MLS (Multiple Listing Service) is a revolutionary solution in selling real estate. With the help of MLS.Canada it's a lot easier to represent a property within the market, find it and sell it.
MLS is necessary not only for a real estate seller. It is a unified real estate database for properties sold by REALTORS® (mls.ca) - members of the Canadian Real Estate Association (CREA). Considering the above mentioned, there's a question: how can all other real estate pros represent and advertise properties they deal with?
Most of the real estate deals in Canada are carried out with four participants - a seller, a buyer and two agents (one for the buyer and one for the seller). Let's now imagine a life situation. You run a small real estate agency servicing in a particular area. You know your local area quite well, and those willing to sell real estate often come to you. You regularly publish ads in a local newspaper, place a photo and description of the property on your website and in your office window and stick 'For Sale' board at the house that is to be sold. Then you have to wait. And you will have to wait for a long, long time, as your marketing activity can only be observed by local folks already having their own properties. This problem is of current importance for major national real estate agencies. It's hardly possible to cover the entire market.
The solution here is simple. It's necessary to create a unified national database that can be revived in a real-time operation mode. For instance, you are an agent and list a house that needs to be sold. Somebody buys it on the sly, and you are left with no commission. Here's where the MLS concept comes to help. Each of the property listed is given a unique ID. No one can list a house twice in the system, i.e. with two IDs. No matter who is interested in the offer, he will reach the agent who listed the property. MLS.Canada is based on agreement on the equal distribution of commission between the two agents representing both parties of the deal. And customers should undersend how it works to control the process.