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In the old days of real estate, each broker had
their own listings and you had to deal with that broker if you wanted to buy
their listing. Then agents got the bright idea that if they shared their
listings, they could waste less time and make more money. In Cumberland County,
early days of cooperative brokerage meant making up scrap books of newspaper ads
for houses and driving around to other offices to pick up keys. It evolved into
a system of books published every other week and lock boxes on front doors with
keys inside and combinations that could be given over the phone.
Now the
Multiple Listing Service is an
internet based database containing thousands of listings in Cumberland and
surrounding counties.
In order to join the area's
Multiple Listing Service one must be a licensed real estate broker or salesman
and work for a company which is a member of a Board of Realtors. Members have
access to the database of properties for sale and other services offered by
MLS.
Through rules of membership in
MLS and rules governing the conduct of Realtors (members of the National
Association of Realtors), a system has been established which gives members the
ability to show and sell the listings of every other member of the service. The
listing broker signs an agreement with the property seller, which defines the
total commission that the seller will pay at the close of the sale. The listing
broker then offers a part of that commission to the broker that works with the
buyer. Rules of the service require members to place all residential property
listed with the service, unless the seller requests otherwise.
Multiple listing is generally
considered to be a good thing for sellers, buyers and agents. The seller
benefits by having their property exposed to a wider range of customers than one
agency could reach. Buyers benefit by being able to see all the available listed
properties through one agent, rather than having to contact all the different
companies in town. And agents benefit by being able to sell a larger inventory
of properties than one agency would have available. |