MLS

In depth

The MLS is a private cooperative database controlled by local Realtor associations. Brokers pay membership dues and exchange listing data, typically including offers of buyer-side compensation. Public sites like Zillow, Realtor.com, and Redfin pull data from the MLS. Misconception: the MLS is not a single national system; there are over 600 regional MLSs, each with its own rules and data fields. Practically, FSBO sellers can access the MLS through flat-fee MLS services, paying a one-time fee of $99 to $499 to be listed for 6 to 12 months. MLS listing dramatically increases visibility and is now considered essential for serious FSBO sellers. Recent NAR settlement changes affect how buyer agent compensation is shown on the MLS, with significant implications for FSBO marketing strategy.