Changes To The MLS System

Towards the late 1800s, the MLS (Multiple Listing Service) System was born. The CREA (Canadian Real Estate Association) and the NAR (National Association of Realtors) were the original creators of the MLS System, and to this day only their members may make use of it. Basically, the MLS is a giant list of properties that is sent from one broker to the balance of those affiliated with the NAR or the CREA. In return, the other brokers help the lister sell the property by giving it more publicity, and get a commission for their work. The changes to marketing and advertising has created somewhat of a disagreement between the NAR and the CREA. Both sides appear to agree that there needs to be adjustments from within the system if they are to compete in this new market.

The internet is now a valuable tool to home sellers and property buyers. This strips out the need for the larger publicity that the MLS System offers, as the real estate is presented to several potential buyers over the internet for almost no extra cost although many buyers browsing for Mississauga homes could still look for Mississauga MLS listings in Google. With this new technology, the MLS System has to reinvent itself to stay competitive and the NRA and the CREA have been convening to discuss possible amendments. The MLS System is not without its own positive traits, however, as it still proves to be very effective. When you put your real estate in the hands of one the MLS brokers, you can rest assured that your home will sell for what it is worth. However, the incredible amount of information available on the internet is creating a far more educated home seller market.

The NAR and CREA seem to be of the opinion that the MLS must be opened up to more than just members of CREA and the NAR. Property sellers often have to do some leg work to find an MLS agent, and opening up the MLS to more real estate agents will cause less hassle for the seller, which will translate in more clients for the MLS realtor pool. Members of the MLS System are aware that the real estate market is shifting, and that they are going to need to accept smaller fees for their services. In order for these agents to continue assisting each other make money, they are going to have to keep the MLS alive.

The main concern with the MLS System is that its members charge surplus fees to sellers for its services. In many cases, these services have little to do with the MLS listing. Ultimately the public became aware of this, and this only stopped them for hiring MLS realtors to sell their properties due to the unwarranted costs. This increased pressure has caused the CREA to face many critics, and now change seems to be unavoidable. Consumer choices within the MLS System have become the forefront of changes amongst others. Clients will be allowed to choose exactly which services they require from the MLS System, which will cut costs and not allow MLS members to charge unwarranted fees.

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