Explaining abbreviations, slang

Just like any other industry, business, hobby, etc. we use acronyms, abbreviations and slang to discuss aspects specific to those industries, businesses and hobbies.

We assume, which we should not do, that everyone understands what we are talking about. So, during my year as president of the Warren Area Board of Realtors, I will try to share what some of these acronyms and abbreviations mean.

The most common abbreviation, I am guessing, is the letters MLS. MLS, the Multiple Listing Service, is very important to sellers in marketing their real estate.

Multiple Listing Service is the unilateral offering of compensation and exchange of listing information to buyer’s agents. The “MLS” was created to make a seller’s home open to other real estate salespeople and their clients, whom they represent, from other brokerages. Prospective buyer clients interested in a seller’s home listed with another brokerage can retain their relationship with their respective salesperson while the seller retains representation through their listing brokerage and the listing brokerage’s respective salesperson.

Our current regional “MLS” has approximately 12,000 real estate salesperson and brokerage subscribers. The service reviews the listing inventory for accuracy to ensure the information that feeds from the multiple listing service to websites, the public and other real estate related affiliations is as accurate as possible.

The key to this system is the “sharing” aspect. Brokerages share their listing information with other brokerages and other brokerages share their listing information with them. Cooperative in nature, the MLS is an important part of marketing your home or in buying your new home.

This is not a free service. Your real estate salesperson and his / her respective brokerages pay for this essential service. Hopefully this helped, and make sure you look at our featured future weekly articles for explanations on other terms, etc.

Just remember, to quote Dorothy from the “Wizard of Oz,” there is no place like home.

Marlin Palich is the 2019 president of the Warren Area Board of Realtors.

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