What is the Multiple Listing Service and How it Works
A multiple listing service (MLS, also multiple listing system or multiple listings service) is a suite of services that enables real estate brokers to establish contractual offers of compensation (among brokers), facilitates cooperation with other broker participants, accumulates and disseminates information to enable appraisals, and is a facility for the orderly correlation and dissemination of listing information to better serve broker's clients, customers and the public. A multiple listing service's database and software is used by real estate broker in real estate representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property. The listing data stored in a multiple listing service's database is the proprietary information of the broker who has obtained a listing agreement with a property's seller.
The MLS cannot be accessed by the general public and all changes and/or modifications must be made by either the member broker or their authorized staff. The listing, however, will be available to view on Realtor.com, and thousands of public real estate sites like Redfin, Remax, Caldwell Banker, Trulia, Listhub, etc.
The advantage of the flat fee MLS system, is that you pay your fee upfront and don't pay a listing commission at closing. You offer whatever amount of commission you want to the buyer's agent. The seller is NEVER obligated to sell to a buyer brought to them by an agent or on their own and can cancel their MLS listing at anytime without obligation.
One big advantage for the seller in listing their property in the MLS is accessing those buyers who work exclusively through a real estate agent and don't look for the "for sale by owner". Additionally, the MLS databases are downloaded to public sites such as Realtor.com and hundreds of real estate company websites, local and national which gives the seller much more exposure then just listing on a fsbo site or placing a sign in the front yard.
If you are ready to sell your home and get the most exposure possible without paying the traditional 6% commission, then the Flat Fee MLS program is for you. For more information, see HOW IT WORKS
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