The MRIS MLS System
What is a Multiple Listing Service (MLS)?
An MLS is a shared, computerized database containing all of the listings of properties offered for sale by participating real estate brokerages in a given geographical area. It is a business-to-business forum created to enable real estate professionals to publish and distribute information relating to properties they list for sale, and to research and present property-related information to their clients seeking to buy real estate.
In addition to the descriptive information provided by each listing broker, an MLS collects and makes all of the available background on a given property - tax records, amenities, price, selling and listing contacts, photos and maps - available to all of it's customers. An MLS is responsible for keeping the information timely and accurate, and for providing an environment for sharing this information among its subscribers. In addition, as a business operating in the highly competitive and fast-moving real estate environment, the MLS also is responsible for providing value-added features that helps it's customers market their listings.
Cooperation is key to the success of an MLS. Licensed brokers and agents agree to cooperate in sharing their information with one another as an integral component of their participating in an MLS. When brokers and agents cooperate, consumers benefit. When real estate practitioners share their listings with one another, they are able to gain massive exposure for that property through the MLS. The consumers trying to buy or sell property benefit from the practitioners' cooperation by accessing the listings of the various participating professionals - giving them more choices and more exposure. Knowing that listings originate with licensed brokers provides a degree of accountability for the substance and accuracy of the listing, since the legal and professional rules governing the real estate professional's business, as well as the MLS rules and regulations, apply to each real estate professional listing properties on the MLS.