MLS - MULTIPLE LISTING SERVICE IN REAL ESTATE PHILIPPINES EXPLAINED

What is Multiple Listing Service?

Multiple Listing Service is an arrangement where a single property owner allows to sell the property by any Broker / Agent in the country using a secure platform that protects everyone’s privacy. The listing provider agreed to the terms and conditions of the platform. Using platform features like CRM Broker / Agent handles the entire sales process from start to finish which includes marketing, open houses to auction even the negotiation with the potential buyers.

MLS (Multiple Listing Service) is a database-driven platform where Banks, developers, and individuals provide their data about the property for sale or rent, which is what we call the B2B model, where the listing provider to Broker/agent acts like B2B and then Broker/agent to buyer and renter is B2C. The primary goal of the MLS is connecting thousands of brokers/agent and their buyers. Listing is shared to the entire network fast come first serve will be recorded by the system.

RE/PHIL MLS will bring a dynamic approach to meet the Philippines stakeholder which includes individuals, banks, real estate developers, etc. It might be different from the international definition of MLS the but goal is to help the entire industry to grow fast with the expanded network. RE/PHIL will provide a white-level listing classified to each Broker/agent with MLS function and feature to bring evolutionary digital transformation in the industry.

KEY TAKEAWAYS

• MLS (multiple listing service) is a database established by cooperating real estate listing providers in the Philippines aiming for property sale or rent.

• MLS (multiple listing service) process and features allow brokers/agents to see one another’s listings of properties for sale or rent to connect homebuyers to sellers and landlords to renters.

• MLS (multiple listing service) helps real estate Brokers/Agents connect by consolidating and sharing information while sharing commissions.

How a Multiple Listing Service (MLS) Works with RE/PHIL?

There is a lot of misconception about MLS in the Philippines. Many of us are still not familiar with does it work. Many of us think it’s not healthy or safe to have MLS in the Philippines. As well as we heard the regulatory board and mindset of the different real estate group is still learning and adjusting to the idea of MLS.

RE/PHIL is the first company that will introduce MLS with B2B and B2C business models in the country. We will take this journey to explain how it works for the Philippines.

We build a platform called www.rephil.app where we are inviting listing providers to join and upload their listings with all information needed. During uploading the listing, we are asking you to agree with allowing the listing to sell or rent by our broker network are verified broker in the country. We are also asking what percentage of the commission will be given to the Brokers/Agents.

RE/PHIL is also inviting aspiring Brokers/Agents who want to join our platform, once they join and subscribe to the platform all of the get www.own_website.com a website for real estate classifieds as well as a very powerful dashboard to manage the entire operation of the website in terms of listing adding [ unlimited ], CRM, PMS and website information. Now they can choose or display the listing they want to focus on selling or renting using our dashboard which comes from a different listing provider in the country that is already MLS.

Note: The listing supplier pays subscription fees to the platform as well as Brokers/Agents. Brokers/Agents also pay a commission for each successful transaction to the platform.

Commission and Incentives

The best practice in Multiple Listing Services is not just one Broker / Agent will handle the property selling rather it will involve all channels of the platform which include all real estate classified websites owned by the Broker/agent will be able to collect leads and communicate. All Brokers/agents will be able to market the property and close the deal quickly. The broker/agent shares the commission with the platform provider and referral network. Commission and incentives will be provided by the listing provider.

Benefits Of Multiple Listing Services Especially using RE/PHIL

The no. 1 benefit of MLS is exposure, just imagine if the RE/PHIL has 5000 Brokers/Agents in the platform, all listings will expose to 5000 different domains in the country. Distribution of the data will be safe and protected and fast.

The no. 2 benefit of MLS is brokers/agents' network exposure. Each broker in the platform will have personal-level leads and prospects which will be a great opportunity to find a real buyer quickly.

The no. 3 benefit of listing provider network will be wide and reliable using the platform, which saves time and money in every step of connecting individuals in the country.

The no. 4 benefit is the buyer will able to find the right property with the right value with trained Brokers/Agents using the MLS platform.

Why Multiple Listing Services Are Needed in the Philippines?

Digital transformation is key to any growing economy and the Philippines is not an exception to it. We have found a great shortage of PropTech in the country. There will be a lot of learning and educating the entire industry, but MLS is needed for the Philippines.

Do I Need a Real Estate License to Access a Multiple Listing Service?

In the Philippines, we have implemented a guideline that only licensed brokers can join the platform. But the good news is that licensed brokers can add unlimited agents under him to the platform. So therefore, we will be strict in approving each broker seller in the platform.