Chapter 3: In This Chapter Broker-to-Broker Cooperative MLS Mechanics Who Owns the MLS? Benefits for Brokers, Buyers, and Sellers MLS Participation Commercial Information Exchanges and CommercialSource Page 46
MLS: Broker-to-Broker Cooperative Foundation of efficient market Cooperation among competitors Brokers: Share listings Extend unilateral blanket offer of compensation Page 46
MLS Mechanics Web-based systems Listing data aggregated into standardized format Core MLS services Basic MLS services Optional MLS services Page 46-48
Who Owns the MLS? Almost 900 MLSs nationwide Owned and operated by local associations Jointly owned by several associations to create regional MLS Several MLSs in area exchange data Real estate professionals can access each MLS There is no nationwide MLS Page 48
HAR MLS Advanced Search Source: HOUSTON ASSOCIATION OF REALTORS ® Page 49-52
Benefits for Real Estate Professionals Access to listings Exposure for listings Blanket offer of compensation Showings Searches Standardized data MLS rules Fast dissemination of data All participants, large and small, access same data REALTOR.com ® and its global scope Data for CMAs and appraisals Page 53
Benefits for Buyers and Sellers Buyers Access to listings Property search before meeting with agent Agent can show any listing Agent can search based on buyer’s parameters Property comparisons Supplemental information Taxes School ratings Neighborhood facilities Sellers Market-wide exposure Blanket offer of compensation encourages agents to show property Data on comparable sales helps: Set price Evaluate offers Page 53-54
MLS Participation Mandatory listing service Voluntary listing service NAR bylaws prohibit compulsory participation and listing submission Page 54-55
CIEs and CommercialSource Commercial Information Exchanges (CIEs) Local associations Private companies CIEs publish property listings, but no blanket offer of compensation CommercialSource, an NAR service Page 56