Receiving the best offer when selling commercial property typically requires a listing to be highly visible and marketed to the right group of potential purchasers.
That’s where the Multiple Listing Service (MLS) – a database of properties for sale or lease – gives sellers a competitive advantage. It also gives real estate professionals another tool to find the right property for their clients. Only Realtors can post listings on the MLS System, which means sellers get the added benefit of working with experienced professionals.
Here’s a quick rundown of several other benefits of the MLS System:
1. Professional services
The Ottawa Real Estate Board manages the MLS System for Ottawa, Renfrew, Cornwall, and Rideau-St. Lawrence and only Realtor members of those boards can post listings. The first step for sellers is to find a listing broker who will post the details of the property, including square footage and amenities. The broker will be in charge of selling your property.
2. 'Exponential' reach
OREB is one of the two largest real estate boards in Ontario outside of the Greater Toronto Area and has more than 3,000 registered brokers and salespeople. This means your listing will be seen by a massive pool of real estate professionals and their clients.
“The marketing reach is exponential – every Realtor has a large network,” says Geoffrey Godding, vice-president and sales representative at Decathlon Commercial Realty Corp.
3. Market analysis
For real estate professionals, the MLS System is also a market analysis tool. OREB uses software to verify each listing to keep information accurate. Besides comparing prices and square footage, OREB members also use the MLS System for preparing appraisals and checking property valuation.
“The MLS System is a great source for comparable products, viable spaces and access to legally vetted documents,” says Michael Lewicki, a real estate broker at Keller Williams Integrity Realty. “That gives my clients piece of mind.”
4. Marketing beyond Ottawa
An abbreviated version of MLS listings are also posted on CREA’s realtor.ca website, which had 264 million visitors in 2018 and 5.3 billion views. Working with an OREB member helps to reach potential buyers from across Canada and all over the world.
Realtor.ca is one of the top two most viewed real estate websites in Canada. According to SimilarWeb, a company that tracks web traffic, realtor.ca is also one of the top 25 real estate websites in the world.
“You’ll have your property in front of one of the largest pools of real estate professionals on a daily basis,” says Lewicki.
What is a commercial realtor?
“Realtor” is not a job description. It is a trademark of the Canadian Real Estate Association and stands for service, competence and high ethical practice. OREB’s commercial members who have met those high standards are eligible to become members of OREB’s Commercial Services Network.
Commercial Realtors provide professional services including:
- Far-reaching marketing services through their exclusive access to the MLS System
- Access to listings of thousands of other Realtors through their exclusive MLS System access
- Professional advice based on knowledge, experience, and education
- Tenant and landlord representation
- Advice on real estate investment purchases
- Competent service based on extensive market knowledge