In 1920, MLS had taken shape and gained popularity in several parts of the world. It is a database of property information entered by real estate agents and brokers. This information is called listings. It is an elaborate property trading platform.
Technological advancements have seen the growth of MLS listings. Now, listing information is updated every five minutes. This makes all property information provided real time, and it is possible to track the activity on listed properties.In Toronto, MLS listings are regulated and operated by the Toronto Real Estate Board (TREB) that has been operational since 1920. The Toronto real estate board has over 43 000 licensed real estate agents, brokers and sales persons as of 2016. This means that all these agents have access to all MLS listings Toronto.Real estate agents, brokers and sales persons who are licensed can access the MLS listings. This system is not accessible to just anyone. The only other people who are allowed access to this database are a select few who have been granted permission by TREB.
Functions of MLS listing
Collects listing data
All data on properties that have been listed on the MLS listing is available. It is all stored in the database. Once a property is off the market and the list, information on this property is still stored in the MLS listing database. The date and price at which the property sold for are among the data collected and stored.
Over time, the data collected is used as a study. The listing data provided can be used to track the real estate market trends in Toronto. This helps give the changes in the markets and the growth and fall of real estate.
Gives real time information
The MLs listing is a database that gives real-time information on listings. When a property is listed, how many days it has been on the market, its listing time and the date it is sold. Once a property is sold, the database automatically removes this property from the listings through its regular update of information.
Eases access to property information
The listing service is an easy way for agents, brokers and sales persons to access information on properties that are on sale. This makes it easy to find these properties also because all information on the property including the location are included in the listing. Brokers and real estate agents are able to search for listings on this service and also list properties for sale for their clients.
Provides real estate news
All the changes, advancements relevant news on real estate in Ontario can be found on the MLS listing Toronto. It can be defined as the Wikipedia of real estate that has improved over time and gotten even better with technology.
Contains mortgage information
The MLS listing service also educates buyers on mortgages and what they should know before getting a mortgage. A mortgage calculator is an important tool found on this service that helps people calculate how long their mortgage will take to pay and how much interest it will reel in. they can consider several properties before settling on the most suitable one for them.
This listing service is complex and a historical monument in itself. There are over 25 years of information that can be found in the system at any given time. All transactions that have taken place in the past 25 years to date can be retrieved. This information includes:
It is not always that a property listed is going to be sold, sometimes these listings expire, but their information is still retained in the database and can be accessed at any given time.
Details on properties
All property information is available on the listing. Photographs of the property to accompany and confirm the information provided are also attached. When a property is relisted on the market after a renovation or improvement, the old information and photographs of the property are still retained and offers a great contrast of the property before and after.
The details on the property must include the name of the seller, the address of the property and any other relevant information that buyers should know before placing offers on the property.
Relisted and terminated listings
When a property is not so successful at selling the first time, it can be re-listed after its expiration. Relisting also works for properties that were sold and the new buyer is looking to sell the same property again.
Terminated listings may be off the listings but they are not off the databases stored information of past listings.
It is easy for agents to study pricing history of properties from the over 25 years of listing information available on the database. Price changes on similar properties and the overall real estate market can be studied and accessed from the MLS database.
The price that a property sold for is also available in the MLS database which offers a great platform for reference for real estate agents and brokers.