Wednesday March 29 2017
Discount Realtor Toronto
What Is MLS
|MLS Multiple Listing Service
A Multiple Listing Service (MLS, also Multiple Listing System or
Multiple Listings Service) is a suite of services that enables brokers
to establish contractual offers of compensation (among brokers),
facilitates cooperation with other broker participants, accumulates and
disseminates information to enable appraisals, and is a facility for the
orderly correlation and dissemination of listing information to better
serve broker's clients, customers and the public. A multiple listing
service's database and software is used by real estate brokers in real
estate (or aircraft broker in other industries for
example), representing sellers under a listing contract to widely share
information about properties with other brokers who may represent
potential buyers or wish to cooperate with a seller's broker in finding
a buyer for the property or asset. The listing data stored in a multiple
listing service's database is the proprietary information of the broker
who has obtained a listing agreement with a property's seller.
Origin of the MLS
According to the U.S. National Association of Realtors:
In the late 1800s, real estate brokers regularly gathered at the offices
of their local associations to share information about properties they
were trying to sell. They agreed to compensate other brokers who helped
sell those properties, and the first MLS was born, based on a
fundamental principle that's unique to organized real estate: Help me
sell my inventory and I'll help you sell yours.
Seen most widely in the USA and Canada, but spreading to other countries
such as the UK. MLS is found in a variety of forms, the MLS combines the
listings of all available properties that are represented by brokers who
are both members of that MLS system and of the U.S. National Association
of Realtors (NAR), Canadian Real Estate Association (CREA).
and (The Independent Network of Estate Agents) INEA in the UK
There is no single authoritative MLS, and no universal data format.
However, in real estate there is a data standard—Real Estate Transaction
Standard—which is being deployed among many MLS's in North
America. The many local and private databases, using XML data feeds
to input and output agents listings—some of which are controlled by
single associations of realtors or groupings of associations (which
represent all brokers within a given community or area) or by real
estate brokers—are collectively referred to as the MLS because of their
data sharing or reciprocal access agreements.
Purpose and benefits of the MLS
The primary purpose of the MLS is to provide a facility to publish a
"unilateral offer of compensation" by a listing broker, to other broker
participants in that MLS. In other words, the commission rate that is
offered by the listing broker is published within the MLS to other
cooperating brokers. This offer of compensation is considered a
contractual obligation, however it can be negotiated between the listing
broker and the broker representing the buyer. Since the commission for a
transaction as well as the property features are contained in the MLS
system, it is in the best interests of the broker participants (and
thereby the public) to maintain accurate and timely data.
The additional benefit of the MLS system is that an MLS subscriber may
search the MLS system and retrieve information about all homes for sale
by all participating brokers. MLS systems contain hundreds of fields of
information about the features of a property. These fields are
determined by real estate professionals who are knowledgeable and
experienced in that local marketplace. Whereas public real estate
websites contain only a small subset of property data.
Limitations of access and Criticisms of MLS
Most MLS systems restrict membership and access to real estate brokers
(and their agents) who are appropriately licensed by the state (or
province); are members of a local board or association of realtors; and
are members of the trade association (e.g., NAR or CREA). Access is
becoming more open as internet sites offer the public the ability to
view portions of MLS listings. There still remains a fair
amount of scrutiny over access to information within MLS; generally,
only agents who are compensated proportional to the value of the sale
have uninhibited access to the MLS database. Many public web forums have
a limited ability in terms of reviewing comparable properties, past
sales prices or monthly supply statistics. This represents the corner
stone of several ongoing arguments about the current health of the
real-estate market, which are centered around free and open information
being necessary for both the buying and selling parties to ensure fair
prices are negotiated during closing, ultimately allowing a stable and
less volatile market.
A person selling his/her own property - acting as a For Sale By Owner
(or FSBO) - cannot generally put a listing for the home directly into
the MLS. An example of an exception to this general practice is the MLS
for Spain, AMLASpain, where FSBO listing are allowed. Similarly, a
properly licensed broker who chooses to neither join the trade
association nor operate a business within the association's rules,
cannot join the MLS. However, there are brokers and many online services
which offer FSBO sellers the option of listing their property in their
local MLS database by paying a flat fee or another non-traditional
In Canada, CREA has come under severe scrutiny and investigation by the
Competition Bureau and litigation by former CREA member and real estate
brokerage, Realtysellers (Ontario) Ltd., for their control over the
Canadian MLS system. In 2001, Realtysellers (Ontario) Ltd., a
discount real-estate firm was launched that reduced the role of agents
and the commissions they collect from homebuyers and sellers. The
brokerage later shutdown and launched a $100million lawsuit against CREA
and TREB, alleging that they breached an earlier out-of-court settlement
that the parties entered into in 2003.
MLS Systems in North America
In North America, the MLS systems are governed by private entities, and
the rules are set by those entities with no state or federal oversight,
beyond any individual state rules regarding real estate. MLS systems set
their own rules for membership, access, and sharing of information, but
are subject to nationwide rules laid down by NAR or CREA. An MLS may be
owned and operated by a real estate company, a county or regional real
estate board of realtors or association of realtors, or by a trade
association. Membership of the MLS is generally considered to be
essential to the practice of real estate brokerage.
In Canada, MLS is a cooperative system for the 98,000+ members of the
Canadian Real Estate Association (CREA), working through Canada's 101
real estate boards and 11 provincial/territorial associations.
The Real Estate Board of Greater Vancouver (REBGV) claims to have
pioneered the first MLS in Canada.
A publicly accessible website (at realtor.ca, formerly mls.ca) allows
consumers to search an aggregated subset of each participating board's
MLS database of active listings, providing limited details and directing
consumers to contact a Realtor for more information.
Click here to get started and list your property on MLS(Discount Realtor Toronto)
Security Code incorrect!
Real Estate News:
GTA REALTORS® RELEASE MID-MONTH RESALE HOUSING FIGURES
TORONTO, February 19, 2013 – Greater Toronto Area REALTORS® reported
2,823 sales through the TorontoMLS system during the first 14 days of
February. This result represented a decline of 8.3 per cent compared to
the same period in 2012.
"The number of transactions was lower for most home types in comparison
to last year, but so too was the number of new listings. This means that
market conditions remained quite tight, especially for low- rise home
types. The result was continued price growth over last year," said
Toronto Real Estate Board President Ann Hannah.
The average selling price for TorontoMLS transactions in the first half
of February was $509,061 – up by four per cent in comparison to the same
time last year.
"The annual rate of price growth so far in February has been in line
with expectations for [.... read more]
"Sincere thanks to Sean Azim for his assistance in selling my Richmond Hill condo.
The unit sold in less than a week for above asking price, and I could not have done
it without Sean's around the clock availability and his tireless efforts in answering
all of my questions. Sean guided me through every step of the sale and I trust that he
worked on my behalf with full honesty and disclosure. He gave me his undivided attention
and I will definitely work with him in the future if the opportunity arises."
MLS® and Multiple Listing Service® are trademarks of the Canadian Real Estate Association.
The trademarks MLS and REALTOR(S) are owned and controlled by CREA.
discount-realtor.ca is not associated with CREA or their trademarks.
** REALTORS® and REALTOR® are trademarks of the NATIONAL ASSOCIATION OF REALTORS®.
discount-realtor.ca is not associated with the NAR or their trademarks.
Shahab Sean Azim is a member of Canadian Real Estate Association and also NATIONAL ASSOCIATION OF REALTORS®.
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