If you're in the market to buy or sell a home, in Toldeo or elsewhere, chances are you've come across references to the MLS. Sometimes in connection with Etobicoke real estate brokers, other times when you're trying to figure out what you need to do to sell your home. If you want to make a proper go of your real estate sale, you'll want to understand the basics of the MLS. Allow us to enlighten you by answering some frequently asked questions.
What is the MLS?
MLS stands for Multiple Listings Service. Like its title suggests, it is a compilation of properties for sale in varies towns, cities, provinces, or countries, depending upon the scope of the databank. This means that a MLS Durham Region would encompass properties for sale in Pickering, Ajax, Whitby, Oshawa, Clarington, Uxbridge, Scugog and Brock, Ontario.
Who runs the MLS?
MLS systems are not run by the government but by private organizations. The Canadian Association of Realtors has a large one that lists everything from a house for sale in Mississauga to a piece of vacant land in the Northwest Territories while in America the National Association of Realtors runs a large nationwide MLS system. There are also statewide MLS systems belonging to state realtor associations and other national ones run by private corporations such as MLS.com.
What can the MLS do for me?
The point of an MLS is to get the word out about a certain property. Your real estate agent will add your property to the Queen West listings or the listings from wherever the property is located where it can then be viewed nationwide. Concentrating listings in this way ensures that the MLS becomes the go-to source of home listings for buyers all over the country. Listing your home on an MLS is like advertising. It brings in more buyers, which means more offers, which means more money.
Can I access to MLS?
Generally, MLS databases have restricted access. The official realtor association MLS databases can only be used by certified real estate agents and brokers, not by the general public. Therefore in order to list your Cabbagetown real estate you would have to pay a broker's commission. Meanwhile some private sites charge a membership fee for access, and once you pay you can list or view listings on their database. If you plan on listing in a non-realtor database, make sure you do your research and check that it is both highly trafficked and trusted with personal information.
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