As a real estate agent, one of the most powerful tools at our disposal is the Multiple Listing Service, commonly referred to as the MLS. The MLS is essentially a subscription-based service that real estate agents use to share information about properties for sale. By pooling resources, agents can provide their clients with comprehensive listings that include vital details about each property, such as price, square footage, and amenities.

The primary purpose of the MLS is to facilitate cooperation among real estate professionals. When a property is listed, it becomes accessible to all the agents subscribed to that particular service, increasing the chances of finding potential buyers quickly. This cooperative approach not only maximizes exposure for sellers but also simplifies the home search process for buyers, who can view numerous listings in one central location rather than having to browse multiple websites.

Additionally, the data within the MLS is typically more accurate and up-to-date compared to public listing sites, as it is managed by professionals who ensure that the information is current and reliable. Overall, the MLS plays a crucial role in the real estate market, streamlining transactions and promoting transparency for both agents and consumers. Understanding its function and benefits can empower buyers and sellers as they navigate their real estate journeys.

MLS Feeds

The MLS then feeds thousands of other websites, including ArlingtonCondo.com, through IDX (Internet Data Exchange) feeds and RETS (Real Estate Transaction Standards). There are a number of IDX providers (just google 'IDX providers') that provide feeds for Realtors. ArlingtonCondo.com uses ShowcaseIDX for listings and the feed is updated every few minutes.

How Accurate is the Data?

The information is very accurate but it is not 100%. Each listing is entered by an individual agent (or their assistant). Some of the data is imported from tax records, but a lot of the listing data is manually entered. For some of this information, agents rely on what is provided by the seller.

What data might be incorrect?

• Building name - Sometimes the neighborhood name is entered rather than the building name. There is the legal name and the commonly used name, like 'Century South' which is the legal name of the 'Brittany'. There can also be a longer name but the shorter name is used such as the 'Residences at Liberty Center' that is often referred to as 'Liberty Center'.
• Condo Fees - These should always be verified in the condo docs. Sellers often have their condo fee payment on automatic debit and are relying on memory when they tell their agent what the fee is.
• Bedrooms - Some agents will count a den as a bedroom thinking that it improves the value.
• Taxes - The tax info is usually automatically imported. Where it can be incorrect is when it is not current and still showing last year's numbers.

Supplemental Sites

There are few sites that get a feed from the MLS plus have listings entered directly by a seller. These are often For Sale By Owner (FSBO) listings and are a fraction of the overall listings. An example of a supplemental site would be Zillow, which receives a feed from the MLS but also allows consumers to add their own listings.

BrightMLS

There are over 500 different MLS' throughout the US. Some are rather small and others very large. The largest MLS in the country is the California Regional Multiple Listing Service, which covers a large portion of Southern California. A close second, is BrightMLS.

Bright MLS is a regional MLS that serves the Mid-Atlantic region, which includes Delaware, Maryland, Washington, D.C., and parts of New Jersey, Pennsylvania, Virginia, and West Virginia. The service area covers 40,000 square miles and serves over 20 million consumers.

The History

The history of the Multiple Listing Service (MLS) dates back to the late 1800s when real estate agents began collaborating to share listings and improve their competitiveness. The concept emerged in response to the need for a structured way to share property information among agents, ensuring that buyers had access to a wider range of options. The first recognized MLS was established in 1907 in New York City, allowing brokers to share detailed property information through a book or pamphlet.

As the real estate market evolved, so did the MLS, transitioning from print to digital platforms over the years. By the 1960s, the advent of computers started to revolutionize the way listings were stored and shared, leading to the creation of automated systems. Today, the MLS plays a critical role in real estate transactions, providing a comprehensive database that facilitates efficiency and transparency for brokers, agents, and buyers alike. Its continual development reflects the ongoing changes within the real estate industry, adapting to technological advancements and evolving market dynamics.