Real Estate Information Network, Inc. is the Multiple Listing Service (MLS) for the Hampton Roads region. An information exchange for and between real estate professionals, an MLS is an organization offering services to its licensed members for the purpose of facilitating real estate transactions. As a basic definition, an MLS is an agreement between competitors to share information based on the core principal of cooperation and compensation between members.
As the Hampton Roads area’s MLS, REIN maintains a database that collects and disseminates listing information on properties. The MLS is used by listing brokers to widely share information about properties with other brokers who may represent or know of potential buyers for the property, thereby benefiting both the buying and selling public. Sellers benefit by increased exposure to their property, and buyers benefit because they can obtain information about all MLS-listed properties while working with only one broker.
Real Estate Information Network, Inc. (REIN, Inc.) officially formed in August of 1997. It is the product of a merge of two multiple listing services into one; the former Metro MLS, Inc. which served real estate brokers in the cities of Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk and outlying areas west of Suffolk since 1970, and the Virginia Peninsula Association of REALTORS® MLS which served brokers in Hampton, Newport News, Poquoson and the counties of York and James City. The two MLSs combined their listing databases into one system, and today REIN, Inc. serves real estate brokers from Williamsburg, east to Virginia Beach and south into North Carolina.
An independent MLS owned by broker stockholder members, REIN's customers are the broker member firms and their real estate agents, appraiser members and affiliate businesses. Currently there are approximately 530 member firms, which represent more than 650 offices, 6,200 licensed agents and 150 appraiser members. REIN is governed by a Board of Directors of nine (9) members.
REIN's regional database averages approximately 14,300 active listings for sale at any given time, 2,700 active rental listings.