Multiple Listing Service (MLS)What is the MLS and how can it help us.
The Multiple Listing Service is a cooperative marketing system set up by Realtors to facilitate real estate transactions. Under this arrangement, Realtors register their listings in a central index. With this index, any Realtor, regardless of their agency affiliation, is able to sell any house listed by any agency.
Let’s assume you are a prospective homebuyer and you have been working with a Realtor. This is “your Realtor.” You like them and you feel they have been working hard to find you a property. They understand your situation and they know what you want. Your Realtor should always be the one you call for information on any house you see, regardless of whose “For Sale” sign is in front.
Occasionally, a buyer who is working with a Realtor they like will call the telephone number on the sign of a house that they have driven by and are curious about. Their intention is to “not bother” their Realtor until they first see if they like the house. They plan to put their offer in through “their” Realtor after seeing the house with another Realtor.
Your Realtor may not be permitted to enter the transaction at that time. According to the rules governing Realtor activity, it is very important which Realtor first actually takes the buyer into a house. Therefore, if you are working with a Realtor and you would like them to be involved in the transaction, the best way to find out about any house is to call your Realtor with your questions and have your Realtor be the one to show you the property.
You might wonder if you could pay a little less for a house by calling the listing agency, rather than involving your Realtor. The answer is no, you cannot get it for less. The brokerage fee is agreed upon between the seller and the listing agency when the property is initially listed, and will not be reduced even if the property is sold through the listing agency. The sellers pay the same commission, whether your Realtor is involved or not.
So, when you drive by a house you like, or see an advertisement for a property that interests you, it is always best to contact your Realtor and let them make the arrangements to show you the property.