U.S. National Association of Realtors reports: In the late 1800s, real estate brokers gathered at their local associations and shared information about properties they were trying to sell. They agreed to compensate other brokers who helped sell those properties, and the first MLS was born, based on a fundamental principle that’s unique to organized real estate: Help me sell my inventory and I’ll help you sell yours. The primary purpose is to provide a facility to publish a “unilateral offer of compensation” by a listing broker, to other broker participants in that MLS. In other words, the commission rate that is offered by the listing broker is published within the the database to other cooperating brokers. This offer of compensation is considered a contractual obligation, however it can be negotiated between the listing broker and the broker representing the buyer. Since the commission for a transaction as well as the property features are contained in the system, it is in the best interests of the broker participants (and thereby the public) to maintain accurate and timely data.
The additional benefit of MLS systems is that subscribers may search and retrieve information about all homes for sale by all participating brokers. MLS systems contain hundreds of fields of information about the features of a property. These fields are determined by real estate professionals who are knowledgeable and experienced in that local marketplace, whereas public real estate websites contain only a small subset of property data.
We provide access for the public to search the MLS here: North Port FL Port Charlotte FL Punta Gorda Rotonda Arcadia Englewood Lake Suzy South Gulf Cove Venice
The idea is wonderful for sellers because of supply and demand. You get access to the largest number of buyers. Your home information is put into a computer accessible by every member who will show your property to their qualified buyers in your price range. The MLS expands a home seller’s sales force, gives the property a larger pool of home buyers, and creates more demand. The higher the demand, the more pricing power enjoyed by the homeowner – and the quicker a home will sell.
It is like a big property warehouse similar to a home depot for houses. When property is available for sale, it goes in the warehouse. When it is sold, it gets taken out of the warehouse. Since real estate cannot actually be stored in a warehouse, it contains the information. The MLS is a database – allowing you to know what is available for sale at a given moment. That is why real estate agents developed the MLS. Quick knowledge of home inventory make agents more productive.