What is the MLS System
2010/05/23 - Originally published in the Vernon Morning Star
Any of us who have ever read real estate ads have seen the abbreviation M.L.S. However even though the term is very familiar, few know what it stands for and what its' history is.
M.L.S. stands for Multiple Listing Service. It is a member based service. The concept was birthed by Realtors® in an effort to have an organized system developed to better serve both Realtors® and consumers.
In many countries this system of cooperation does not exist and the consumer still has to go from one real estate company to another in order to gain knowledge of all available properties. Not to mention how difficult it is for Sellers in those countries to clearly establish what their properties are worth with the sold data scattered everywhere. But, this is not true here in Canada. We have an absolutely wonderful system which Realtors® have evolved over several decades.
In Canada, you can select a Realtor® that you know and trust or one that has been recommended to you. That selected Realtor® can research the entire M.L.S. system (meaning check the listings of all real estate board members) and produce a very complete shortlist of available properties that best suit a client's requirements. How convenient is that, verses going to ten or twelve real estate companies and talking to ten or twelve Realtors® you don't even know.
M.L.S. is much more than a database. It was conceived as a method of Realtors fully cooperating with one another to develop a system that gives buyers and sellers access to the most complete information possible. It is operated by the individual real estate boards and solely paid for by individual Realtors®. In our case, it is operated by the Okanagan Mainline Real Estate Board and its' Realtor® membership. Through www.realtor.ca , also known as www.mls.ca you can obtain considerable detail on all listed properties. This would include both interior and exterior pictures, square footages, exterior finishes, number of bedrooms and baths, locations, prices, zoning, property size, taxes and much more.
Realtors® source even more information out of this system. That would include sold histories on each property, tax assessments, market activity data etc. This sort of information is very thorough and reliable because the vast majority of property transactions are M.L.S. based. Data fed to the M.L.S. system from licensed Realtors® and their administrative support is monitored for accuracy.
We Realtors® are both proud and grateful for this great machine called the M.L.S. system. It works so very well for both Realtors® and their clients and customers. I think it is more than worth every penny it has ever cost our Realtors®.
Jane Field works with RE/MAX Vernon. Jane has over 30 years experience in the Real Estate business. To suggest topics for future articles or to ask Jane questions, email or call 503-3755.
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