MLS stands for “Multiple Listing Service,” which is a computerized database of virtually all the homes that are for sale in a specific area.

When a Realtor "lists" a property for sale, they pay a fee to list that home in the MLS system. The big advantage to sellers is that the MLS is the No. 1 resource used by buyers (through their agents) to locate homes. Realtors use the MLS systems on a daily basis usually as their only source of real estate availability and past sale data. Properties that are not listed (usually those being sold by their owners) are not in the MLS, thus there are many buyers and agents who will not be exposed to those homes.

The MLS is instrumental to the sale of real estate. No serious broker would think of trying to sell real estate without it. It is like a business listing in the yellow pages. They have a far better chance of being found when a potential customer is looking for their product if they are listed in the yellow pages. A business trying to succeed with only a sign in front and an occasional newspaper ad will not produce the same results. About the only residential brokers who might not use the MLS are those who exclusively handle foreclosed properties or high-end homes owned by celebrities and the like.

The MLS provides a surprising amount of detail, and includes the address; size of the lot; number of bedrooms and bathrooms; extra rooms such as a den, family room, formal dining room, or enclosed patio; amenities such as a fireplace, hot tub, pool, kitchen features, new carpet and drapes; capacity of garage; age of home; all room sizes; real estate taxes; and, of course, the asking price and terms. In addition to the homes currently available, it also contains sales history as well. A home that sold in 1996 is easily found in the MLS. The listing will include the same technical information as the available homes plus the sale date, sale price, and days on market information too.

Buyers can narrow their house-hunting searches dramatically by using the MLS. For instance, their agent can do a computer search and ask for a listing of all homes within a certain location and price range that have three or more bedrooms. Not only will this request generate a condensed list of viable possibilities, it also helps buyers gauge, roughly, what they can expect to get for their money, and to compare the values of the homes listed.

Thus, the MLS is more than a system that lists properties. It’s an aid to both buyers and sellers, and is a definite asset to consumers when it comes to real estate.

Northwest suburban Realtors have for many years, used the MAP Multiple Listing Service which stands for Mt. Prospect-Arlington Hts.-Palatine. Until 6 or 7 years ago, it was the only MLS in the northwest suburbs. Then 5 Boards of Realtors from around the greater Chicago area replaced their individual "Board-run" MLS's with the "regional" system we now have called MLSNI (Multiple Listing Service of Northern Illinois). They also incorporated our northwest suburban area as well, but because the northwest suburban Realtors used the privately owned MAP MLS, MLSNI became our 2nd MLS system. MLSNI now includes 14 Boards of Realtors consisting of over 4,000 real estate offices, and over 25,000 Realtor subscribers.

A tremendous added exposure opportunity arose when MLSNI was created. Your home's information can now be available to literally thousands of additional Realtors by listing your home in MLSNI as well as MAP (although a Realtor from Kankakee is not likely to travel to Mount Prospect to show a home, many Chicago, northshore, western suburban, etc. Realtors will). A problem for sellers arises when they hire a Realtor that does not use both MAP and MLSNI. Since neither system dominates the northwest suburban area, your Mount Prospect home should be in both systems to receive maximum market exposure. If you hire a Realtor, be sure that your home will appear in both systems.

The Internet: Today, both MAP and MLSNI properties are available on the Internet through sites like Realtor.com, Chicago.Tribune.com/homes/, Cyberhomes.com, and Homeadvisor.com to name a few. However, the amount of information available on the Internet is only a fraction of what is actually listed in the Realtor's MLS systems. Most of the on-line listings do not even include addresses.

The Internet is bound to change the way people buy and sell real estate. The long-standing MLS system may be one of the pieces of the process that changes. It is too early to know for sure. One thing about the Internet is already clear: The changes ahead of us will put more information and power in the hands of consumers.