What is the multiple listing service (MLS)?

Whether you’re looking for a home to buy or selling the home you own, the multiple listing service (MLS) is a powerful tool that will help you find properties for viewing or comparison.

The MLS is a collection of more than 500 databases around the country that are produced, maintained and paid for by real estate agents. These databases — collectively and selectively referred to as the MLS — provide details on properties for sale in a certain region. It’s a subscription service that is only available to licensed real estate agents, but your agent can share details with you. The listings give information on each property, such as photos, sale price, time on market, and features like square footage, number of bedrooms, listing price, and much more.

Using the MLS can make your search for a home more efficient and comprehensive, as well as give you peace of mind that you have seen virtually every property for sale. And if you’re selling your home, it can show you the features and price points of your competition so you can price your home properly. So, in the end, the MLS helps real estate agents bring buyers and sellers together more easily and with better results.

What is a multiple listing service (MLS)?

Multiple listing services (MLS databases) are created and maintained by cooperating real estate professionals to share information about properties on the market. This data usually includes details such as the listing price, bedrooms, bathrooms, square footage and other similar data points relevant to potential buyers.

Often referred to as “the MLS,” the multiple listing service is actually a network of local databases for areas around the country, not a single entity. In fact, there are currently more than 800 multiple listing services across the country, according to the National Association of REALTORS^{® (}NAR). That number fluctuates as neighboring databases come together to form larger, regional ones.

The history of multiple listing services

It might seem like an MLS is something derived from technological advancements, but the concept has actually been around since the 19th century, according to the NAR.

In the late 1800s, real estate brokers would get together and trade information about properties they hoped to sell, agreeing to compensate each other with brokerages when a successful sale was made.

What an MLS listing contains

The MLS provides your real estate agent with the most up to date and accurate information about both properties that are for sale or have sold in your region. The information is comprehensive. It includes the address, listing price, square footage, as well as specifics like the number of bedrooms, bathrooms, and more.

The MLS also includes important disclosures for each property, if they exist. Disclosures are material defects or known problems with a property that by law must be disclosed to a buyer. Examples include things that might have a negative impact on the property’s value, such as property defects, land-use limitations, deaths on the property, or even HOA guidance or completed repairs.

How does the multiple listing service work?

Real estate agents pay a fee to be able to add their listings to their region’s MLS or access its information. This fee can be hundreds of dollars per year. This way, other agents can easily find properties for their buyers.

Most homes are listed in the region’s MLS, but not all. There are some properties that sellers do not want to publicize, for a variety of reasons. For instance, homes that are being sold by the owner, without a real estate agent, usually will not be listed on the MLS. There are also off-market, quiet, or pocket listings, which are homes that the seller does not want to market publicly.

How to access an MLS

Because the MLS is a product of, and paid for by, real estate agents, they are the only ones who can access it. So, if you’re a buyer, you’ll need to work with a real estate agent to gain access to the MLS. Your real estate agent might be able to give you temporary access to the MLS, depending on the specific rules of that region’s database. If not, your real estate agent can share the information in the listings with you.

Perks of using an MLS

If you’re selling your home, it’s safe to say that you want to get the most money possible in the least amount of time. The MLS helps by ensuring your home is seen by a large pool of buyers. Additionally, those buyers are somewhat “vetted” since they’re working with real estate professionals — they are likely serious and will probably make legitimate offers.

If you’re buying a home, the MLS is an equally helpful tool because it ensures that you — through your real estate agent — can see virtually every home for sale in your region. In addition, the MLS gives you details about the properties that you can’t find on commercial sites.

The MLS streamlines the process of bringing buyers and sellers together in a fair marketplace.

Multiple listing service FAQs

Still have questions? Let’s get them answered. Here are the most common questions that come up about the MLS.

How can I get access to the MLS?

Since the MLS is not available to the public, you’ll have to work with a real estate agent who pays for the service or be an agent who signs up for the service. As a member, they get personalized login credentials. Sometimes, your real estate agent can grant you temporary access to the MLS, but usually, they’ll have to find and show the listings to you.

What is an MLS number?

Think of the MLS number as a property’s serial number. Each property in the MLS is assigned a unique number to remove any confusion in distinguishing between properties.

What is the main value of the MLS for sellers?

For sellers, the main advantage is that a listing on the MLS means it will be visible to every real estate professional who uses that region’s MLS. So, your ability to find a credible buyer faster is enhanced.

What is the main value of the MLS for buyers?

For buyers, the MLS is valuable because they gain access to property information that is not readily available through public sites. Buyers also gain access to information on virtually every property for sale in their region.

Are online listing sites different from the MLS?

Yes. Home search sites pull data from MLS databases countrywide. However, they do not have access to the full range of details listed for each property.

The bottom line: The MLS is a critical tool in your home search

When you’re searching for a home, you want a clear and complete vision of every property on the market. The MLS is your best chance to get exactly that. It lists virtually every property for sale with comprehensive, accurate, and up-to-date details. So, it’s important to work with your real estate agent on using the MLS to your full advantage.

Also consider working with a Partner Agent through Rocket Homes^SM to set yourself up for a successful home search.