They agreed to compensate other brokers who helped sell those properties, and the first MLS was born, based on a fundamental principle that’s unique to organized real estate: Help me sell my inventory and I’ll help you sell yours. The primary purpose is to provide a facility to publish a “unilateral offer of compensation” by a listing broker, to other broker participants in that MLS.
In other words, the commission rate that is offered by the listing broker is published within the the database to other cooperating brokers. This offer of compensation is considered a contractual obligation, however it can be negotiated between the listing broker and the broker representing the buyer. Since the commission for a transaction as well as the property features are contained in the system, it is in the best interests of the broker participants (and thereby the public) to maintain accurate and timely data.
The additional benefit of MLS systems is that subscribers may search and retrieve information about all homes for sale by all participating brokers. MLS systems contain hundreds of fields of information about the features of a property. These fields are determined by real estate professionals who are knowledgeable and experienced in that local marketplace, whereas public real estate websites contain only a small subset of property data.
For More Information Click Here.
Address : 2563 N Toledo Blade Blvd #3 North Port, FL 34289
Phone : +1 941-979-1215