Everyone who has even a passing interest in real estate might have seen or heard of MLS®. But very few know exactly what MLS® is or understand the important role it plays in the real estate industry.
The MLS® system, also known as the Multiple Listing Service® is a complex information-sharing system and a cooperative marketing network created by REALTORS® several decades ago to help the public buy and sell homes. While it is computer-based today, it began as an exchange of paper listing information and photographs.
The MLS® is a member-based service. The REALTORS gather exclusive listings and pool them into one database, the local MLS system, which the REALTORS Board administers and operates. The local MLS system is linked with the MLS systems of other REALTORS Boards thereby creating a bigger system, the national MLS system, which the Philippine Association of REALTORS® Board (PAREB) administers and operates. The national MLS system is linked with other national MLS systems thereby creating an internationl system, which the NAR-USA administers and operates.
REALTOR® uses the MLS®.. Because if he does and you give him the exclusive authority to act as your selling agent, he will input your requirement in the MLS. That means detailed information about the property you are selling will be broadcast to all the REALTOR Boards. Dealing with one REALTOR will be like mobilizing all the REALTORS to find you a buyer. Your property will get maximum marketing exposure. You can expect inquiries from different REALTORS to come your way.
If you are buying a property, check whether your REALTOR® uses the MLS®.. Because if he does and you give him the exclusive authority to act as your buying agent, he will input your requirement in the MLS. That means your search criteria on the property you are buying will be broadcast to all the REALTORS. Dealing with one REALTOR will be like mobilizing all the REALTORS to find a property to buy. Your requirement will get maximum exposure. You can expect listings from different REALTORS to come your way.
All participant REALTORS to the transaction can only be too glad to contribute to the satisfaction of your requirement. After all buying, selling and leasing real estate property is their business, and the trademark MLS® symbolizes co-operation and fellowship among REALTORS®. Your REALTOR can only be too glad to entertain offers from other REALTORS, even if they come from other REALTORS Boards. It will hasten the satisfaction of your requirement. And the sales commission, if ever, will be divided between the selling agent and the buying agent.
The MLS is more than a research tool for property listings. It actually is a comprehensive compilation on real estate information and services that supplements the REALTOR's in-depth knowledge of the current market and neighborhood conditions, which he uses to help his clients come to a knolwedgeable choice. Needless to say, the MLS® has proven its value over the decades. source: http://www.realtor.org.ph/multiple-listing-service-mainmenu-42.html
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