Local real estate brokers share information about properties they have listed so that other brokers can find buyers for them. That cooperative database is the multiple listing service, or MLS. It is the central marketplace for most residential sales.

Members enter listing data, photos, and status updates. Other members can search the system, show the properties, and submit offers. Commission offers to cooperating brokers are typically stated in the MLS. Rules govern accuracy, timing of status changes, and access.

Public-facing websites draw much of their data from MLS feeds. The MLS remains a broker-centric system even as consumer access to information has expanded. Accurate, timely MLS data keeps the market transparent and efficient for participants.

• Shared database of property listings among brokers
• Facilitates cooperation and compensation
• Governed by local association rules
• Primary source for residential market inventory