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What is MLS?
MLS is a Database provided by the Canadian Real Estate Association and National Association of Realtors which includes all the properties in a certain neighbourhood for sale or lease except those properties which are not being sold or leased with the help of Real Estate Agents or agencies.
The MLS act as an important tool to help listing brokers find a cooperative broker to help sell properties. Not only that, MLS is the source of compensation; brokers contact other brokers if they know a client, and if the property is sold, an agreed commission is shared among brokers. Likewise, relevant data is only shared with brokers to maintain the seller’s privacy and safety.
In simple words, MLSs is a private database that is created, maintained, and paid to help buyers and sellers get the property of their choice.
Benefits of using MLS
‘Success in Real Estate comes down to two factors: taking care of and valuing the customer.’ – Michael Miedler
This saying goes to show the importance successful Realtors give to each and every customer, in order to establish business with a positive rapport so that buyers and sellers can trust them. Real Estate business has always been of great importance globally given the understanding of the business, but with the help of government sourced platforms i.e. MLS, it is has gone on to reach new heights.
Deep dive in MLS
The Real Estate business is on the rise with the help of laid out platforms, i.e. MLS listings which help add properties conveniently for buyers, sellers, and realtors and make one door store for everyone. With the help of the government, Multiple Listing Service or MLS providers in Canada play a significant part in stabilizing the property values. Only licensed Real Estate Agents can add listings to the MLS database. This whole process is strictly checked upon so that no property goes unnoticed. For Realtors and Citizens of Toronto, Toronto Real Estate Board (TREB) has its database where Realtors add listings for their specific neighbourhood. Similarly, there are over 80 boards in Canada where you can list properties. TREB is the largest provider of Toronto MLS listings in Canada. More than 50,000 realtors are linked with TREB and the Toronto MLS listings business continues to rise.
Interlink between IDX and MLS
MLS integration methods are used by Realtors. Homebuyers want to be able to search for all properties from one place to avoid any sort of confusion. If Realtors have all the properties listed on their website, you can keep buyers on the website for a longer period of time and help them find the property of their choice. Today, through more than 800 MLS, brokers share information on MLSs, brokers share information with other brokers in order to reach the potential client and give compensation agreed before the property is sold. The Real Estate business is competitive and competitors have to help out each other to make this business successful. There are 2 methods used to do MLS integration:
- Organic MLS RETS Integration
- IDX Service providers
IDX Service
The IDX Integration is like a middle man which gets all the data from MLS and lists on your website. IDX Canada has made the whole procedure very easy for every Real Estate agent as listing properties was never as simplified as it is now.
Explanation
As anyone who has bought or sold property will tell you that reviewing property is important to find out information about the property. All the details about the property are given in the description part i.e., location, price, size, etc. And the trust can only build if the Realtor has listed property with correct information. One such incident which I would pull the attention of yours is Salvatore Paglia case, he bought a land listed as ‘fully serviced lot’, which later he found that there was no electricity connection. He took the case to the court and was awarded the amount required to electrically service the area. Such listings can become a source of misinterpretation to sellers and can become a great loss to the buyers and also greatly damage the reputation of the Real Estate Agency.
MLS integration
It means pulling all the raw data from the MLS provider and publishing it on your Real Estate website. Though both the above-mentioned methods can help integrate MLS with the Real estate Website, IDX/ MLS combination is mostly used by realtors. MLS works as a collective process by all brokers, in a specific coverage area who wish to cooperate with each other to sell homes. It is a non for profit organization with a board of realtors which is linked to the National Association of Realtors. Following are 2 main functions of MLS:
- Gather and distribute listings to and from brokers.
- Set rules of compensation so that brokers fairly represent their listings.
MLS operates only because brokers choose to cooperate by sending their office listings into the Multi Listing Service system so that the people they are representing and the people who want to buy can see the properties.
How to Access the MLS?
- The first and best way to access the MLS is to become an agent. In order to become an agent, one has to get certification which will help to get full rights as a member.
- If you think, you don’t have time and money to become an agent, become a partner or agent in the business.
- Building a relationship with the MLS is another of the ways to build a relationship with MLS; provided you have a clear and transparent business structure.
- Signing up for an unlicensed assistant is also a common method used to access the MLS database. If you work for some MLS, ask them to provide or sponsor you.
- Syndication service is one to consider where companies syndicate listings from MLS and promote them on their website for marketing purposes.
- Use of public MLS sites is where you list properties and provide a platform for beginners to learn and start from.
Conclusion
The above-given information will help you to better understand what MLS is, why it is used for and the importance of MLS Listings Canada; likewise, it will help you understand IDX, how IDX and Multi Listing Service are linked, and how Canada’s Real Association keeps eye on each and every listing to make sure all the data is safe and is not used for any wrongdoing. Lastly, IDX Canada is one of the important tools which helps links, Multi Listing Service and Realtors.
PNM Group is one of the leading Real Estate marketing agencies in Toronto with tons of experience which speaks for itself. If you are looking to sell, purchase, lease property; contact us and we will make sure that your level of expectation is met and you gladly call upon us whenever you or your dear ones are in search of a real estate agent or agency.
ABOUT THE AUTHOR
Ammad Ahmad is Tech Content Writer, with a background in Computer Networks and a passion for learning and sharing knowledge with others.
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