13 Mar What is MLS or Multiple Listing Service?
If you are at all familiar with real estate, you know there is a great deal of industry jargon associated with it. Much of this can be intimidating to people who don’t know what it means. One of the most popular real estate buzzwords is MLS, which stands for multiple listing service.
The concept of MLS was established in the late 19th century when real estate brokers used to gather at local association offices to try and share property information with the hope of reaching a wider audience to make a sale. Through the agreement to provide compensation to other brokers who might sell your listed property, the first MLS came to be. The concept of MLS is based on an important principle of organized real estate, that is one broker helping another sell his listing and vice versa.
A multiple listing service allows real estate agents and brokers to create contractual compensation offers as they cooperate with each other to share listing information. MLS subscribers can search an MLS database and find information about all the homes and properties for sale that are listed by any participating broker. This not only benefits the brokers and agents, but also the clients, customers and public who are interested in the properties for sale.
While there is no one authoritative MLS nor any universal data format, there are data standards which are adhered to. Data fields are determined by knowledgeable real estate professionals with experience in the local marketplace. MLS systems can hold hundreds of data fields about property features.
Metro Property Services uses the Beverly Hills Greater Los Angeles Multiple Listing Service. This is a great tool for the leasing broker as well as for property investors and tenants. This MLS allows users to search available rental listing by area, size, price, region or any combination of viewing parameters.
If you have used the MLS database on our site or would like to learn more about how it works, give us a call at 310-220-4495 or visit us online. If you have found a property that meets your needs, contact us and we can set up a showing. Our team is here for you!