A multiple listing service (MLS) is the standard system used by real estate brokers throughout developed countries to facilitate real estate buying and selling for their clients. Investors, retirees, or buyers searching for properties in Costa Rica via the web encounter multiple websites claiming to be an MLS. While many companies and even real estate associations in Costa Rica represent themselves to provide an MLS, the fact is, there is no true MLS in Costa Rica. So, how can it be? How can someone represent themselves to be an MLS, when they are not? What really makes a true Costa Rica real estate MLS?
Let’s start with the generally accepted definition of a MLS. Investopedia.com defines an MLS to be “A service provided by a group of real estate brokers. They band together to create a Multiple Listing Service that allows each of them to list each other’s houses. Under this arrangement, the listing broker and the selling broker split the commission for each sale.” Continue reading