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Towards the late 1800s, the MLS (Multiple Listing Service) System was created. The CREA (Canadian Real Estate Association) and the NAR (National Association of Realtors) were the original creators of the MLS System, and to this day only their members can make use of it. In fact, the MLS is a giant list of properties that is sent from one broker to the balance of those involved with the NAR or the CREA. With their joint efforts, the property sells much quicker, and those involved receive a commission. The changes to marketing and advertising has created somewhat of a disagreement between the NAR and the CREA. Both sides appear to agree that there needs to be adjustments from within the system if they are to compete in this new market.
Many home sellers and buyers can now locate and sell homes through the internet. The internet enables the seller to post their real estate and have it viewed by buyers who are looking for real estate at no extra cost to them but there are also many purchasers who may be searching for homes in Mississauga and go to search engines and look up the phrase Mississauga MLS listings. With this new resource, the MLS System has to reinvent itself to stay competitive and the NRA and the CREA have been convening to discuss possible amendments. The MLS System is not without its own positive traits, however, as it still proves to be very effective. Brokers have client bases and know how to negotiate with potential buyers, and it would be best to put your real estate in their hands rather than your own. The internet is causing the home seller and buyer to become much more educated when it comes to negotiating a contract, and this is causing the real estate market to require less MLS agents.
The NAR and CREA seem to be of the opinion that the MLS must be opened up to more than just members of CREA and the NAR. Home sellers often have to do research to find an MLS realtor, and opening up the MLS to more real estate agents will cause less hassle for the seller, which will translate in more clients for the MLS realtor pool. The MLS members are aware that in order maintain the MLS and its benefits, they are going to have to share the wealth. If the MLS was to become nonexistent, then the real estate agents involved would end up losing a source of income.
The main issue with the MLS System is that its members charge surplus fees to vendors for its services. In many cases, these services have little to do with the MLS listing. When this became known to the public, many were outraged by the NAR and the CREA charging fees that were extra to what was required for just the listing. This added pressure has caused the CREA to face many critics, and now change seems to be unavoidable. Consumer options within the MLS System have become the forefront of changes amongst others. The realtors are to explain what services are to be performed, and are to propose reasonable fees for those services.
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