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If you’ve ever tried to buy or sell a property, you surely would have heard of MLSWorking as realtor from Toronto, most of my work is somehow connected to MLS. Wanna know why? Read on.

The basis of MLS

Multiply Listing Service or System is like a big warehouse for all the property for sale in one region. This database helps to connect two realtors, one representing the seller, the other representing the buyer.The database holds all the released information about the property for sale (its age, size, state, upgrades, etc.), about the locality (like services) and about the owner (address, acceptable payment options and more), as well as photos or virtual tour.

But don’t be mistaken - it’s not just like any listing you see daily on various real estate websites.MLS cannot be access fully by the public. Realtors created it, are maintaining it and only they have the right to access it fully.The information on the available property on various real estate blogs are not complete. You might get an idea about the property, but will always have to contact the realtor for more information in the end.

Shortly on the history

MLS was created some 50 years ago as listing sheets or cards, publishing all the property for sale in the region. It was usually updated twice a month.Real bound MLS books followed soon after.Only realtors paying the membership fees were entitled to the information in the system.The 70s brought the 3rd generation: the database was finally computerized and accessible through dumb terminals and phone lines.The use of PCs and Internet was the next logical step forward. So far last upgrade happened in the 90s and the system stabilized on web-based regional databases of today.

MLS 5.0

Some realtors aren’t happy with the current system and would like to upgraded once again.Mainly in the USA some realtors feel that the current system is no longer enough and needs similar upgrade to MLS 5.0 just like the internet recently underwent the upgrade to ‘web 2.0′.The new version should provide information on all the properties nationwide, not just those currently on the market (parcel based) and should be to some degree accessible also for customers, vendors and developers.No such system is currently being prepared in Canada.

So why should you be interested in MLS, being a customer?

Right now about 75% of all property is sold through the MLS or with its help.For you as a seller MLS is the ultimate tool to expose your property - you will never get as much exposure without it.For buyers it has a value as well: without MLS they would hardly get (through their broker) the complete information they need.Therefore when choosing your realtor, always make sure that they are part of the local board of realtors and have access to the MLS in the region you intend to buy the property.