What Is The MLS?
MLS stands for Multiple Listing Service and it is a database utilized by real estate brokers and their agents to keep track of real estate listings. Our MLS is actually called MRED which stands for Midwest Real Estate Data LLC. It is one of the largest Multiple Listing Service's in the United States (it used to be the largest). The MLS, no matter where it is located or what it is called, is a cooperative listing presentation where multiple licensed real estate agents have access to all listings for sale and agents and brokerages cooperate with each other. The listing brokerage pays the selling brokerage a commission.
When I get a listing I enter it into the multiple listing service. Changes I make are price changes and changing the status to a contingency, deal pending or closed. There is also the ability to take the listing off the market temporarily and there are different re-activation status notifiers called "reactivated" or "back on market."
For buyers, the MLS offers properties that are available for sale. Because the MLS keeps archived sales information, it also enables an agent to create a Comparative Market Analysis (CMA) for a seller wanting to find out how much their house is worth. We can also do a CMA for a buyer that has found a property of interest and wants to see what similar properties have sold for. This helps a buyer make a reasonable offer.
The MLS also provides real estate tax information and sometimes gives us mortgage statistics for each property. It also has several other functions for real estate agents to utilize. I pay a yearly fee for the use of the MLS. I also pay an additional annual fee to allow MLS search on my web sites.
If you have any questions or comments regarding this FAQ please Contact Me or give me a call at 708-536-8200.