What is MLS?
MLS stands for “multiple listing service” and it is the tool for listing and browsing properties for sale.
You’ve probably heard the name tossed out more than once, even if you’ve never taken part in a serious real estate transactions. Here we’ll talk about some of the finer points of the eponymous system and how our agents use it to help you find your dream home.
MLS is firstly a platform with no centred worldwide ownership. It exists in different forms from country to country, but its purpose is generally always the same: a system to connect listing brokers with buying brokers. The Canadian Real Estate Association (CREA) has trademarked the term “Realtor®” and MLS for Canadian use. The Toronto Regional Real Estate Board (TRREB, formerly TREB) have their own MLS system, which is what your local broker here in the GTA likely uses.
TRREB
Regional hubs, like that of TRREB, provide a platform for brokers to publish GTA listings in a standardized form, which includes a huge amount of detail about the given property, instructions for interested buyers, and commission information for the brokerages involved. The uniform way of organizing information makes it easy for trained Realtors® to quickly review listings and determine if they are right for their buyer.
Real Estate Listings
MLS listings include a ton of information on each given listing, and every one of those points of information is searchable through the platform. Everything from common items like number of rooms, price, and square footage, to more specific inquiries like the style of balcony, occupancy date, utilities included, exposure, etc, is easily searchable. An experienced Realtor® knows which questions to ask to narrow their search with laser-like focus on the exact right property for you.
Access to regional MLS listing hubs are highly regulated and requires payment for the service, and for membership of the regional governing body. Due to the high bar for entry, you can have confidence that both listing brokerages and buying brokerages know what they are doing. MLS property listings are also monitored for rule-breaking requests and any deceptive content.
Due to its strict rules, properties for sale by their owners (FSBO) are not allowed on MLS as their transactions don’t include a listing brokerage to put it into the system. They also do not let 100% of the available listing details to be open to the public, in part because some of the information is highly sensitive to the clients who have their properties up for sale.
Real Estate Tools
Realtor.ca is Canada’s public access into the MLS system. However, its search tools are incredibly limited, and certain important status elements are left out. Check out our blog on Realtor.ca for more information on the platform. While it is an excellent tool for casual browsing and getting an idea of what’s out there, we strongly recommend connecting with a brokerage to gain access to superior and more up-to-date information, especially in a real estate market that moves as fast as Toronto – there’s a good chance that house you have your eye in is already sold!
MLS Toronto also offers portals to a number of tools to help brokers out even further. When a broker enters into a working relationship with a buyer, they can sign them up for TRREB’s “Collab” system, which allows clients to create fairly detailed searches for home listings and rental listings and request email updates when new MLS properties come on the market.
Realtors® are also able to use MLS to access another layer of the real estate market: the public record. Through platforms like GeoWarehouse, brokers are able to check the legal status of any property on the market, to make sure everything is on the up-and-up before placing an offer.
Lastly, our regional MLS system provides an amazing and comprehensive platform for preparing the extensive contracts that go into every real estate transaction. Through access to this complimentary system, they are able to quickly and accurately prepare documents and process digital signings without the need for running around town to collect signatures or putting a strain on their printers.
Finding The Perfect Home with MLS
With the many complexities of the modern real estate market, working with a Realtor® is always the superior option. It’s our job, after all, to perform these types of searches and transactions daily. If you’re looking for an MLS listing pro to find you exactly what you’re looking for, give us a call today.
MLS is a collaborative marvel designed to connect buyers, sellers, brokers and agencies in one smooth and convenient platform. Have any questions about MLS property searches, Toronto real estate brokers, or finding a Realtor®? Envision Realty is headed by Salar Taba and is a Toronto brokerage in Leslieville specializing in helping you sort through Toronto MLS listings to find your dream home!
We hope this blog helped you understand the platform and process of the multiple listing system!