What is the main purpose of a Multiple Listing Service (MLS)?

The main purpose of a Multiple Listing Service (MLS) is to provide a centralized database for real estate agents to share property listings. This system allows agents to access a broad range of property information, making it easier to match buyers with available properties. The MLS is essential for facilitating cooperation among real estate professionals, as it enables them to list properties and see what is available in the market, enhancing market exposure for sellers and providing a comprehensive resource for buyers.

In contrast, advertising properties for sale through social media focuses on marketing rather than the collaboration and data-sharing aspect that the MLS provides. Managing mortgage applications and evaluating property taxes are tasks that fall under different areas of real estate and finance, and they are not the primary function of an MLS. The essence of the MLS is its role in promoting information sharing among agents, which ultimately benefits buyers and sellers in the real estate market.