What is MLS?

The Multiple Listing Service or "MLS" is a database that stores listings of properties for sale. The MLS® trademark is owned by the Canada Real Estate Association (CREA), which also owns the REALTOR® trademark.

The MLS system is a member-based service whose members are also a part of the National Association of Realtors (in the U.S.) or the CREA (in Canada). The system is supported by member fees, which vary by city, state or county.

The MLS system was created several decades ago in paper format. Today the system is computer-based, offering quick and easy access to thousands of property listings. Although MLS membership isn't mandatory for realtors and brokers, it is currently the only system available that offers the maximum marketing exposure for properties for sale and it is one of the most commonly used home listing services.

In addition to the marketing exposure and general popularity of the MLS system, it also makes searching for properties that fit specific criteria simple. The MLS system offers lots of pertinent property information, such as property type, property condition, room-by-room measurements, renovations, included appliances, rental rates, property zoning information, and other basic information such as address and price.

The MLS system also:

• Allows brokers to cooperate with other member brokers
• Allows brokers to establish contractual offers for properties
• Aids in the appraisal process
• Helps to better serve broker's clients, the public and customers

While the MLS system lists thousands of homes for sale along with pertinent information about each home, keep in mind that the MLS does not list all homes. The homes listed in the MLS are broker participant listings only. While it's a great resource that you should definitely use in your home search, it is not the only resource available.