, Prudential, and more. Of the estimated 700 MLS systems in the United States, nearly all are owned by an Association of Realtors, or a group of Realtor Associations, although a handful are owned by a consortium of large brokers. Note: These companies and their names are properties of their owners and are used here for descriptive purposes only. No affiliation, ownership, endorsement, or relationship of any kind exists.