MLS: Purpose-Benefit

The primary purpose of the MLS 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 MLS to other cooperating brokers. This offer of compensation is considered a contractual obligation. This is the incentive to show the Seller's property. Since the commission for a transaction as well as the property features are contained in the MLS 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 the MLS system is that an MLS subscriber may search the MLS system 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. Where as public real estate websites contain only a small subset of property data.
Program details vary by geography. Click on "WHAT'S INCLUDED" for details.