What is a MLS?
A multiple listing service (MLS®) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS® allows brokers to see one another’s listings of properties for sale with the goal of connecting homebuyers to sellers. Under this arrangement, both the listing and selling brokers benefit by consolidating and sharing information and by sharing commissions. The Victoria Real Estate Board (VREB) has their own version of an MLS® called "Matrix".
Why use MLS® (Matrix)?
In the digital age, buyers can browse through countless real estate and brokerage websites. In spite of this increased exposure, the need for an MLS® persists. This is because over 90% of homes for sale in Canada are posted on MLS®. If a buyer works with a broker who belongs to an MLS®, then the broker can quickly and conveniently search all of the properties for sale by participating agents. In most cases, the MLS® listing also contains private contact information and details about showing times. Without this consolidating service, the broker would need to look through several different websites, each for individual brokers, to find available properties in the area.