While searching for a Fort Lauderdale luxury home, you’ve most likely come across the term “MLS”. Maybe it’s because there are over 800 different MLS providers in the U.S. But the question remains, what is an MLS?
MLS or Multiple Listing Service essentially has two components. First, it is a private offer of cooperation and compensation by listing brokers to other real estate brokers with potential buyers. Think of it as a virtual handshake between real estate professionals. Second, it is an online repository of data on properties for sale. Data includes information like the number of bedrooms, square footage and the amount of compensation available. Simply put, it is an efficient and effective way for agents with homes for sale to share information with other agents who may have potential buyers.
There was a time before the MLS when brokers would meet regularly to share information about their listings. During these meetings, brokers would agree to compensate their counterparts for help with selling a listing. Surprisingly, there are still countries without an MLS, thus making the act of buying and selling homes arduous.
Today, MLSs are private databases created, maintained and paid for by real estate professionals. While an actual MLS can only be accessed by a licensed real estate professional, often these professionals make a version of the MLS available to the public free of charge. Data not included in the public version includes information that could endanger a seller’s safety or privacy, such as contact information and if the home is vacant.
Often clients become frustrated with real estate advertising websites, thinking they are providing information from an MLS. In many cases these “advertisers” do not have access to the MLS. Instead, they rely on information that is syndicated from other sources. The result is a lot of erroneous information about properties that may or may not be for sale.
If you’re looking for a Fort Lauderdale luxury home, you probably already know that LuxuryLivingFortLauderdale.com is updated every 15 minutes with listing information from the two largest MLS boards in the area – Miami MLS and Greater Fort Lauderdale MLS. That means you not only have access to all the properties for sale in the area, you also have the most up-to-date information available. Of course if you have questions about a property, we are only a phone call or email away!