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What is the MLS? |
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MLS stands for
Multiple Listing Service, which is a database/system into which many real estate brokers pool their listings and establish policies and procedures for cooperation and compensation. These listings also serve as “inventory” from which they use to sell from
(hence, the reason you would like your home to be on it). Only dues
paying members have access to, and are able to place your home on these databases. Once on the MLS, your home will also appear on the highly trafficked website:
Realtor.com, and can be found from other sites like AOL.com and MSN.com. Metro Detroit MLS Systems: Realcomp & MiRealSource Realcomp and MiRealSource are the two MLS systems that serve Metro Detroit and surrounding areas. Realtors may belong to one or the other, or both. Listing Types: 1. Exclusive Right to Sell (ERTS): Simply stated, these are where the Realtor does all the work including showing, scheduling, negotiating, paperwork, etc. 2. Exclusive Agency (EA) or Limited Service (LS): These are where you may pay an upfront fee to get on the MLS, and then the listing agents’ involvement in the rest of the transaction can be somewhat limited. In these listing types, the seller retains the right to sell "by owner" without paying commission. a) “All Listing Types” are displayed by default for realtors using the MiRealSource MLS system when searching for listings. b) No default listing type exists using the Realcomp MLS system when searching for listings. Agents must select one or more, or all listing types when searching listings. c) Currently, only ERTS listings go to moveinmichigan.com; Realcomp’s public website. Flat Fee plans are not ERTS. d) Currently, only ERTS listings are included in IDX/datasharing, where listings are made available for display on other Realtor’s websites. Flat Fee plans are not ERTS. |
