The MLS or the Multiple Listing Service is one of the most important information tools available to Realtors and Real Estate Boards through-out Canada. Here the MLS Vancouver Service is the cornerstone of the Vancouver Real Estate Board.
Sometimes you will hear that the general public would like access to the MLS Service so that they can list their properties directly themselves and have access to the many Realtors on MLS Service. The problem with that is CREA – which stands for the Canadian Real Estate Association maintains and regulates the highest standard and quality of information related to the multiple listing services for its Realtors across Canada.
CREA –Which regulates the Multiple Listing Service, and how it gathers and records information such as when a property was listed, when the property sold, the date of the sale, the amount the property sold for, how many days the property was on the market, who listed the property, which brokerage sold the property and the name of the sales and listing agents involved in the sale. It is imperative that this information is kept and recorded for years. This allows Realtors the most up to date information so that the buyer and seller can make proper decisions on their listing and selling price.
Without this vital information, the buyer and the seller would be left in a guessing game. This could have tremendous repercussions for the seller; he/she may list their property thousands of dollars under the going price. Also the buyer maybe paying thousands of dollars over the going price for the same property.
If the Multiple Listing Service was open to the public, the seller or buyer would not record this valuable information and send it to the Real Estate Boards, no one would know what a property sold for, the date the property was sold, how many days the property was on the market, which real estate company and which agent sold the property, who the listing agent is etc. Without this vital information the Multiple Listing Service would quickly degrade into a service no one would be able to use. The MLS Service finds the most up to date information for the sellers and buyers to make proper decisions for buying and selling their properties. By keeping and maintaining this high standard of quality CREA – Canadian Real Estate Association ensures that the Multiple Listing Service will be available source of information for years to come.
TRG The Residential Group