What is the MLS® Anyways?

The other day one of the REALTORS® in our office was disappointed to learn that someone she knew purchased a property listed for sale by another real estate brokerage.

“Why didn’t you ask me to show you the house you bought?” our sales representative asked.

“It was listed for sale with another real estate company” answered the buyer.

mlsIf you’ve bought or sold a property recently, you’ll know that the MLS®, short for Multiple Listing Service, makes the real estate industry unique by encouraging a high degree of cooperation among REALTORS®. For example, if you’re shopping for a car and you visit a local dealer, the salesperson’s goal is to sell you a car from that car lot. They won’t provide you with information on cars available at competing dealerships. In the real estate industry, the opposite is true. The MLS® system allows for cooperation between all REALTORS® no matter which company they work for.

Buying a home is usually one of the biggest financial decisions a person or family will make during their lives. When you allow a REALTOR® to represent you in the purchase of a property, he or she will provide you with consultative advice and support during this exciting (and often nerve-wracking) process. Confidential information you share with your REALTOR® such as if you’re willing to pay more cannot be disclosed to the seller if you’re represented by a REALTOR®.

However, you may assume that you’re being represented when you actually are not. For example, if you attend an open house and strike up a conversation with the sales representative hosting the open house and discuss details of an offer the sales representative may be obligated to tell the home owner.

If you’re thinking of buying and want a REALTOR® that does more than fills in the forms, contact us today. We’re here to help you determine how much house you can afford, what properties are available for sale that might be of interest to you, what Government programs are available as home ownership incentives, what other similar homes are selling for and any thing else you may want to know.

When it comes to anything in life, and in particular when it involves large sums of money and stringent legal requirements, wouldn’t you rather work with someone you know, like and trust?

Call the Erie’s Edge REALTOR® you know to help you draft a blueprint to help you locate your new home, cottage, farm or condo.


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