You may be familiar with the term MLS in the world of real estate—an MLS is the “multiple listing service” that provides an online platform compiling home listings from brokerages in a given market. In one of their latest Consumer Guide series, the National Association of REALTORS® offers an in-depth look at what an MLS offers.
MLSs are an efficient tool for marketing properties, seeing available homes for sale, getting helpful marketplace data, and sharing listing information to various websites that advertise property information to consumers and provide online brokerage services. There are around 500 MLSs across the U.S., each with its own rules. Our local MLS is called Bright MLS.
An MLS allows real estate professionals to see, share, and promote homes for sale so that they can be found by the largest pool of potential buyers. MLSs provide the most accurate, reliable, and detailed information about properties (both those that have sold and those currently for sale), including listing price, address, features, disclosures and other pertinent property and market details. MLSs also help promote fair housing and equal opportunity by giving real estate professionals and their clients access to consistent information.
MLSs are the most trusted source for real estate data because their information is curated and verified by real estate professionals. Listing on an MLS will help a seller reach the largest pool of buyers and potentially attract the best offer.
As a seller, if you decide to have your agent not list your home on an MLS because you prefer to limit or restrict market exposure, you will be asked to sign a document verifying that you have made this choice. MLSs have rules aimed at ensuring equitable access to accurate and reliable property data, and these rules also provide sellers with flexibility in how they work with their real estate professional in marketing their homes.
As of August 17, 2024, offers of compensation are no longer allowed on MLSs. However, offers of compensation can still be made off-MLS and shared through common marketing vehicles such as flyers, signs, emails or other communications.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
