The median residential sales price in MRED’s marketplace fell 5% week-over-week during the third week of January. The $265,000 median price still bested 2021’s total by 9%.
MRED has updated its rule on the display of offers of compensation, effective immediately. Here are answers to commonly asked questions about the policy.
What is MRED’s rule on display of offers of compensation on IDX sites?
As approved by MRED’s Board of managers, the rule is:
SECTION 32.19: Display of Fields
Listings displayed pursuant to IDX shall contain only those fields of data designated by MRED. Display of confidential fields intended only for other Member Participants (e.g., showing instructions, property security information, etc.) is prohibited. The Cooperative Compensation fields may be publicly advertised.
Why is this change being made?
MRED’s Board of Managers sees this change as a way to provide additional transparency for consumers who receive information on websites which use MRED IDX feeds. The National Association of REALTORS® has changed its rules to expressly permit REALTORS® to display offers of compensation on their IDX sites, and to require that NAR-affiliated MLSs to include the offer of compensation fields in IDX feeds.
While MRED is not an NAR-affiliated MLS, MRED’s Board of Managers agreed that the offer of compensation could be displayed on IDX sites. MRED expects that this policy will be in place for the vast majority of the nation’s MLSs.
How does this differ from MRED’s previous rule on display of compensation?
MRED’s previous rule allowed a brokerage to display its own offer of compensation if it desired, but not to display other firms’ offers of compensation. The new rule allows firms to display their own and others’ offers of compensation if they choose to do so.
Does every brokerage have to display the offers of compensation on websites?
While the IDX feeds will provide the offers of compensation fields to all brokerages, the brokerages retain control over whether they will display the information on their public-facing websites.
When is this policy in effect?
The change is effective immediately.
Do offers of compensation extend to other MLSs?
No. Offers of compensation submitted in MRED’s system are for MRED subscribers only. A broker in another MLS would need to negotiate compensation details with the MRED broker if the property was within MRED’s connectMLS. MRED’s Localized Rules Teams are reviewing whether to set standardized disclaimer language about this information in IDX sites; NAR’s policy statement requires IDX sites to state that “The offer is made only to participants of the MLS where the listing is filed.”
Nearly 3,500 residential listings in MRED’s marketplace went under contract last week. That total was a 56% week-over-week increase and 11% annual bump. It also marked the highest weekly total of listings under contract since the start of November.
The results of MRED’s Board of Managers elections were completed Dec. 14, with one incumbent member returning and five additional members joining the Board.
MRED’s Preferred Unit Owners (PUOs) nominate candidates to serve on MRED’s Board. PUOs belong to one of three categories (based on annual transaction count) and may vote on the nominees in their respective category. Additionally, two Board seats are reserved for REALTOR® association executives.
The recent Board electees were:
John Matthews – Baird & Warner
John Matthews is Baird & Warner’s senior vice president of residential sales. The 30-year industry veteran previously served on MRED’s Board of Managers from 2012 until 2020, serving time as the Board’s vice chair and chair. Matthews also has experience on the boards for the Mainstreet Organization of REALTORS® and the Chicago Association of REALTORS®.
Rose Schlickman – Key Realty
Rose Schlickman has been the Sponsoring Broker of Key Realty since 2011 and has 17 combined years of real estate sales and management experience. Schlickman served as president of the Rockford Area REALTORS® and has served on numerous committees for the association.
Luigui Corral – RE/MAX American Dream
Luigui Corral owns two Chicagoland RE/MAX offices and runs an award-winning National Association of Hispanic Real Estate Professionals (NAHREP) Top 250 real estate team. Luigui is a past NAHREP Chicago president of and previously served on MRED’s Board of Managers in addition to serving on the Ethics Committee for the National Association of REALTORS®.
Al Rossell – Jack Carpenter Organization
Al Rossell has more than 55 years of professional experience, and is owner of the Jack Carpenter Organization. A previous member of MRED’s Board of Managers, Rossell has served on Illinois REALTORS® committees and the Council of Multiple Listing Services (CMLS) Fair Housing Task Force.
Others serving on the Board are: Christopher De Santo, Realty Executives Legacy; Fran Broude, Compass; Jeff Gregory, Realty Executives Success; Lynn Madison, Lynn Madison Realtor®; Molly Ryan, Berkshire Hathaway HomeServices Chicago; Pradeep Shukla, RE/MAX Renaissance; Sue Miller, Coldwell Banker The Real Estate Group; Sue Wiskowski-Fair, Realty Executives Premier; Tommy Choi, Keller Williams ONEChicago.
Tina Franklin of the Kankakee-Iroquois-Ford Association of REALTORS® won the election for MRED’s CSA seat and Jeff Lasky of the North Shore-Barrington Association of REALTORS® will represent MRED’s parent, MLSNI, on MRED’s Board.
Art Carter of California Regional Multiple Listing Service and Northwest MLS President/CEO Tom Hurdelbrink are also Board strategic managers.
MRED would like to thank the Board’s outgoing members for their service:
- Chad Gilbert, RE/MAX Suburban;
- Ruth Hernandez, Coldwell Banker Residential
- Royal Hartwig, Royal Family Real Estate
- Heather Wiedrich, HomeTown Association of REALTORS®
New residential listings in MRED’s marketplace continued a predictable increase as we emerge from the holiday season. New listings registered a 31% week-over-week spike, but this bump still fell 23% short of the total from the same period last year.
Closed listings in MRED’s marketplace saw a 2% week-over-week increase as the calendar flipped to 2022. The 2,415 residential closings was less than a 2% drop from the same period last year as the market emerges from the holiday season.