The MLS listing Toronto is an exclusive database of property listings that only a select few have access. There are requirements for licensing so that one can be able to access MLS listing services. The process of being licensed to be trusted with this information is not complex, but it requires certain requirements.
The primary users of this database are real estate agents, brokers, and salespersons. These parties must have the following qualifications first:
i. Must be at least 18 years of age
ii. Be a resident of Canada or have lived in Canada for 12 months
iii. Have a post-secondary school diploma in Ontario or its equivalent
iv. Complete the OREA curriculum through the OREA real estate college
These qualifications are standard for one to be first licensed as a real estate agent and then be able to access the MLS listings. Once one has attained all the qualifications to be a real estate agent, the following additional requirements apply to licensing for the MLS listing access:
Must be an active real estate agent
A land specialist, agent or businessperson who is not dynamic can’t be allowed access to the MLS posting administration since they have no utilization for the data in the database. Once an agent has been licensed it is important that their work history remains active, and they are able to sell properties. Agents who have not closed a deal in over a year are classified together with the dormant agents and their access to MLS may be restricted.
Must be a member of Toronto Real Estate Board
For an agent to be allowed access to MLS listings in Toronto, they must be members of TREB which has over 43 000 licensed real estate agents. Members of real estate boards are required to pay a membership fee that allows them to continue being members of the board. If for any reason a real estate agent is kicked out of TREB, their access to the MLS listing service is also immediately curtailed.
Must be a licensed real estate agent
This goes without saying, a real estate agent who is not licensed cannot gain access to a real estate board and therefore cannot be allowed access to MLS listings. The kind of licensing is however not limiting. Both real estate agents who hold a basic license and a permanent license are allowed equal access to the database for listings.
Many people who are not real estate agents, however, wonder what the criteria for being allowed access to the MLS since the board allows a few non-agents. Investors are able to gain access to MLS listings through other sites that offer listings only not as broad and detailed as the MLS database listings.
The very coveted access to the MLS database has pushed people to great lengths in order to sneak a peek at MLS listings. When someone decides to get an agent license in order only to gain access to MLS listings, this ends up being temporary even after all the trouble. This is because even as a real estate agent who is licensed, there still has to be proof that the licensed person is an active real estate agent and must belong to a real estate board.
Importance of licensing
It is important for anyone accessing the MLS database to have the proper licensing for the following reasons:
To protect information
When information is allowed access to just anyone, the information loses its value and also leads to loss of commissions for real estate brokers and agents. Ensuring that only licensed people are allowed access to this information protect the value of the data.
In a case of any conflict arising from the loss of information or sale of data from the system, licensing helps to hold participants accountable for their actions. Without the proper licensing, anyone who goes against the rules and laws of MLS cannot be held accountable any stealing, piracy or alteration of information done. Licensing helps keep an elaborate account of all the people allowed access and their use of the information.
Protecting the interests of agents
The restrictive access to MLS listings allows real estate agents and brokers to be able to get their commissions. Normally a transaction will involve two real estate agents or brokers, and they both get the commission from a sale or purchase. If MLS allowed access of unlicensed people into the database, property buyers and sellers would cut off the middle men and conduct the sales and purchases themselves. This would eliminate the jobs of real estate agents, brokers, and salespersons.
Uphold the purpose of MLS
Many people want to be let in on accessing data from MLS. They, however, need to understand that when MLS began, it was established for the purpose of creating a platform for reals estate agents and brokers to trade on and exchange information on their listings. This should remain as such and clients should continue buying and selling property through agents and brokers.
MLS offers an excellent opportunity to all real estate agents, big and small to interact and learn from each other. This helps give the agents exposure and allow the real estate agents who are just starting out their real estate careers a fair ground to learn and compete with their more experienced counterparts.