 Toronto Real Estate Board's MLS System is the largest in North America and probably the largest in the world. From the time a house is listed by the agent, a photo of the house and all its details are at sales offices across the city in 24 hours.
Within minutes or less than an hour, details about the house are accessible by all agents through the internet using Toronto MLS system. And those real estate offices and agents equipped with computers can get information about the new listing. Listings are accessed by over 50,000 brokers and real estate salespeople and brokers in Toronto. And that means you are far more likely to get a better price from your house.
Homesellers benefit because it gives their house wide exposure – that's why in a hot market the owner of a good property will end up getting multiple competing offers. In a quiet market, it ensures that the greatest number of people know the house is for sale and then chances of finding a buyer are that much higher.
Buyers also benefit. Instead of cruising streets and watching for houses for sale and knocking on doors to inspect them, the MLS systems enables their agents to give them details and show them photos of all the houses for sale.
Another form of selling your home is by exclusive listing. Listing exclusively maybe all right as long as the seller realizes that by doing so he is not exposing his house as widely as possible to the market. As a result the seller may not get the best price. Selling privately, apart from the lack of exposure, can also mean technical difficulties in the sale in which the seller is usually not equipped to handle. Another factor is that buyers of homes being sold privately know the seller is saving on real estate commission so tend to make their offers lower.
MLS system works very efficiently. You have better chance of selling your house at a higher price when it's on the MLS system.
Another form of selling your home is by exclusive listing. Listing exclusively maybe all right as long as the seller realizes that by doing so he is not exposing his house as widely as possible to the market. As a result the seller may not get the best price. Selling privately, apart from the lack of exposure, can also mean technical difficulties in the sale in which the seller is usually not equipped to handle. Another factor is that buyers of homes being sold privately know the seller is saving on real estate commission so tend to make their offers lower.
MLS system works very efficiently. You have better chance of selling your house at a higher price when it's on the MLS system.
Frequent Questions and Answers:
How long can you list your property?
MLS system requires only minimum 60 days listing period. Depending on your property type, this listing agreement can be more than 60 days. The listing period are specified by the realtor on the MLS agreement. It is important that you keep the listing period shorter. With longer listing period and time comes that you are not satisfied with the agent's performance and services, the listing agreement cannot be cancelled unless the listing agent and the listing broker agree to cancel it. Always ask and read what you are signing for. You could be signing for 6 months or one year. Ask the agent why you are signing for longer period. Remember, this is a legal document.
Q: What is the difference between the Multiple Listing Service (MLS) and the consumer website MLS.ca?
A: The Multiple Listing Service is a cooperative system used only by REALTOR Members of Canada's real estate boards. It is accessible to any REALTOR Member who has agreed to represent your interests and share remuneration from the transaction with a cooperating REALTOR Member. The MLS contains detailed information and numerous search tools, all designed to match people with the properties that fit their exact requirements. MLS.ca is a website operated by the Canadian Real Estate Association (CREA) that displays an abbreviated version of most listings uploaded to the MLS system.
Q: What is a "Lockbox"?
A: A lockbox is a universal metal container for your house key that is hung on the front door and can only be opened by a special key or combination by licensed Sales Representatives. It provides access when the owner is away, thus assuring full exposure to prospective buyers.
Q: Do certain geographical areas have unique home selling requirements?
A: Yes. Home selling requirements vary from area to area. Ask your listing Sales Representative to investigate special taxes or other requirements applicable to the area in which you live.
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