The Importance of Being MLS

I meet so many sellers that feel that signing a Multi List Service (MLS) contract when listing their property is somehow restrictive. This is mainly due to the lack of understanding of the MLS service, and therefore communication by those in the real estate business. The crux of the matter lies with exclusivity.

In the United Kingdom and many other countries, exclusivity has a very different meaning. In those markets, an exclusive contract means that the listing agent is the only party that may present an offer from a buyer to the seller. If an agent receives a buyer that is interested in a property listed by a different agency, that agent must step back and refer them to the listing agency without receiving any commission.

In Mexico and the US, the MLS operates are far more open system. Any member of the MLS can accept any buyer’s agent to show and make an offer for their listing. While a seller can choose only one broker when listing on the service, it is not exclusive to that agent. In fact, it is the exact opposite. Once listed, every agency has access to the property as if it was their own listing. Indeed, listing agencies actively market their listings to other brokers, with a view to using their network to find buyers.

Finally, and the most important point, if you are a seller and are not on the MLS, your property will not be seen by either the broking community or the public.

Lawrence Taylor

Managing Partner, LUXURY BEACH