Real estate is typically bought and sold through a qualified real house agent or directly by the owner. The vast majority is bought and sold through real estate agents. (We use “agent” and “broker” to relate to the same professional. ) Due to the fact their real estate experience and knowledge and, at least historically, their exclusive access to a database of active properties for sale. Access to this database of property entries provided the most effective way to look for properties.
Typically the database of residential, land, and smaller income producing properties (including some commercial properties) is often referred to as a multiple list service (MLS). In most cases, only properties listed by member real estate agents can be added to an MLS. The primary objective of an MLS is to allow the associate real estate meetmyagent to make offers of compensation to other member agents if they find a buyer for a property.
This purposes did not include enabling the immediate publishing of the LOCAL MLS information to people; times change. Today, most MLS information is directly accessible to the public on the internet in many different types.
Commercial property listings are also displayed online but aggregated commercial property information much more elusive. Larger MLSs often operate a commercial information exchange (CIE). The CIE is just like an LOCAL MLS but the agents adding the listings to the database are not needed to offer any specific form of compensation to the other members. Compensation is negotiated outside the CIE.
Within most cases, for-sale-by-owner properties cannot be directly added to an MLS and CIE, which are typically taken care of by REALTOR associations. Typically the lack of a maintained centralized database can make these properties more difficult to locate. Traditionally, these properties are found by driving around or looking for advertisings in the local newspaper’s real house listings. A more effective way to locate for-sale-by-owner properties is to research for a for-sale-by-owner Internet site in the geographic area.
What is a REALTOR? Sometimes the conditions real estate agent and REALTOR are being used interchangeably; nevertheless , they are not the same. A REALTOR is a qualified real estate agent who is also a member of the NATIONAL ASSOCIATION OF REALTORS. REALTORS are required to comply with a strict code of ethics and conduct.
MLS and CIE property listing information was historically only available in hard copy, and as we mentioned, only directly available to real estate professionals members of an LOCAL MLS or CIE. About five years ago, this valuable property information started to drip out to the World wide web. This trickle is now a flood!
One reason is that almost all of the 1 million or so REALTORS have Web sites, and the majority of those Web sites have varying amounts of the local LOCAL MLS or CIE property information displayed on them. One more reason is that there are many non-real house agent Internet sites that also offer real estate information, including, for-sale-by-owner sites, foreclosure sites, regional and international listing sites, County assessor sites, and valuation and market information sites. The flood of real estate information to the Web definitely makes the information more accessible but also more confusing and subject to misunderstanding and misuse.