The Multiple Listing System of Summit County

All Real Estate Brokers in Summit County use a central computerized information system for advertising properties that are currently on the market for sale. This system is called a Multiple Listing System (MLS).

The Summit Association of Realtors owns this system and 99% of practicing brokers are members of the Board. This enables them to have access to the system to view listings (properties for sale) and also to enter new listings into the system. It also enables them to produce historic data for the purpose of compiling Comparative Market Analysis Reports to show how many other properties have sold in a particular subdivision, how much they sold for, average price per square foot, how many other properties are currently on the market in that same subdivision or complex and what price they are listed for. It will also produce statistical data on list price to actual sales price ratios and average days on market reports.

Part of the rules and regulations of the MLS allow all brokers who use the system to share selling commissions. The seller normally pays the commission upon close of the transaction and agrees to in writing before the listing is entered into the system via a document called a Listing Agreement. The listing broker will usually share equally the sales commission with any broker who brings a procuring offer. This allows one particular broker to effectively work for a client and for that client to know that the broker they have selected will show them any and all listings that match their clients criteria, regardless of which real estate company is the listing agent. This produces better service and better sales.