Multiple Listing Service (MLS)
The Multiple Listing service, or MLS, is a marketing database established by its member, real estate brokers who cooperate with each other by providing accurate data about properties each broker has for sale or lease.
Nearly all real estate brokers are members of the MLS. This includes the large franchise brokers as well as small independent brokers. The MLS has the effect of making every brokerage firm equal in that every property listed for sale can be sold by any real agent employed by any member broker. It is usual for a listed property to be sold by a firm other than the listing firm.
The concept of the MLS is that each brokerage firm working through its real estate agents will attempt to sell any of the properties listed because commissions are split between the listing firm and the selling firm with each firm compensating its own agents.
The MLS, with its large inventory of listed properties, is designed to provide every real estate agent access to the total inventory of available properties. Most importantly, the shared system of property listings gives every property equal exposure to the market. This arrangement is in the best interest of sellers, buyers, brokers, and real estate agents.
When it comes to selling or buying real estate, the size of the firm is of little importance. It is the performances of the individual agent that matters, His or her dedication, knowledge, and experience is what really counts.