For most home buyers the term "MLS" is synonymous with homes for sale. And most of the time, that's exactly what an MLS provides, but not always. A complete understanding of the term "MLS" can help buyers search more effectively for homes, and help prevent uncertainty down the road.
In the context of real estate, MLS usually stands for "Multiple Listings Service". An MLS can provide a system for real estate agents to share information on properties for sale, and market them more effectively. Buyers may also have access to parts of MLS, and the ability to search it for homes and properties that meet their needs. In today's world of online real estate, where more than 80 per cent of buyers check the Internet first when searching for a home, a service like an MLS is very valuable tool because it allows property to be marketed efficiently under a brand that everyone recognizes.
However, the popularity of the term "MLS" has also created a bit of confusion in the real estate industry. Because real estate is something many of us think about every day, people may sometimes forget that MLS can and in some cases does mean other things besides homes for sale. In the sports world, the term is trademarked in America by Major League Soccer and its many professional teams. That trademark doesn't prevent real estate agents from using the term because soccer teams and homes for sale are vastly different, and trademark legislators realize it - consumers don't have much chance of getting confused here, although service providers sometimes do. The confusion begins when we come back to real estate and see that nobody in this industry holds trademark on MLS, yet everyone uses it, sometimes for slightly different purposes. The largest real estate group using the term MLS are Realtors affiliated with the National Association of Realtors. They offer "MLS" as a property search tool (standing for "multiple listings service") where agents share information, and buyers can search homes for sale - this is the classic use of the term most of us have come to recognize, so it could be argued that Realtors have largely defined MLS. But since Realtors don't own the term anyone in the industry can market their services with MLS, and not necessarily provide access to homes for sale. Non-Realtors have an equally valid claim on the term, and regularly use it to market their services. But buyers accessing a non-Realtor owned "MLS" will find something slightly different than on a Realtor-owned "MLS" where homes for sale are always offered.
Many successful buyers see that "MLS" almost always leads them to homes for sale, but that it's just one of several terms real estate agents and Realtors use to market property. Other popular terms buyers should search include "homes for sale", "real estate" and "listings". With a more well-rounded approach buyers will access a wider selection, and be more likely to find the home of their dreams.
