MLS — Multiple Listing Service
The MLS is a database of properties listed for sale by member brokers. It is the backbone of real estate cooperation.
How MLS works:
Listing broker enters property in MLS
All member brokers can show and sell it
Listing broker offers a co-op commission to buyer's broker
Both brokers share the total commission
Benefits of MLS:
Maximum exposure for sellers
Access to all inventory for buyers
Streamlined cooperation between brokers
Market data for accurate pricing
IDX (Internet Data Exchange): Agreement allowing brokers to display each other's listings on their websites. Powers Zillow, Realtor.com, and broker websites.
Pocket listing: A property marketed without being entered into the MLS. Limits exposure but gives seller privacy. Some MLS rules require listings be entered within 1 business day of marketing.
Clear cooperation policy: NAR policy requiring MLS submission within 1 business day of public marketing to ensure all buyers have equal access to inventory.
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