An MLS listing is real estate featured with a Multiple Listing Service (MLS). Anyone looking to find a real estate agent should always be sure the agent or firm is a member of the local listing service. Otherwise, the benefits of this alliance will not be realized for the seller or potential buyers of the property. The frequency of MLS listing updates depends upon the service in a particular area.
Benefits of an MLS Listing
The Toronto real estate market is booming, making it potentially even more challenging for property owners to be found by the right buyers in a real estate search. The following are more details regarding the benefits of an MLS listing:
• MLSs create healthy competition. Small real estate brokers compete directly with the largest firms in an equal-opportunity environment.
• As long as buyers and sellers choose a real estate firm that has a membership in a MLS, they can have peace of mind in knowing their interests are not limited to a small pool of options.
• Sellers get the benefit of increased exposure of their property. Buyers get the benefit of working with one agent while having access to information about all MLS-listed properties.
• Real estate professionals create, maintain, and pay for the private databases for MLSs. Access to the expanded range of listings shared by agents is a service that greatly benefits buyers and sellers, and it is often free of charge.
• All information in a MLS database is not accessible by the public. Neither the safety nor the privacy of sellers is compromised. For instance, information regarding the vacancy of a home for purposes of showing it is never advertised or made available to those who are conducting an MLS listing search.
• Sellers and buyers can readily and conveniently access information about available real estate listings on the website of their agent of choice.
How an MLS Listing Search Works
Real estate brokers know how to put an MLS to work for their clients, whether buyers or sellers. The following are some of the steps involved with making a MLS work:
• For sellers, the important thing is to ensure that the agent places their property on the market within the MLS, so that other brokers have access to the information.
• The real estate professional searches the database for property that fits the needs and price range of the client.
• Special attention is paid to new MLS listings, placed on the market recently. This is why property gets more attention when first listed. Agents will typically preview the property before showing it to clients because they want to be sure it’s a good fit for buyers.
• In short, a home or property is listed in the local MLS; brokers preview the home; and the property is advertised, which gives visibility for the benefit of homebuyers and their agents.
When are MLS Listings Updated?
The frequency in which new real estate listings and other changes are updated in a MLS is dependent upon the service and the area in particular. The following provides a glimpse of how often various MLSs update their listings:
• Larger MLSs update data almost instantly, and the updates are published to the Real Estate Transaction Standards (RETS) feed within a few minutes.
• With some MLSs, updates are only published on weekdays but not weekends.
• Many MLSs opt to update MLS listings a certain number of times per day, such as once hourly.
• Virtually every MLS updates at least once daily, with the exception of those that don’t update on weekends.