If you’re planning to buy or sell real estate in Calgary, chances are it will happen with the help of the MLS®. But what exactly is the MLS and what are all its advantages? Keep reading and you’ll find out.
What is the MLS®
The MLS® (or Multiple Listing Service) is a database of homes for sale in Calgary (and across Canada), and a powerful, cooperative marketing system that helps the public buy and sell real estate. Owned and operated by licensed REALTORS®, the MLS® allows agents to share property information with each other, and access crucial market data, while allowing the public to search for homes based on their specific needs and preferences.
Who Created the MLS®?
Real estate professionals are a very competitive bunch. But at the same time, they have to cooperate with each other in order to help their clients buy and sell property. That unique concept of cooperating while competing led to the real estate profession creating the MLS®. Local real estate boards across Canada (such as CREB), operate and manage it.
Licensed real estate agents pay an annual fee to subscribe to the system. To participate on the MLS®, REALTORS must also meet strict licensing requirements and professional development criteria, while also adhering to a high standard of conduct as dictated by the Real Estate Act as administered by RECA (Real Estate Council of Alberta).
Accurate Property Information
Through the MLS®, Calgary REALTORS® and their clients have access to the most accurate property listings information. As all real estate professionals in Calgary are bound by stringent rules and regulations for listing properties, including timeliness, property information accuracy, measurement standards, accurate photo information and more, you can be sure that your listing will be accurate and up-to-date.
Exposure
Of course, the primary raison d’etre for the MLS® is to advertise your property. Getting your property in front of as many eyes as possible is essential to selling it. The MLS® has over 100 million monthly visitors across Canada, including real estate agents, home buyers, sellers, and landlords. Most importantly, these visitors are looking for homes they can actually buy or sell—which means they're ready to take action when they see your listing (incidentally, with all this exposure, it’s important to ensure you work with a REALTOR that will present your property in the best possible light).
Access to Technology
As technology has advanced over the years, many features have been added to the MLS® and its public facing website www.realtor.ca. This includes the REALTOR.ca app, as well as integrations with some very handy third party PropTech solutions. From managing showing requests, and creating comparative market analyses to developing contracts, and accessing title and tax data, the MLS® is part of an eco-system of sophisticated tech to help the home buying and selling process run smoothly.
Critical Market Data
With all the property and transactional data coursing through the MLS®, little wonder that it is a veritable smorgasbord of statistical information. Used by real estate agents, real estate boards and economists alike, the MLS® offers a myriad of important data points to help make sense of the real estate market at both micro and macro levels. These include inventory levels, days on market, benchmark pricing and much, much more. This statistical information is absolutely critical when making what is most likely the largest purchasing decision most of us will make in our lives.
Bottom Line
The MLS® is a valuable tool for home buyers and sellers. It's easy to use, has thousands of listings at your fingertips and can be accessed from anywhere in the world with an internet connection. If you're not sure how much your home is worth or how to market it properly using this robust tool, reach out today!
