Editing Multiple listing service (section)

==Purpose and benefits==
The primary purpose of an MLS is to provide a facility to publish a "unilateral offer of compensation" by a listing broker, to other broker participants in that MLS.  In other words, the commission rate that is offered by the listing broker is published within the MLS to other cooperating brokers. This offer of compensation is considered a contractual obligation; however, it can be negotiated at any time between the listing broker and the broker representing the buyer. Many Realtors feel commission is not negotiable after an offer is received, but the National Association of Realtors states it can be negotiated at any time.<ref>{{Cite web|url=https://www.nar.realtor/about-nar/governing-documents/code-of-ethics/code-comprehension-article-16-commissions-are-negotiable|title = Code Comprehension: Article 16 — Commissions Are Negotiable| date=19 November 2019 }}</ref> Since the commission for a transaction as well as the property features are contained in the MLS system, it is in the best interests of the brokers to maintain accurate and timely data.

The additional benefit of MLS systems is that an MLS subscriber may search an MLS and retrieve information about all homes for sale by all participating brokers. MLS systems contain hundreds of fields of information about the features of a property. These fields are determined by real estate professionals who are knowledgeable and experienced in that local marketplace.