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What is MLS?
Toronto
Real Estate Board’s MLS System is the largest in North America and
probably the largest in the world. From the time a house is listed by the
agent, a photo of the house and all its details are at sales offices
across the city in 24 hours.
Within minutes or less than an hour, details about the house are accessible by all agents through the internet using Toronto MLS system. And those real estate offices and agents equipped with computers can get information about the new listing. Listings are accessed by over 20,000 real estate salespeople and brokers in Toronto. And that means you are far more likely to get a better price from your house.
Homesellers benefit because it gives their house wide exposure – that’s why in a hot market the owner of a good property will end up getting multiple competing offers. In a quiet market, it ensures that the greatest number of people know the house is for sale and then chances of finding a buyer are that much higher.
Buyers also benefit. Instead of cruising streets and watching for houses for sale and knocking on doors to inspect them, the MLS systems enables their agents to give them details and show them photos of all the houses for sale.
Another form of selling your home is by exclusive listing. Listing exclusively maybe all right as long as the seller realizes that by doing so he is not exposing his house as widely as possible to the market. As a result the seller may not get the best price. Selling privately, apart from the lack of exposure, can also mean technical difficulties in the sale in which the seller is usually not equipped to handle. Another factor is that buyers of homes being sold privately know the seller is saving on real estate commission so tend to make their offers lower.
MLS system works very efficiently. You have better chance of selling your house at a higher price when it’s on the MLS system.
Multiple Listing
Service and your REALTOR
Like other professionals, a REALTOR is as good as the information at his
or her disposal.
The Multiple Listing Service is a co-operative system used by REALTOR
Members of Canada’s real estate boards. It is different than the
consumer website www.mls.ca, which
offers a brief description of most properties listed on MLS systems.
The Toronto Real Estate Board’s Multiple Listing Service provides an
ongoing inventory of available properties and other related information.
With training, experience and access to this database, a REALTOR can
provide invaluable assistance in buying or selling your next resale
home.
For sellers, a REALTOR can use the system to determine a fair listing
price by performing a comparative market analysis. This analysis focuses
on the geographical location of your property and describes it as
accurately as possible. The database can then be searched to reveal
comparable sold, active and expired properties, retrieving information
such as sold price, list price and average time on the market to help
determine a range of fair listing prices. For buyers, a REALTOR can
match your very specific needs to all properties listed.
Your REALTOR can create a profile outlining your desired price range,
location and specific details like the number of bathrooms, bedrooms and
fireplaces. For buyers who are geographically focused, your REALTOR can
even search all active listings on a particular street and retrieve all
relevant information including property description, a photograph, and
assessed value. The system updates nightly, listing all potential
properties that meet your particular needs and automatically emailing
them to you. In helping you to determine an offer, your REALTOR can also
search specific properties’ historical data such as previous selling
prices.
As well, the MLS allows REALTORS to monitor monthly sold statistics to
ensure property prices reflect current market conditions. Whether you
are a buyer or a seller, the MLS system supports your REALTOR in helping
you make informed decisions that lead to successful transactions.
How long can you list your property?
MLS system requires only minimum
60 days listing period. Depending on your property type, this listing agreement can be more than 60 days. The listing period are specified by the realtor on the MLS agreement. It is important that you keep the listing period shorter. With longer listing period and time comes that you are not satisfied with the agent's performance and services, the listing agreement cannot be cancelled unless the listing agent and the listing broker agree to cancel it. Always ask and read what you are signing for. You could be signing for 6 months or one year. Ask the agent why you are signing for longer period. Remember, this is a legal document.
Q:
What is the difference between the Multiple Listing Service (MLS) and
the consumer website MLS.ca?
A: The Multiple Listing Service is a cooperative system used only
by REALTOR Members of Canada's real estate boards. It is accessible to
any REALTOR Member who has agreed to represent your interests and share
remuneration from the transaction with a cooperating REALTOR Member. The
MLS contains detailed information and numerous search tools, all
designed to match people with the properties that fit their exact
requirements. MLS.ca is a website operated by the Canadian Real Estate
Association (CREA) that displays an abbreviated version of most listings
uploaded to the MLS system.
Questions
& Answers
What is a "Lockbox"?
A lockbox is a universal metal container for your house key that
is hung on the front door and can only be opened by a special
key or combination by licensed Sales Representatives. It
provides access when the owner is away, thus assuring full
exposure to prospective buyers.
Do certain geographical areas have unique home selling
requirements?
Yes. Home selling requirements vary from area to area. Ask your
listing Sales Representative to investigate special taxes or
other requirements applicable to the area in which you live.
Thinking Of Selling Your Home?
Contact Zeny Maninang for Free Market Evaluation
By Email:
zeny@selhomestoronto.com
Call: (905) 889-2200
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