Multiple Listing Service (MLS) is a printed or electronic database of properties for sale that is compiled by cooperating with real estate brokers. MLS® is a registered trademark owned by the Canadian Real Estate Association (CREA). The MLS allows brokers to see properties listed by one another and in turn helps find sellers or buyers for their clients. It can be imagined as a marketplace for properties.
The concept of MLS® is based on mutual understanding between real estate agents to help each other sell their inventories. There are multiple MLS® systems available to real estate agents and brokers, which they can access by paying a fee.
In most cases, while the public is also able to view the listed properties for free, the private information about the seller is however kept hidden for safety.
Using an MLS® system, one can find details of properties such as location, address, size, age and other finer details. It helps real estate agents and buyers look up ‘for sale’ properties and compare them. At the same time, sellers can get information about the pricing of properties comparable to theirs.