Connecticut Multiple Listing Service (CMLS), is a marketing service in which brokers throughout the State of Connecticut pool all of their listings and incorporate procedures built into the CMLS by-laws for the sharing of commissions.
Sellers of property are required to sign an agreement with the listing agent which gives the specified realtor exclusive agency to sell the property either individually, or in conjunction with other CMLS brokers participating in the service. This system allows all CMLS registered realtors access to a vast marketing pool which simultaneously gives vast exposure to the listed properties, and considerably increases the chances for a property to be sold quickly and profitably.
Potential buyers of Connecticut real estate properties, be it single-family homes, commercial investment property, or undeveloped land will find the largest listings of available inventory to be included in the CLMS services.
Additionally, the National Association of Realtors (NAR), is a party to the CMLS, further increasing the visibility of for sale real estate to all interested party's. Scanning CMLS listings unquestionably shortens the time it takes for a realtor to find the property or properties most suited to a clients purposes.
Appropriately licensed realty agent members of CMLS assess a commission fee for services rendered to the seller of a property that is generally based on 4% to 7% of the selling price, however, CMLS agents are allowed under Connecticut State guidelines to offer a flat fee CMLS service to a potential client as opposed to a commission-based fee if all parties involved are in agreement.
In Connecticut, realtors who are CMLS members are allowed to post photos of a CMLS listing only if these photos are from the agent's own listing or listings belonging to the agent's current office. Real estate offices must be licensed and in good standing with a Board of Realtors. Any additional agents/appraisers with these offices must also be CMLS members and as such are subject to CMLS member fees.
Basically, the CMLS enables sufficient information distribution for both the realty agent and his or her clients, however, MLS systems such as the CMLS system , for example, are actually private entities governed, for the most part, by their own rules, with the exemption of guidelines and regulations imposed by city and/or state governments pertaining to these entities.
Rules of membership, access to and sharing of information are required to conform to the general procedures set forth by the MLS and the National Association of Realtors as well. Undoubtedly, membership in an MLS is a necessity to the practice of real estate brokerage.
Buyers choosing a property from the CMLS, should be aware that a CMLS listing will briefly describe only the property's most salable features, and it is necessary for the prospective buyer to engage the services of a State licensed inspector to evaluate the true and actual condition of said property prior to making an firm offer to the seller.