MLS® Listings demystified
by Dave Williams
MLS® Listings are waved around like the holy grail of the real estate industry, there have been Competition Bureau investigations and tribunals to fight for access to it, and as a consumer you can pay anywhere from a hundred to tens of thousands of dollars to have your home listed through it, so what’s the big deal?
MLS® and Multiple Listing Service® are registered trademarks or the Canadian Real Estate Association to represent the massive system that supports over 100,000 real estate brokers, agents and salespeople, working through 100 real estate Boards and Associations across Canada. Locally the Ottawa Real Estate Board operates Ottawa’s MLS®
This system is what powers and populates the REALTOR.ca website with all the homes listed for sale in Canada, and this is perceived as the greatest benefit. Getting your home listed for sale on REALTOR.ca can also syndicate it to dozens of other websites giving a home wide exposure. This is just the tip of the iceberg.
The greatest benefit to having your home listed on the Multiple Listing Service® comes from the multiple listing exchange model that shares all the listings in the regional board with all the members. When ever a home is listed on the system it becomes search-able by all the real estate sales people and brokers in the area, who might just know the right buyer for your home.
The foundation of the system is a sharing model that allows other real estate agents, brokers and sales people to share the details, pictures, and access to the property with many potential buyers. The system often allows for immediate notification to the buyers agents and their buyers when a home in the price range and are they are looking for comes up for sales, days before the same listing will make its way through the listing syndication module of the Multiple Listing Service®
Due to the sharing of information accuracy and optimization becomes the largest faction in using the system successfully. Incorrect information, poorly explained benefits of the homes features and location are often the downfall of homes promoted through this method.
Two main types of agents use the system, ones who believe they need to filter the listings for their buyers to show them only the most suitable homes and those who believe they need to show their buyers all the homes that match their criteria.
In the first case the agent will carefully review the listing details and photos of a new property to ensure it is an exact match for their clients needs before passing it along to them as an option, saving their clients time and effort.
The later will freely pass on the listings allowing their savy buyers to filter the properties themselves. Having seen dozens of homes in the range they are looking for these agents buyers are well-informed, easily able to compare home values to the market conditions and much more likely to pass on a property that is not an exact match for what they are looking for.
Hope this helps you understand real estate a little better.
As always if you have any real estate questions ask them below, or contact us directly at 613-788-2113.