The Multiple Listing Service® (MLS) is a state-of-the-art database of property information that is designed to match people with the properties that fit their exact requirements.
The MLS® system is a complex information-sharing and 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 Multiple Listing Service® or MLS® is a member based service, paid for by the REALTOR® members of the local real estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate, and is much more than a database of property information. It is the local real estate Board that actually administers and operates the local MLS® system. The Canadian Real Estate Association owns the trademark, and licences its use to Boards and Associations across Canada.
MLS® makes the real estate industry unique by encouraging a high degree of cooperation among salespeople. For example, if you're shopping for a car and you visit a local dealer, the salesperson's goal is to sell you a car from that car lot. They won't provide you with information on cars available at other competing dealerships. In the real estate industry, the opposite is true. MLS® allows for cooperation between all REALTORS® no matter which company they work for.
If you are selling a property, listing with a REALTOR® who uses MLS® means your property gets maximum marketing exposure to all other members of the local Board. You'll have REALTORS® everywhere trying to find a buyer for your property. It is the MLS® computer system that will provide other members of the real estate Board with detailed information about your property.
If you are buying a property, MLS® is a valuable research tool for your REALTOR®. They'll input the criteria you want and generate a list of all properties that meet your needs. These homes might be listed by other REALTORS® from five or ten other companies — to your REALTOR®, it doesn't matter. Their goal is to help you find the property you want. MLS® supplements the REALTOR®'s in-depth knowledge of the neighbourhood and current market conditions to help you make a wise buying decision.
