realtylinkonline

May 4, 2001
A Guide to the Multiple Listing Service®

If you're buying or selling your home you will most likely encounter the term 'MLS®.' It plays an important role in the real estate industry.

The MLS®  (Multiple Listing Service®) is an information-sharing network created by REALTORS® several decades ago to help the public buy and sell homes.

When a REALTOR® lists a property for sale, he or she completes a detailed data sheet describing the home and submits the information to real estate boards which manage the MLS®. The information is entered into a central MLS® computer databank, accessible only to REALTORS®.

The Real Estate Board of Greater Vancouver (REBGV), operates the MLS® locally.  Eleven other real estate boards in BC operate their own regional MLS® systems. Although managed separately, the systems are linked via computer so REALTORS® can access listings in most other areas.

MLS® makes the real estate industry unique. It allows and encourages a high degree of cooperation among salespeople, no matter which real estate company they work for.

If you're selling, the benefits of MLS® include:

• In-depth details of your property - from bedrooms and broadloom to saunas and sundecks are input into a computerized database available to REALTORS® throughout the Board;
• A one-line printout is delivered to Real Estate Board member offices within 24 hours;
• A photo of your property is prepared for the MLS® catalogue. A digitized picture could also be available on-screen at your Realtor's office.

If you're buying, the benefits of the MLS® let your Realtor:

• enter the criteria you want in a home and generate a list of all the homes that meet your needs;
  
• access detailed information, such as room-by-room measurements and specifics on the property condition, renovations, appliances, property zoning and rental rates;
• access the sales history of a home in order to see how many times it has changed hands and at what prices;
• access homes listed by agents from five, ten, or even twenty or more other companies

Some MLS® information is available to the public on RealtyLink - the official, most complete and up-to-date source for real estate listings, statistics and community information for homebuyers and sellers. It's available in two conveniently organized, consumer friendly formats, RealtyLink - In Print and RealtyLink - On Line at www.realtylink.org