MRED Blog
REinventing MLS
Offers of compensation on net: MRED policy update information
MRED is implementing changes to its offers of compensation on net policy. Beginning May 10, the below rule will go into effect:
“Net”: As a percentage of the net sale price in the initial contract, reduced thereafter only by an agreed reduction in the amount to be paid by the buyer due to a subsequent appraisal. The net sale price is defined as the gross sale price minus amounts to be credited or paid to the buyer, as reflected in the initial sales contract.
The change was made in response to subscriber feedback seeking clarity in situations where an appraisal comes in at a lower price than that which is stated in the initial sales contract.
Click here for more details on this policy change.
Have comments on the policy? Email us at policychange@mredllc.com.
Median sales price posts weekly, annual jump
MRED’s marketplace saw a strong rebound in residential median sales price this week. That metric during the second week of November was $280,000, a 3.7% increase on a week-over-week and year-over-year basis as well as the largest single-week total in six weeks.
Median sales price streak comes to an end
The residential median sales price in MRED’s marketplace dipped 3% week-over-over during the first week of November. That decrease led to no change in median sales price on a year-over-year basis. The last time there was no annual increase was June of 2020.
New listings continue end-of-year decline
The final week of October saw 4,527 residential listings added in MRED’s marketplace. That total was a 2% week-over-week decline and a 12% annual dip. It also marked the lowest single-week total since mid February.
Recent MRED upgrades: Private listings, electronic earnest money and more!
MRED values feedback! Every subscriber can help improve the MLS for all. We’ve used input from real estate professionals just like you to make search and listing input work better for you, as well as Private listing updates and and the introduction of electronic earnest money.
Private listings
Private listings are now a more seamless part of your daily workflow. MRED rolled out several updates to Private listings to enhance how you can handle private listings in the MLS:
Easily share private listings with your clients through connectMLS.
- MRED subscribers will no longer have to manually screenshot, PDF and then email private listings to share with clients. Private listings designated as shareable will be able to be sent to clients directly through connectMLS.
Use added private listing statuses, including active and contingent.
- This update will create better transparency regarding where a listing is in the transaction process.
Search all listings at once, including private listings.
- You’ll save time searching by being able to browse private listings in the same searches as all other active listings.
Electronic earnest money
Click on the “Send Electronic Earnest Money” link under Additional Info on an active listing to get started. No need to log in or sign up!
If your Broker or Title Company is not on the list of registered Trust Accounts, encourage them to sign up at this link so you can easily route earnest money to their account.
You’ll love electronic earnest money because:
- It’s more secure than a paper check.
- It’s simple and convenient for you and your buyer.
- You don’t have to spend time and money driving around to pick up checks.
- You can see the real-time status of every payment request.
Click here to get started in three easy steps
Click here to sign up for a live demo, 9 a.m., Wednesday, May 26
iHomefinder IDX Products Webinar for MRED Subscribers
Date: Thursday, November 3
Time: 11:00 – 11:45 AM CDT
Are you looking for ways to accelerate your growth? Look no further than iHomefinder IDX products!
iHomefinder is the preferred IDX product provider for MRED, offering IDX products that have helped fuel the success of thousands of agents and brokers for more than 20 years.
As an MRED subscriber, you have access to iHomefinder IDX products with special pricing through the MRED products store.
This webinar, hosted by iHomefinder product specialists, is your chance to learn about all the powerful benefits iHomefinder IDX brings to your business, including:
- Attracting more new prospects
- Converting site visitors into active leads
- Engaging your leads with automation
- Building more repeat business
- Working more efficiently
You’ll also get tips you can put to work right away and a chance to ask questions in an interactive Q&A session.
Account Options
No matter where you are in your real estate career, there’s an iHomefinder IDX product built for you. You’ll learn about the options for adding an account to your own website or getting a ready-to-use real estate website with iHomefinder IDX built-in.
Save your spot today!
Questions? Contact iHomefinder at sales@ihomefinder.com or 866-700-8855 x2.
Nearly 3,000 open houses hosted in MRED’s marketplace
MRED’s marketplace saw 2,997 residential open houses last week. That total was an 8% week-over-week increase. It was also the second-largest weekly open house total of the last three months.
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