The Multiple Listing Service (#MLS) is a platform used by #realestate agents and brokers in America and Europe to share information about properties #forsale. On one hand, sellers benefit by an increased exposure to their property. And buyers, on the other hand, have access to the largest pool of properties for sale in the marketplace, all the while working with only just one #broker.
In #Colombia, the MLS – Multiple Listing Systems do exist via La Lonja, which is the regional governing body of all professional brokers of #Antioquia. La Lonja also serves as MLS software providers, giving it access to realtors and brokers who not only belong to these Real Estate committee, but who also pay membership dues to access their local MLS database.
Today, more than 60 brokerage firms and #realtors share information on properties they have listed, cooperating each other in their sale in exchange for compensation if any of the ones involved produce the buyer.There are over 4.000 properties #listed in the system and every single one of them have up-to-date and owner-approved information.
The latter cannot be stressed enough, as Colombian’s merciless market has certain individuals that are anything but professionals when it comes down to Real Estate Consulting. Unlicensed “realtors”, people selling overpriced properties or presenting fake documents to force money scams are the order of the day. Prevent this from happening to you by asking your realtor if he/she belongs to a brokerage firm that is part of this governing body called #LaLonja.
La Lonja has a Regulatory compliance that provides its members with regulations, laws, and other instruments to deliver a better customer service, both before and after closing a deal. No La Lonja, means no regulatory body and, therefore, no regulations to protect you as an investor. Thus, a broker-controlled MLS system must be your primary marketplace.
With a spike in the number of #buyers from overseas, the MLS system provides the most professional and safe system of work available in Antioquia. Though it may not be as well known as its American counterparts, its essence and principles remain.
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