What is the primary function of the Multiple Listing Service (MLS) in real estate?

The Multiple Listing Service (MLS) serves as a comprehensive database that allows real estate agents to share information about properties for sale. Its primary function is to facilitate cooperation among real estate agents, which enables them to market properties more effectively and increases the likelihood of transactions. By sharing listings within a network, agents can access a wider audience and collaborate across different agencies, promoting a more efficient market.

While legal representation, financing options, and property tax assessments are critical aspects of real estate transactions, they are not the core functions of the MLS. Legal representation involves working with a lawyer or legal professional, financing comes from banks and lenders, and property taxes are assessed by local government authorities. Through the MLS, agents work together, allowing buyers and sellers to benefit from a broader pool of resources and collaborations that enhance the overall buying and selling experience.