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Analysis Indicates Chicago Homes that Disclose Energy Costs Have a Higher Close Rate
Energy cost disclosure gains momentum as more real estate offices recognize the value of energy use data for all involved in the real estate transaction. A new disclosure tool has helped all Baird & Warner city offices and Chicago-based Coldwell Banker Residential Brokerage offices secure their place as leaders in using this latest technology.
LISLE, ILLINOIS (April 20, 2015) – Chicago single family real estate listings that disclose energy costs have a higher close rate and spend less time on the market than comparable homes that do not disclose this information, according to an analysis by Elevate Energy.
Elevate Energy’s findings indicate that homes that disclosed energy costs at the time of listing sold at a higher percentage of the asking price. On average, an attached home (e.g., condominium or townhome) that was listed for $352,000 would have sold for $4,576 more if the listing had disclosed the home’s energy costs. In addition, attached homes that disclosed energy costs spent about 25 fewer days on the market compared to homes that did not disclose energy costs. Detached homes that disclosed energy costs spent eight fewer days on the market.
“Elevate Energy has done an outstanding job of taking a cumbersome task – locating accurate information about a home’s energy usage – and simplifying it to create a wonderful experience for our broker associates and their clients,” said Tripti Kasal, vice president of sales for Baird & Warner, one of the first real estate brokerages to institutionalize electronic disclosure. “Baird & Warner is committed to providing the most innovative tools to better facilitate our transactions – a partnership with Elevate Energy was the right thing for us.”
In 2013, the City of Chicago became the first municipality in the country to allow direct disclosure of residential energy costs (gas and electric) via a multiple listing service (MLS) when a single family or two- to four-unit home was listed for sale. The achievement was the result of a unique partnership between Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), the City of Chicago Office of the Mayor, and Elevate Energy. In addition, an “Energy eCompliance” tool was launched to help listing agents in Chicago provide buyer agents and home purchasers with immediate online access to an energy cost disclosure (ECD) report for a property. Using the tool also helps agents comply with the specific time requirements of the updated energy cost disclosure ordinance.
The analysis from Elevate Energy bolsters earlier indications that energy cost disclosure is meaningful and beneficial. In addition to higher close rates and quicker sales, disclosure facilitates more informed decisions for all involved in the real estate transaction and helps demonstrate the value of energy efficiency in the marketplace.
“Energy costs are such a significant issue to home buyers it is a no-brainer for MRED to assist its real estate professionals in providing the most accurate and timely information,” said MRED President/Chief Executive Officer Rebecca Jensen. “At the same time, we are enabling our listing brokers to comply with the City of Chicago ordinance. A win for everybody, especially the consumer, and we are pleased to be a nationwide leader in this arena.”
Energy cost disclosure is gaining momentum in Chicago as an increasing number of brokerages utilize the Energy eCompliance tool and comply with the ordinance. MRED, the City of Chicago, and Elevate Energy have launched an ongoing Chicago Energy eCompliance Brokerage Challenge to help real estate offices secure their place as leaders in using this latest technology.
More than 20 offices have participated in the challenge so far, including all Baird & Warner city offices, Chicago-based Coldwell Banker Residential Brokerage offices, the MG Group at BERKSHIRE HATHAWAY HomeServices KoenigRubloff Realty Group, Century 21 Affiliated Hyde Park, and The Gramata Realty Group with @properties. A complete listing of all participating offices is available on the Elevate Energy website.
All Chicagoland real estate offices, agents, and sales teams are encouraged to participate in the Chicago Energy eCompliance Brokerage Challenge by completing a checklist:
- Commitment to use digital energy cost disclosure fields offered by MRED on all eligible Chicago property listings.
- Office staff member oversees training activities on the Energy eCompliance tool.
- Using energy cost disclosure fields provided by MRED becomes part of the brokerage’s listing process. A “how to” primer for real estate professionals is available.
To participate, brokerages should complete the three tasks and return a completed form to pamela.brookstein@elevateenergy.org.
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.
About MRED
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.
MRED Continues to Meet the Standards
Chicagoland MLS Giant Now Certified on latest version of RESO Data Dictionary
LISLE, ILLINOIS (APRIL 13, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), has announced that the Real Estate Standards Organization (RESO) has certified MRED for RESO Data Dictionary 1.3.
RESO is an organization that develops, adopts and implements open and accepted data standards and processes across all real estate transactions and provide an environment for the development and implementation of data standards and processes. RESO’s Data Dictionary serves as the real estate industry’s “Rosetta Stone” for real estate data. While hundreds of MLSs and other source providers gather data, the Data Dictionary ensures that each system “speaks” the same language.
As MLSs across the industry adopt RESO standards, the industry will move towards an environment where real estate software becomes plug-and-play. Realtors® will be able to purchase off the shelf software and it will plug into any MLS that has implemented RESO standards.
This is quite different than the state of the industry today, where it is extremely hard for new software to be used from one market to the next. It will be easier for real estate professionals to use MLS data in the products that they choose. They will have better options and the data that flows through their systems will be more accurate because the Data Dictionary negates the need for translation from one system to the next. RESO standards give more options and control to Realtors®.
MRED’s commitment to RESO is evidenced by being its first Charter Member and its continued participation in and support of data standardization efforts. These efforts are important to MRED customers, the real estate industry in general, and the consumer. MRED and other organizations that maintain these standards can more easily exchange information without degrading or losing data, resulting in more accuracy and less cost. New applications and services are developed because there is a wider audience to offer them to.
dynaConnections, MRED’s MLS vendor, also has a strong commitment to RESO. As another Charter Member of the organization, dynaConnections dedicates significant resources and time to remain on the front line of RESO initiatives. Technologists from both MRED and dynaConnections have worked closely to attain not only the Data Dictionary 1.3 certification but also to maintain MRED’s Real Estate Transaction Standard (RETS) Server certification.
“We’re proud supporters of RESO and firm believers in the long-term power in its mission,” said dynaConnections CEO, Tim Ford. “The organization is making great strides towards bettering the industry, and we’re happy to contribute in any way possible”.
“I have a deep commitment to RESO, having served as its Board Chair for four years,” said MRED President and CEO Rebecca Jensen. “RESO is important to me and to MRED. We will continue to support the setting of standards, and the providing of data and tools needed to meet the demands of real estate professionals and consumers alike.”
About MRED
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.
About dynaConnections Corporation and connectMLS™
dynaConnections Corporation is an Austin-based real estate software company that is renowned for constant innovation and dedication to service. Its flagship product, connectMLS™, is a patent-pending, one-of-a-kind multiple listing service solution that is second to none with millisecond response time and ease of access on all devices and web browsers. Rich embedded features and seamless integrations allow connectMLS to be an intuitive, all-in-one real estate transaction manager for both agents and clients. For over thirteen years, dynaConnections and the connectMLS solution have been continually exceeding all standards of what the real estate industry expects from an MLS provider. For more information, visit: http://www.dynaconnections.com.
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dynaConnections and connectMLS™ are registered trademarks of dynaConnections Corporation. All other company and product names may be trademarks of the respective companies with which they are associated.
MRED Bringing The Real Estate World Back to MREDpalooza
Top MLS Industry Service Providers Coming Back to the
Chicagoland MLS’s Biennial Tech/Training Expo
LISLE, ILLINOIS (March 30, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), has announced that it is time again for MREDpalooza!
MREDpalooza 2015, one of the largest MLS tech expos in the country, will be taking place on Tuesday, June 23, 2015, at the Donald E. Stephens Convention Center in Rosemont, Illinois, from 9:00 a.m. to 4:00 p.m.
Providing services to nearly 40,000 brokers and appraisers and 8,000 offices, 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. MREDpalooza 2015 will be a great opportunity for MRED customers to get up close and personal with a myriad of real estate service providers. The environment will be conducive to learning about MRED products and services and other ways to enhance their businesses.
MRED is planning to repeat the success of the last MREDpalooza, which had several thousand attendees and the top real estate vendors in the country attending. Training sessions will be offered throughout the day, providing more in-depth understanding of many of MRED’s products and services. Those wishing to attend or exhibit at MREDpalooza have been asked to visit www.MREDpalooza.com for registration and sponsorship information.
“It is exciting to stage an event of this magnitude that will benefit all attendees – our customers as well as our important business partners,” said MRED President and CEO Rebecca Jensen. “The opportunity to gain a deeper understanding of all these great products and services, at an excellent and easily accessible venue, will be invaluable to the real estate professional. Our product partners and other participants will enjoy maximum exposure to thousands of brokers and appraisers. This will be the real estate technology event of the year.”
About MRED
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.
MRED Chicagoland Report for February, 2015
There has been talk of abundant cold and snow this winter (unless you happen to live in California!). When weather patterns turn bad, like wicked bad, real estate industry pundits tend to go gloom, assuming that Americans hungry for homeownership are bothered by a little frozen precipitation. The nation will unfreeze, inventory is expected to rise and home sales are widely expected to increase. These are good times, indeed, and many of us now have an enchanting shared experience that we can walk uphill to school both ways.
New Listings in Chicagoland were up 12.6 percent for detached homes and 7.0 percent for attached properties. Listings Under Contract increased 34.3 percent for detached homes and 15.8 percent for attached properties.
The Median Sales Price was up 9.4 percent to $175,000 for detached homes and 20.6 percent to $155,000 for attached properties. Months Supply of Inventory decreased 2.8 percent for detached units and 6.2 percent for attached units.
In national financial news, rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed-rate mortgage. But let’s not sound the alarm just yet. A drastic change to lending’s gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising interest rates for the first time since 2006. The economy remains stable, which should keep housing rolling through the short-named months.
MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.
MRED’s New President/Chief Executive Officer Takes the Helm
Rebecca Jensen Assumes Leadership of the Chicagoland MLS Giant
LISLE, ILLINOIS (March 10, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that Rebecca Jensen has officially started as MRED’s President/Chief Executive Officer. She arrived on Monday, March 2nd, moving to MRED from another of the large MLSs in the country, UtahRealEstate.com.
Ms. Jensen hit the ground running. Many significant issues are affecting the MLS industry currently, most significant being the distribution of listing content to third party websites like Zillow and Trulia and the role MLSs will continue to play in listing syndication going forward. However, initially much of Ms. Jensen’s time will be spent getting to know MRED, its staff and existing culture.
“MRED has been and will continue to be a finely-tuned operation,” said Ms. Jensen. “We are all grateful to Jeff Gregory for the great work he did stepping in the last eight months as MRED’s Interim President/CEO. Now, it is my turn at the helm, and I cannot express the level of excitement I have at starting one of the dream jobs in our industry.”
“Even in the short time we have interacted with Rebecca, our Board could not be more pleased that she is our new Leader,” said MRED Chairman of the Board, Jeff Gregory. “After conducting an exhaustive national search, we are filled with anticipation regarding where MRED is going and thrilled that Rebecca is our President/CEO.”
“There are many challenges ahead,” added Ms. Jensen, “but I am extremely confident we can work closely with our brokerages, appraisal offices and Realtor® Association partners to make great progress and tackle the tough issues together.”
About MRED
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.
Chicago Real Estate Offices Compete in Energy Cost Disclosure Brokerage Challenge
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 pamela.brookstein@elevateenergy.org 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.
About MRED
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.
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