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The Multiple Listing Service®
Everyone who
has even a passing interest in real estate might have seen or heard of MLS®. But very few know exactly what MLS® is or understand the important role it plays in
the real estate industry.
The
MLS® system,
also known as the Multiple Listing Service® is a complex information-sharing system and a cooperative marketing network created by REALTORS® to help the public buy and
sell homes. While it is computer-based today, it began as an exchange of paper listing information and photographs.
The MLS® is a member-based service. The REALTORS®
gather exclusive listings and pool them into one database, the local MLS® system, which the REALTORS Board administers and operates. The
local MLS® system is linked with the MLS® systems of other REALTORS Boards thereby
creating a bigger system, the national MLS®
system, which the Philippine Association of REALTORS® Board (PAREB) administers and operates. The national MLS® system is linked with other national MLS® systems thereby creating an international
system, which the NAR-USA administers and operates.
 Realtors® exchanging WANTED and FOR SALE/RENT properties during First MLS Congress in March 2009.
MAKE SURE YOUR REALTOR® USES
THE MLS®.
When your Realtor® does
use the MLS®and you give him the exclusive authority to act
as your selling (or buying / leasing) agent, he/she will input your requirement in the MLS®. That means detailed information about the
property you are selling (or buying / leasing) will be broadcasted to all the REALTOR®
Boards. Dealing with one REALTOR® will be like mobilizing all the REALTORS® to find you a buyer. Your property or requirement will get maximum marketing
exposure. You can expect inquiries from different REALTORS® to come your way.
If you are selling, leasing out or buying a property, check whether your REALTOR® uses the MLS®.. Because if he does
and you give him the exclusive authority to act as your broker, he will input your requirement in the MLS®. That means your search criteria on the property
you are buying will be broadcasted to all the REALTORS®. Same thing as when you
are selling or leasing out your property. Dealing with one REALTOR® will be like
mobilizing all the REALTORS® to find a property to buy. Your requirement will
get maximum exposure. You can expect listings from different REALTORS® to come
your way.
All
participant REALTORS® to the transaction can only be too glad to contribute to the
satisfaction of your requirement. After all buying, selling and leasing real estate property is their business, and the
trademark MLS® symbolizes co-operation
and fellowship among REALTORS®.
Your REALTOR® can only be too glad to entertain offers from other REALTORS®, even if they come from other REALTORS®
Boards. It will hasten the satisfaction of your requirement. And the sales commission, if ever, will be divided between
the selling agent and the buying agent.
The MLS® is more than
a research tool for property listings. It actually is a comprehensive compilation on real estate information and services
that supplements the REALTOR®'s in-depth knowledge of the current market and neighborhood conditions,
which he uses to help his clients come to a knowledgeable choice. Needless to say, the MLS® has proven its value over the decades.
As of
August 2009 there are almost 600 PAREB members (some members are not members as they are into project selling selling exlusively
to their employer-developers) of the MLS® and
growing. List with us now and get more exposure for your property or get your property requirements faster.
-- Excerpts fromhttp://www.realtor.org.ph
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