MLS stands for Multiple Listing Service. It’s a live, online database of homes for sale in the United States that is compiled by local real estate agents. Think of it like a giant property warehouse. When property is available for sale, it goes into the warehouse. When the property is sold, it gets removed from the warehouse.
The MLS actually got its start in the late 1800s, when real estate brokers gathered at the offices of their local associations to share information about the properties they were trying to sell. These brokers agreed to compensate each other, any time one of them helped to sell a property to another broker – and thus, the first MLS was born!
Today, there are hundreds of MLS organizations doing business all across the country. For example, My Florida Regional MLS (MFRMLS) is the largest MLS in the state, and one of the largest in the country. People sometimes refer to it as the Florida MLS or the Orlando MLS, since it focuses on real estate listings in Central Florida. The Orlando MLS is the easiest and most advanced way to search for real estate properties for sale, such as vacation homes, in the greater Orlando area.
The MLS is a powerful force for competition. It levels the playing field so that even the smallest real estate brokerage in town can compete with large, national firms. Home buyers and sellers can work with the real estate agent of their choice. And they can be confident that they have access to the most comprehensive listing of properties for sale in the U.S.
How does the MLS work?
A listing broker enters the data about a home for sale into the MLS. That listing then becomes instantly available to all licensed real estate agents to sell. When a broker finds a buyer for the listing, that agent will then share the commission for the sale with the listing broker.
How the MLS benefits home sellers
The Florida MLS is great for sellers because it expands the home seller’s sales force. The property is exposed to a larger pool of prospective home buyers, which usually creates more demand. When there is high demand for a listing, the seller can get a better price and a quicker sale for their property.
How the MLS benefits home buyers
Home buyers benefit because you get information about all MLS-listed properties while working with just one broker. Real estate agents normally include the following information in an MLS listing:
- Property Address
- Number of Bedrooms and Baths
- Pools and Spas
- Square Footage
The Team Donovan website gives you access, from anywhere in the world, to all the Orlando properties for sale on the MFRMLS. If you’re looking for a vacation home, second home or investment property in the Orlando area, CLICK HERE to begin your search.