A multiple listing service, more commonly known by the acronym MLS, is a system that holds all the property listing information for a given area. There are various regional MLS systems across the U.S., and service offerings are expanding into several foreign countries.
Multiple Listing Service and real estate agents
The MLS is a critical resource for real estate agents. The MLS is used as a tool to find properties for clients to purchase, and it is the main place where clients can market properties for sale. In addition, most MLS systems can produce sales data. Real estate agents typically create comparative market analyses, or CMAs, for sellers using data from the local MLS.
Multiple Listing Service and appraisers
Appraisers also use the MLS gather information on comparative property sales. Appraisers generally perform a highly detailed analysis of the information when estimating their property value.