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Category Archives: MRED Communications

Commission policy updates coming to connectMLS

Important

You want your commission amounts to be more definite. We heard you and we’re making it happen!

Starting June 4th, 2018, Net Sale Price will be more clearly defined. For residential and commercial sales, the Net Sale Price will be the Gross Sale Price minus amounts to be credited or paid to the buyer as reflected in the initial contract.NetSalePriceField

This update mainly affects transactions where commission is influenced by concessions or other changes that were not a part of the initial contract. The rule modification is designed to protect broker commissions from last-minute concessions often introduced by attorneys and other third parties. It also honors the differences between commercial and residential transactions, allowing flexibility for the intricacies of those deals.

The option to pay on Gross Sale Price or a flat dollar amount is still available. Properties currently listed in connectMLS do not require any changes, i.e. listings already in the system are “grandfathered” in and will not be required to comply.

For rentals, the Net Rented Price will be defined as the Gross Rented Price minus amounts to be credited or paid to the tenant as disclosed in the agent remarks and/or compensation field on the listing. For commercial lease properties, net compensation may be paid on negotiated variables as indicated in the compensation/commission agreement.

These clarifications ensure all parties involved in a transaction know what they will be compensated. MRED does not influence commission payments in any way, so please refer to the FAQs on this topic below or contact your managing broker for questions on your office’s best compensation practices.

Still have questions? Check out these FAQs.

We’re always ready to help. You can contact MRED’s Help Desk at 630-955-2755 or send us an email.

connectmls

MRED’s connectMLS just got even better

connectmls

More and more real estate professionals are accessing connectMLS from mobile devices and Midwest Real Estate Data (MRED) is committed to continually improving the mobile experience. We’re excited to roll out some brand new performance and cosmetic updates to the mobile platform to make it even better.

These mobile-focused enhancements came straight from user feedback, so we think you’ll like them! Click on the titles below for the full details on each update, or click here to read up on everything that’s new.

The updates:

Enjoy quick access to all listing action icons on desktop

All of the listing action icons are now accessible above listing search results when your browser window allows for enough room. When the browser window isn’t big enough, the most common icons are shown, with the rest available under a “more” dropdown menu.

All Icons

Combine CMA summary with Quick Stats access

Click the “Generate Statistics” icon from the search results page to open a report with combined access to both the CMA Summary and Quick Stats.

CMA:Quick Stats

View consumer-facing reports directly from search results

You can see the search result reports as your consumers do with a new option to hide agent-specific details (agent remarks and office information). Use the “Client-Friendly” toggle switch at the top of the results to utilize this feature.

Consumer-Facing

There’s even more: Read all the updates

Wait… what’s the MRED PLN again?

PLN cover.jpg

Midwest Real Estate Data is dedicated to working for the greater good of real estate brokers both individually and collectively.

The connectMLS Private Listing Network (PLN) is a key piece of that goal.

Launched in 2016, the PLN benefits brokers on a personal level as it provides a way to pre-market “coming soon” listings that might just be a coat of paint or the right photo away from being ready to share with the world. It’s also good for the industry and keeps brokers relevant by retaining inventory in the hands of brokers so they are the first to know about listings for sale.

If you haven’t used the PLN yet, this spring season is a great time to start! Make sure you’re searching from the 1,800 listings currently in the PLN.

Using the PLN gives your properties more time in front of 40,000 real estate professionals without accumulating market time as you get the listing ready.

More benefits and details of the PLN:

  • No price is necessary; you can feel out the market using a price range
  • Only a select few fields are required
  • Listings in the PLN do NOT appear in Standard Listing Network (SLN) search results
  • PLN listings are NOT sent to third-party portals nor are they part of IDX/VOW listing distribution
  • PLN listings are NOT included in emails to clients through connectMLS
  • You can attach broker-only comments on the PLN listing (date available for showing, etc)

Inputting a listing in the PLN also saves you time, as you can create an SLN listing draft directly from the PLN and work on it from there. Once the draft is ready, you can publish it into the SLN without having to create a new listing or cancel the PLN listing, it will automatically reflect that it’s been transitioned. However, listings aren’t moved out of the PLN until they’ve been activated in the SLN.

connectmls

It’s also important to remember the PLN rules and regulations. Just like with the SLN, you must have a signed agreement for any properties placed in the PLN. Listings must be entered into the PLN or SLN within 72 hours of the listing agreement or within 24 hours of advertising to the general public, whichever comes first. This advertising includes for sale signs, public-facing websites, and print media.

The PLN offers many benefits, whether you’re a listing agent looking to generate buzz about new construction months away from completion or a buying agent always wanting to stay one step ahead of your clients, take advantage of this resource today!

For more information on the PLN, watch this video overview or contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.

 

Midwest Real Estate Data Announces Hiring of New CTO Chris Haran

Chris Haran
LISLE, Ill., Mar 14, 2018 – Midwest Real Estate Data is pleased to announce industry veteran Chris Haran will be joining MRED as its Chief Technology Officer (CTO).

Haran comes to MRED from real estate franchise Coldwell Banker, where he served as Vice President of Field Operations. In this executive role, Haran led the company’s strategic efforts as well as organic growth and marketing initiatives. Haran started out in entry level marketing at Coldwell Banker in 2006, working his way up to management positions before starting his Operations VP role in 2015.

This opportunity gave Haran firsthand experience with MRED, as he served on its Board of Managers from 2015-2017. During this time, Haran represented MRED on the Board’s Technology Focus Group. These experiences and more made Haran an ideal candidate to thrive in this vital role.

“Being a pioneer of technology is of the utmost importance to MLSs and I know that Chris is the perfect person to keep MRED at the forefront and push us ahead even farther.” said MRED President/CEO Rebecca Jensen. “Bringing in Chris is a huge milestone for MRED and our customers.”

Haran is a 2005 graduate of Illinois Wesleyan University. He also spent time as a mentor for the National Association of REALTORS® REach program as well as Moderne Ventures, advising startup companies on business plans.

At MRED, Haran will create and implement the strategic vision of technology, a prospect that excites the Illinois native.

“This opportunity is the perfect way to make the most of my passion for emerging technologies and connecting people, ideas, and resources,” Haran said. “MRED is doing big things and I can’t wait to be a part of that.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 40,000 brokers and appraisers and over 7,300 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin, and northwest Indiana. MRED delivers more than 20 products and services to its customers. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for nine consecutive years the MRED Help Desk has been identified as one of the best small business centers in North America by BenchmarkPortal. For more information please visit MREDLLC.com.

Contact:

Jeremy Sharp
Midwest Real Estate Data LLC
jeremy.sharp@mredllc.com
630-799-1402

Midwest Real Estate Data Support Center Named a Top Contact Center

top-contact-center-small-seal

LISLE, Ill. – March 7, 2018 – The award-winning Midwest Real Estate Data (MRED) Support Center added another distinction to its long list of achievements by being named one of the Top Contact Centers in North America for 2018. MRED received the honor for the ninth straight year from BenchmarkPortal in the organization’s small-sized center category.

BenchmarkPortal deemed MRED worthy of the award based on objective, metrics-driven performance data such as caller satisfaction, average hold time, and average talk time. MRED was also awarded in the individual category of Best Agent Retention.

“It’s extremely important to us that we have knowledgeable and friendly Support Analysts providing top-level customer service to our users,” said MRED Support Center Manager Katrina Ryefield. “This award is great recognition of our team’s daily efforts to be the very best.”

BenchmarkPortal has annually conducted statistical analyses of call center operations throughout the world since 1995. The company hosts the world’s largest call center metrics database in conjunction with the Center for Customer Driven Quality located at Purdue Research Park, Purdue University.

“Midwest Real Estate Data’s placement among the Top Contact Centers is a direct result of its leadership’s commitment to balancing cost-effective service solutions with best-in-class service performance,” said BenchmarkPortal CEO Bruce Belfiore. “MRED stood tall against its competitors according to the world’s largest database of contact center metrics. This is not easy to do and we congratulate them on their accomplishment.”

“I’m so proud of MRED’s Support Center and the outstanding level of customer service it provides,” said MRED President/CEO Rebecca Jensen. “MRED is committed to excellence in every facet of what we do and the BenchmarkPortal award is a testament to that.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 40,000 brokers and appraisers and over 7,300 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin, and northwest Indiana. MRED delivers more than 20 products and services to its customers. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for nine consecutive years the MRED Help Desk has been identified as one of the best small business centers in North America by BenchmarkPortal. For more information please visit MREDLLC.com.

About BenchmarkPortal

Founded in 1995, BenchmarkPortal is a global leader in the contact center industry, providing benchmarking, certification, training, consulting, research and industry reports. The BenchmarkPortal team of professionals has gained international recognition for its innovative approach to best practices for the contact center industry. BenchmarkPortal hosts the world’s largest database of contact center metrics, which is constantly being refreshed with new data. BenchmarkPortal’s mission is to provide contact center managers with the tools and information that will help them optimize their efficiency and effectiveness in their customer communications. For more information on BenchmarkPortal please call 1-800-214-8929 or visit www.BenchmarkPortal.com.

September Housing Report for Illinois Realtors@

Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
New Listings in Chicagoland were up 3.8 percent for detached homes and 7.8 percent for attached properties. Listings Under Contract increased 8.0 percent for detached homes and 7.1 percent for attached properties.
The Median Sales Price was up 5.5 percent to $232,000 for detached homes and 4.4 percent to $190,000 for attached properties. Months Supply of Inventory decreased 14.8 percent for detached units and 11.8 percent for attached units.
Last year at this time, the national story line was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

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 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 Held Desk at 630-955-2755 or help.desk@MREDLLC.com.