What Is MLS Listing and What Are the Rules

mls listings vancouver

MLS listing is one of the most popular things in the Real estate industry and it helps you to get your property selected to be a part of the property selling process.

So what exactly is MLS listing?

A multiple listing service (MLS, also multiple listing systems or multiple listings service) is a suite of services that real estate brokers use to establish contractual offers of compensation (among brokers) and accumulate and disseminate information to enable appraisals. A multiple listing service’s database and software is used by real estate brokers in real estate representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to work with a seller’s broker in finding a buyer for the property or asset. The listing data stored in a multiple listing service’s database is the proprietary information of the broker who has obtained a listing agreement with a property’s seller.

However, there are a lot of rules and regulations involved in the MLS listing process in Vancouver and here they are –

1.    The listing procedure – When it comes to the listing procedure, there are a few types involved for the same. they are –

a.    Single family homes which are up for sale or exchange.
b.    Vacant lots and acreage which are up for sale and exchange.
c.    Buildings that are two-family, three-family or four-family which are up for sale.
d.    Residential lot listings should be vacant sites without an existing dwelling. Exceptions may include sites having an existing obsolete dwelling that makes no additional contribution to the total market value of the property and likely will be razed by a buyer. Sites that include a structure which has been condemned by a government entity shall be listed in Class 3, Lots.
e.    The multifamily properties which are not more than 12 units.
f.    Homes and acreage which are residential in nature.
g.    Residential leases.

2.    You need to make sure that no listing form filed with the Multiple Listing Service establishes, directly or indirectly, any contractual relationship between the Multiple Listing Service and the client

3.    The listing agreement include different kinds of other agreements and those are –

a.    Exclusive right to sell.
b.    Exclusive agency.
c.    Open.
d.    Net.

There are a lot of other rules and regulations for the MLS listings; but here we have put just the most important ones. The MLS listing is very important for the right selling cost of your property.

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