What Does MLS® Mean?
MLS®, or Multiple Listing Service®, was implemented by REALTORS® decades ago to help the public purchase and sell homes. The MLS® symbol represents and encourages cooperation among REALTORS®; this is what makes the Real Estate industry so different from other sales industries! For example, imagine that you meet with a car salesperson to buy a new car. That salesperson’s main focus is to have you purchase a car off of their lot. This salesperson will not give you information regarding cars at other competing dealerships; therefore, you must seek out this information on your own leading to extra time and effort on your part. During your hunt for a new car it is likely that you will work with several salespeople, all at different dealerships, in order to find the right car. In the Real Estate industry however, MLS® allows a REALTOR® to work together with other REALTORS® (even those from other companies!), to sell that property. If a similar concept to MLS® had been implemented in our car example, this would mean that you are able to visit one salesperson and learn about any car on his or her lot, as well as learn about cars on other, competing lots.
How Does MLS® Benefit Sellers?
Listing your property with a REALTOR® who uses MLS® means that you are taking advantage of maximum exposure for your property. Listing your property with the MLS® system allows for details of your property to become available on a computer system, which all members of the Newfoundland and Labrador Real Estate Board have access to. In other words, all REALTORS®, everywhere in NL, will be working in an effort to find a buyer for your property.
How Does MLS® Benefit Buyers?
As previously mentioned, the MLS® computer system is a valuable tool for REALTORS® and allows them to search for a home that meets your criteria. By inputting your needs and wants into the system, undesirable properties are filtered out, and potential properties come in clear view. These potential properties may be listed by other REALTORS®, or with other companies; however, since MLS® allows for sharing, this does not matter. For a REALTOR® using MLS®, the one and only goal is to find you your dream home.
In addition to this, the MLS® system allows for a greater volume of details than what one might find on a particular company website. For example, a REALTOR® can view the sales history of a property; that is, how many different owners have owned it as well as the different list and sale prices over the years.
MLS® provides a REALTOR® with the essential tools to compliment their vast knowledge about the market place.
