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What Is An MLS?

The Multiple Listing Service, or MLS as it is commonly referred to, has been around as a concept since 1907. Originally, REALTORS® would get together and discuss properties they were trying to sell in the hopes that one of their colleagues had a buyer. In 1908 the organization that is now the National Association of REALTORS®, adopted the use of this system for all its members. So what exactly is an MLS? While it may appear that the MLS is a large national data base it is actually made up of many regional MLS’s. Each area has its own MLS with its own members that pay dues to belong. Members put their listings into the system allowing other members to access information about all property locally available. Anyone belonging to the MLS can access information for a buyer they are working with and search available listing that might be a good fit. Realtors also rely on the MLS to search for “comps” or comparable sales when pricing a new listing. Members have access to all local properties that have sold so they can have a database to help them price a property correctly for the local market. Appraisers and lenders can also join an MLS as an affiliate member and have access to the same information for use in their professions as well. Because you must be a licensed REALTOR® to be a member of the local MLS, home sellers are not allowed to post their home on the MLS. REALTORs® pay a fee to belong and that is part of the service they bring to a homeowner or...

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