MLS listings for Suffolk, VA and Greater Norfolk housing and real estate
Suffolk, VA and the Norfolk, Virginia area are served by the Real Estate Information Network, Inc. (REIN). REIN is made up of 8,000 REALTORS, sponsors, and affiliate members. REIN is available to member-brokers and agents only, but non-members interested in searching for homes in Hampton Roads, including Norfolk, may perform a limited-access home search at the REIN website.
So what is the Norfolk Association of Realtors MLS and how does it work?
In simple terms, the Norfolk Multiple Listing Service or REIN is a database of homes for sale in the Suffolk, VA area. While the MLS® trademark is owned by the Canada Real Estate Association (CREA) -- as is the REALTOR® trademark -- MLS systems across the country are typically set up as separate corporations. The MLS in any given area is affiliated with its local association of realtors. Now, here's where it gets tricky. Any city or region may have several associations. Norfolk, however, only has one major association. Some of these associations will integrate their MLS systems, while other will remain separate, which means neighboring areas may be listed on different systems that will not necessarily overlap. In Norfolk, it's important to utilize REIN when buying or selling a home.
The MLS also serves as a compensation offer between brokers. If one Norfolk broker represents a buyer who purchases a property that is listed by another Norfolk MLS broker, they will typically share the commission, and this information is listed in the MLS.
The overabundance of MLS systems available can also create confusion and frustration for many Norfolk agents and brokers. Real estate agents who are not members of a certain MLS service have difficulty gaining access to properties that are exclusively listed with that service. The Norfolk MLS system helps to protect the listings for a given neighborhood or larger community by controlling who has access to them. This ensures that local agents have an advantage over real estate agents from other areas. While this can be beneficial for the local agents, some also consider it to be a tactic by the MLS systems to earn more fees and recruit more members.
The cons to operating individual MLS systems (as opposed to one large MLS) mainly affect non-members. REIN is an excellent tool for participating members, buyers, and sellers. The Norfolk MLS offers maximum exposure to houses for sale in Norfolk neighborhoods and it allows agents and brokers to quickly and easily find properties that are listed. Norfolk real estate agents and brokers can also examine commission rates and browse through an extensive amount of data about any given property for sale.
It is important to keep in mind that while Norfolk MLS has 8,000 members, not all brokers participate. This means that while the Norfolk MLS service (www.hrmls.com) does list a significant number of properties for sale, it does not list all properties for sale in Suffolk, VA and the Norfolk area.