You'll likely encounter the term MLS, which stands for Multiple Listing Service. But what exactly is it? Even though the real estate industry is highly competitive, the business is unique in such a way that competitors need to cooperate with each other to ensure a successful transaction. And the MLS is just that tool to facilitate the cooperation.
A Multiple Listing Service, or MLS, is a database of all properties currently for sale in a particular geographic region, while it's usually referred to as the MLS, making it look like one large national database. The MLS is actually a network of local databases for areas around the country, meaning there isn't one single overreaching MLS. Each MLS is created, maintained and paid for by participating real estate professionals in their local area. It's where brokers and their agents share their listings, upload pictures and detailed information about each property, and update them on a regular basis with the goal of connecting homebuyers to sellers. Brokers and real estate agents pay dues or a membership fee for access to each MLS.
