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Chicago Real Estate Offices Compete in Energy Cost Disclosure Brokerage Challenge
March 9, 2015Posted by on
LISLE, ILLINOIS (March 9, 2015) – The City of Chicago and Elevate Energy are partnering with Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), to offer the first-ever Chicago Energy eCompliance Brokerage Challenge. The Challenge will recognize brokerages in Chicago that adopt MRED’s Energy Cost Disclosure (ECD) tool and automate their listing process by preparing an energy cost disclosure report online, with up-to-the-moment data. As part of the Challenge, brokerages that complete a checklist will be publically recognized in an Earth Day press release.
In 2013, the City of Chicago became the first municipality in the United States to disclose residential energy costs (gas and electric) directly to an MLS when a single family or 2-4 unit home was listed for sale. Listing agents in Chicago can now provide buyer agents and home purchasers online access to an energy cost disclosure (ECD) report for a property which fulfills the requirement of a City of Chicago ordinance – without printing a single sheet of paper.
The Chicago Energy eCompliance Brokerage Challenge is an engaging and easy way for brokerages to institutionalize usage of the ECD tool, complying with the ordinance and securing their place as leaders in using this latest technology. A preliminary analysis also shows that Chicago single family real estate listings that disclosed energy costs spent less time on the market and had a higher closing rate.
The Chicago Energy eCompliance Brokerage Challenge asks brokerages to complete a checklist of three tasks:
- Management commitment to require ECD usage by their brokers on Chicago property listings.
- Office staff member oversees training activities on the ECD tool.
- Using ECD fields provided by MRED becomes part of the brokerage’s listing process.
To participate, brokerages should complete the three above tasks and return a completed form to email@example.com by March 23, 2015 to ensure recognition. All brokerages that do so will be included in an Earth Day announcement on April 22, 2015. Join early adopters of the challenge, like Baird & Warner, as well as the Century 21 Affiliated office in Hyde Park.
The Energy Cost Disclosure tool is a private, secure system in partnership with ComEd and People’s Gas, delivering instant, paperless energy usage data through connectMLS, on any device. The tool removes the need to fax or wait for data for home listings, utilizing an easy and convenient capability in the “Utilities & Energy Efficient Features” section of the MLS.
At the time this press release was issued, the Chicago Energy eCompliance Brokerage Challenge was sent to nearly 5,000 individuals, including owners and managers of the Chicago Association of Realtors offices, the Mainstreet Organization of Realtors, North Shore – Barrington Association of Realtors, and Oak Park Area Association of Realtors. All brokerages that have listings in Chicago are encouraged to participate.
About Elevate Energy
Elevate Energy’s mission is to deliver smarter energy use for all. Elevate designs and implements efficiency programs that lower costs, protect the environment, and ensure the benefits of energy efficiency reach those who need them most. For more information, please visit http://www.elevateenergy.org.
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for four consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.