MLS Information
An MLS (Multiple Listing Service) provides a platform where authorized listing brokers can make unilateral offers of cooperation and compensation to other authorized Members. Within the MLS, property listings are intended to be used for informational purposes to inform other members, who will then inform their clients and customers. It is an information exchange for and between professionals by which information is accumulated and disseminated to enable authorized participants to prepare appraisals and other valuations of real property; and by which participants engaging in real estate appraisal contribute to common databases.
Sellers benefit from an MLS through increased exposure to their property. Buyers benefit because they can obtain information about all MLS-listed properties while working with only one broker.
With the MLS in place, buyers and sellers can work with the professional of their choice, confident they have access to the largest pool of properties for sale in the marketplace.
To ensure continued status as a member board and coverage under the master professional liability insurance program, East Tennessee REALTORS strictly conforms its governing documents to the mandatory MLS rules established by the Board of Directors of the National Association of REALTORS® (NAR).
In addition to facilitating efficiencies in a real estate transaction, an MLS is an agreement among competitors to share information under certain conditions. Foremost among those conditions is the blanket, unilateral offer of compensation. Other conditions have evolved into the rules and regulations that govern the accepted uses of property listing details contributed by a broker such as data integrity and respectful behavior towards fellow brokers and agents.
If you are interested in MLS training, please contact Jared Hencke regarding scheduling a training session.
The East Tennessee REALTORS MLS partnered with the Greater Chattanooga* and TN/VA* MLSs to data share through flexMLS. Feedback from East Tennessee REALTORS MLS Participants and Subscribers has been very positive.
As a reminder the data share allows the associations’ Participants and Subscribers to view listings in the participating MLSs without the cost of subscribing, potentially saving hundreds of dollars in application and MLS fees. This allows Participants and Subscribers to better serve
clients interested in the other participating markets.
It’s important to keep in mind that data sharing provides ONLY the ability to view MLS data and listings.
All MLS users are reminded that the respective MLS Rules and Policies continue to apply for each MLS to which you choose to subscribe.
*The Greater Chattanooga MLS service area includes Hamilton and Sequatchie counties in TN and Catoosa, Dade and Walker counties in GA.
*The TN/VA Regional MLS is jointly owned by the Northeast TN and Bristol TN/VA associations. Together, their service area includes Carter, Greene, Hawkins Johnson, Sullivan, Unicoi, and Washington counties in TN and Lee, Scott, and Wise counties in VA.
MLS Rules and Policies
In addition to MLS rules and regulations, MLS policies are established from time to time by the Multiple Listing Committee and ratified by the Board of Directors for the purpose of establishing the legitimate uses of MLS Information and to create a uniform and consistent outcome of information. The policies and procedures are based on what is best for the members. Policies and procedures are dynamic, as they attempt to keep up with changing laws and a changing work environment.