A multiple listing service (MLS) is a service used by real estate brokers to represent sellers and allow others to view the listings of properties for sale. Both selling and buying brokers consolidate and share information and both brokers receive a commission on the sale in accordance with the contractual offer of compensation among the brokers.
Most MLSs use an electronic database (“book”) with all of the real estate for sale by affiliated brokers, updated on a regular basis. MLSs enable brokers to compete with each another and give the selling broker more exposure and enable the buying broker to offer its client all listed properties for consideration.
Brokers in their local areas commonly create their own MLSs, which they allow brokers from other areas to view as needed. The listing data stored in an MLS is the proprietary information of the broker who has obtained a listing agreement with a property’s seller.
Numerous multiple listing service systems enjoy widespread adoption that support the secure and standardized transfer of datasets and associated access control requirements. The Real Estate Transaction Standard (RETS) is an MLS framework used in Canada and the United States by the real estate industry.