SCRMLS is a wholly owned subsidiary of SCRAR, and committed to providing reliable, cooperative, credible real estate database of listing and sales information in southwest New Mexico. Contact: 575-538-2665 | email | 1930 Highway 180 E, Silver City, NM 88061
Silver City Regional Multiple Listing Service
What is a Multiple Listing Service (MLS)?
The "source" for real estate listings!
Real Estate Brokers usually belong to one or more MLSs, which are brokerage cooperative organizations. Brokers come together and agree to collaborate in a shared marketplace. The territory of an MLS is self-defined and not limited by city, region or even state borders.
The MLS's brokers share listing information and related data according to a mutually defined set of rules and procedures for cooperation.
MLSs manage the rules for broker compensation through commission sharing, but the MLS has no say in commission rates that are individually set by brokers.
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MLSs are not websites, databases, or REALTOR® associations. While an MLS may have some of these components, its primary role is to ensure compliance with cooperation and compensation rules. The MLS is essential to the operation of pro-consumer, pro-competitive real estate marketplaces that provide broad access to housing opportunities.
In New Mexico all real estate licensees are known as brokers. Qualifying Brokers join the MLS as participants. Their affiliated Associate Brokers join as subscribers. Brokers will often work in multiple marketplaces and become participants in more than one MLS. Subscribers will join the MLSs that the participant is already participating in and that serve their business needs. Subscribers cannot join an MLS without their Qualifying Broker/Participant joining.
Much of a broker’s data is input into MLS systems, which is why appraisers also join the MLS for property valuation data. The MLS serves as the data repository that houses single-broker and multi-broker data sets for the participants to use in their businesses. Though not the only place that brokers source data from, the MLS data set is often the most important.
Brokers’ ability to access MLS data is critical to their success in a modern real estate environment. Brokers employ technology staff or hire outside vendors to manage their MLS data and technology needs. MLS data is used for internal brokerage purposes as well as public display of listings in broker websites and applications.
While MLS participants can display some MLS data publicly to consumers, these participants cannot imply to consumers that their company or website is the MLS. The websites that brokers and agents display only contain a limited portion of the information in the MLS. Confidential client and customer information that also resides in the MLS is not a part of these broker displays.
Participating in an MLS has requirements beyond simply having a brokerage license. A participant must “actively endeavor to list and sell real estate on an ongoing basis.” This condition of participation delineates between a licensed brokerage organization that does not actually transact real estate (sometimes called a paper broker) from one that does.
(sourced in part by: www.reso.org)
"Miraculous" comes to mind if you stop and think about it for a moment. Over a million independent contractors. Tens of thousands of companies. Hundreds of different business models. Competitors, cooperating. To make homeownership happen. That’s the power of MLS."
Real Estate Commission Facts
Most real estate transactions begin in the Multiple Listing Service. A Multiple Listing Service is an organization that is a collective of brokers. It sets down guidelines for cooperative listing sharing and sales. Members agree to work with and compensate other brokers in order to sell their listings.
MLSs are not websites, databases, or REALTOR® associations. While an MLS may have some of these elements, its main function is to ensure compliance with cooperation and compensation rules. The MLS is essential for the operation of real estate markets that are pro-consumer, pro-competitive, and provide broad access to housing options.
The buyer's broker often receives a commission from the seller's broker for locating a ready, willing, and able buyer. Working with an established collective of brokers expands the pool of potential purchasers for sellers and helps them save time and money. For buyers, it allows them to acquire expert representation and saves them money at closing.
The Silver City Regional Multiple Listing Service is among the top reasons that it pays to be a member of the local REALTOR® Family.
The Silver City Regional MLS is a wholly owned subsidiary of the Silver City Regional Association of REALTORS®. SCRMLS was established in 1994 and is governed by a board of directors who are elected annually by the Participant members of the service.
MLSs were originally created by REALTOR® associations to share listings in a pre-digital world. These organizations created digital and internet real estate listing data systems as technology advanced. One of the main business tools offered by associations to their members and subscribers today is the Multiple Listing Service.
Grant and Hidalgo counties are the service area covered by SCRMLS as stated in the bylaws.
Current MLS Benefits
Broad inventory on a single website
Clear rules for consumers and professionals
Transparency in market data and trends
Open competition and housing access
MLS Rules and Regulations
Cooperation - brokers and consumers in the brokerage cooperative
Compensation - between seller's and buyer's broker to complete a sale
Compliance - policies, processes and consequences
Data - distribution, access and proper use of real estate data
Multiple Listing Service and Sellers/Buyers
The Silver City Regional Multiple Listing Service (MLS) is open to licensed real estate brokers and appraisers in New Mexico who are members of the REALTOR® Association. What exactly is an MLS? Simply put, the MLS is a computerized database that contains listings from participating real estate brokers as well as data used by appraisers. Participants receive information on available properties for sale quickly thanks to the MLS system. This powerful combination strengthens the marketing possibilities for sellers and enables MLS participants to better satisfy the housing needs of sellers and buyers.
The MLS and its participants recognize the existence of national, state and local laws concerning discrimination in housing. Discrimination in the sale, rental or leasing of housing in New Mexico based on race, religion, color, national origin, ancestry, sex, disability or families with children is illegal. We, as REALTORS® and participants in the MLS, abide by the letter and spirit of the law.
When you, as a seller, sign an exclusive listing agreement with a participating real estate broker, you are also giving your permission to have your property entered in the MLS, subject to its rules and regulations.
The main benefit to you, the seller, is the increase in exposure your property will receive through the MLS. To insure that both the general public and the brokers are treated fairly, rules and regulations have been established so the information gathered through the MLS is as correct and accurate as possible.
UNDERSTANDING THE LISTING AGREEMENT
In an exclusive right to sell contract, one broker is appointed as the sole agent of the seller and is given the exclusive right to sell the property with an additional authority and obligation on his/her part to distribute the listing to other cooperating brokers in the MLS. The advantage to a seller under this form of listing agreement is that all the participants of the MLS are offering your property to prospective buyers.
The importance of accurate information cannot be overstated. Submitting inaccurate information to the MLS can have ethical and legal consequences for both you and your broker. Prospective buyers rely on this data in making their decision to view and/or purchase your property.
AFTER THE LISTING IS SIGNED
When you list your property for sale, your broker will gather the necessary information to enter the property into the MLS, such as photos, square footage, disclosure statements, tax records, and so on. As required by the MLS rules, your broker enters the necessary information in the MLS database within 48 hours of signing a listing agreement to ensure that your property is exposed as a new listing in the market as soon as possible.
YOUR LISTING WILL BE PUBLISHED AND MARKETED
Once your property's information has been entered into the MLS, it is instantly accessible to all participants who have access to the computer system. This information will remain in the MLS as an active listing until your broker changes it status, it is sold or the listing agreement expires.
When the listing is entered into the MLS your broker will add photos and videos. You should try to make your property as presentable as possible. Close garage doors, move garbage cans, cut the weeds, bring your dog inside, make sure your car isn't blocking the view of your property from the street, and so on. The better your property appears in the photos and videos, the more appealing it will look to the prospective buyers who may decide whether or not to come and see it based on the photos in the MLS.
Your property enters the second phase when an offer has been made. If you choose to continue to accept offers and market your property after an offer has been accepted with contingencies, the listing is changed to "active under contract." Once you have signed a sales contract and do not wish to entertain secondary offers, the status of your property is changed to "pending."
Should it be necessary to take your property off the market during the listing period in the listing agreement, it will go into a "cancelled" status. The information about your property is still in the MLS, but the status will have been changed to indicate it is no longer available for sale.
The final phase takes place when the transaction actually closes and the property is "sold". Your broker will change the status of your property in the MLS to closed within 48-hours of the closing. The information about your property will remain in the MLS as a closed listing.
The importance of having correct and accurate data in the MLS about your property cannot be over-emphasized. The reason is simple: You, the seller, have probably relied on this type of information in determining your own listing price to sell your property as quickly as possible. Other sellers and appraisers also rely on these comparable sales to determine asking prices and market values.
MAKE ALL CHANGES IN WRITING
If you extend the listing, or make any other changes during the listing period concerning your property, be sure they are made in writing and sent to your broker. This will help protect you and your broker avoid confusion or any misunderstanding.
YOUR LISTING WILL BE ONLINE
Listings in the MLS are also uploaded daily to REALTOR.COM, and other websites where the broker participates in the IDX program offered by the MLS. These listings are on the internet to be viewed by the public, unless you note on the listing agreement that you do not want your property disseminated/marketed on any IDX or VOW websites.
PLEASE COOPERATE WITH YOUR BROKER
For these reasons, we ask that you fully cooperate with your broker in providing all necessary information when your property is listed for sale.