A Multiple Listing Service (MLS) is a tool that Realtors use to market—or list—properties for sale. Local Realtor associations throughout the nation have created localized MLS systems where listing brokers (those brokers with properties for sale) post properties for sale and offer to cooperate with other real estate brokers in selling them. Typically, the broker who represents the eventual buyer is compensated via a commission that is shared by the listing broker. The broker that represents the buyer is referred to as a “cooperating broker” because he/she cooperates with the listing broker in the sale of the property.
In recent years, MLS listings have been made available to the public via web sites owned by Realtor associations or individual brokers. This gives the public greater access to information, but it primarily used as a marketing tool to help real estate brokers attract potential buyers.
