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Category Archives: MRED in the News

Broker Public Portal Inks Deal to Become Homesnap

Homesnap Logo

ROCKVILLE, MD, January 19, 2017 — Broker Public Portal, LLC and Homesnap, Inc. have executed final agreements to create the National Broker Portal, LLC, a joint venture that is equally owned by the two companies. The parties agreed that the best path to success would be served by forming a mutual partnership with Homesnap providing technology, brand and operational expertise to the new company, rather than composing a vendor agreement.

The National Association of REALTORS modified their model MLS policy to designate an MLS consumer facing website as a basic benefit of the MLS. In turn, more than 50 leading brokers and 50 leading MLSs developed the case for a national consumer site rather than 700 independent local MLS sites. “HAR.com and a number of other MLSs have been able to capture a reasonable share of voice in online consumer search,” said Rebecca Jensen, President and CEO of Midwest Real Estate Data (MRED). “But we believe that the best opportunity for success will be paved by MLSs who focus on a single, national strategy.”

MRED is one of several MLSs whose board of directors have already authorized participation in the portal, including a $1 per subscriber fee that will be paid to the National Broker Portal each month. Other MLSs committed to the portal include Northstar MLS (Minneapolis), Connecticut MLS, NORMLS (Cleveland), CRIS (Akron), Buffalo Niagara Association of Realtors and Rochester Genesee Region Real Estate Service. In anticipation of this initiative being formalized, MRED launched the BPP/Homesnap app in July of 2016. “Adoption has reached over 25% of MRED’s 40,000+ Realtor customers in just a few months,” added Jensen. In addition, now that the joint venture has been finalized, MLSs representing over 200,000 subscribers have requested the new National Broker Portal MLS Agreement to review and present to their boards.

“Homesnap is honored to have been selected as the technology partner to this inspired vision for the future of real estate search,” says Homesnap co-founder Steve Barnes. “As a company, we have always considered ourselves a business partner to the MLS and subscribed to the principles of the Fair Display Guidelines for MLS consumer sites.” Over 400,000 real estate agents have access to Homesnap Pro today, and the Homesnap app is used by over 4 million consumers. “This joint venture agreement formalizes our alignment with brokers and MLSs, making us equal partners in delivering a successful service to consumers,” said Barnes.

Under the terms of the joint venture agreement, each company will contribute three directors to the board of the National Broker Portal, LLC. The Broker Public Portal has appointed Alon Chaver of HomeServices of America, Craig McClelland of Better Homes and Gardens Real Estate/Metro Brokers, and Rebecca Jensen of MRED. Representing Homesnap will be co-founders Guy Wolcott and Steve Barnes, and COO Jason Mathias. The seventh director nominated to the Board will be David Charron of the newly formed Bright MLS, Inc.

“We have reached a great milestone,” said Merle Whitehead, Chairman of the Broker Public Portal. “Now it’s time for MLSs to show their support for the initiative by collaborating with other MLSs to create a national MLS consumer-facing website.”

About Broker Public Portal

Broker Public Portal, LLC is a collaborative venture between real estate brokerages and MLSs to create a national consumer home search experience defined by simplicity, integrity and common sense. The portal aims to provide consumers with direct access to the most comprehensive, timely, and complete property information while adhering to fair display guidelines. More information can be found at http://homesnap.com/bpp.

About Homesnap

Homesnap is the highest-rated mobile real estate app, used by millions of consumers to explore homes and search listings. Homesnap Pro, the professional version of Homesnap, is the fastest-growing mobile app for agents – now available to every agent in over 45 MLSs with over 400,000 members. Both are powered by a specialized homes database that combines MLS data, property tax records, census data, geographic boundaries and more.

Press Release via WAV Group

MRED President/CEO Named an Inman Influencer for 2017

RJMidwest Real Estate Data (MRED) President/Chief Executive Officer Rebecca Jensen is one of 150 individuals named to Inman’s Real Estate Influencers of 2017.

Jensen joined MRED as its President and CEO in March 2015. MRED provides multiple listing services to more than 8,000 real estate offices and 40,000 brokers and appraisers in the Chicago area. It provides property information about northwest Indiana, southern Wisconsin and northern Illinois.

She served as a board member for the Real Estate Standards Organization (RESO), including several years as board chair. RESO created the first real estate data dictionary, web API standard and compliance programs. In 2014, the National Association of REALTORS® approved a policy that required multiple listing services to adopt RESO’s standards. Prior to working at MRED, Jensen was CEO for UtahRealEstate.com for nearly eight years.

Inman publisher Brad Inman says the list of influencers includes real estate professionals with a variety of talents, opinions and personalities.

“They are not (all) cut from the same cloth, they do not speak the same language and they do not always necessarily share the same values. But they influence the industry by their work, through their followers and by expressing their opinions,” Inman says.

Blog Post via Illinois Realtors

MRED Chicagoland Report for October, 2017

As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.

New Listings in Chicagoland were down 9.6 percent for detached homes and 4.9 percent for attached properties. Listings Under Contract increased 10.0 percent for detached homes and 6.3 percent for attached properties.

The Median Sales Price was up 9.2 percent to $220,000 for detached homes and 7.8 percent to $179,950 for attached properties. Months Supply of Inventory decreased 20.5 percent for detached units and 22.7 percent for attached units.

Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.

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 Chicagoland Report for September, 2016

As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.

New Listings in Chicagoland were down 0.2 percent for detached homes but increased 4.1 percent for attached properties. Listings Under Contract increased 8.3 percent for detached homes and 11.9 percent for attached properties.

The Median Sales Price was up 6.2 percent to $223,000 for detached homes and 5.4 percent to $184,500 for attached properties. Months Supply of Inventory decreased 19.2 percent for detached units and 22.1 percent for attached units.

In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.

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.

Midwest Real Estate Data (MRED) Has Champaign Taste

ccar-logo_w325

Chicagoland MLS Giant Welcomes Champaign County
as its Newest Association Partner

LISLE, ILLINOIS (October 4, 2016) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that the Champaign County Association of Realtors® (CCAR) has become the thirteenth Realtor® association to contract for MLS services from MRED.

CCAR is the “Voice for Real Estate” in the Champaign County area of Illinois.  Over 400 CCAR members are engaged in all facets of the real estate industry. Chartered in 1917, CCAR is the leading resource for Realtor® members and an advocate for homeownership and private property rights. CCAR strives to be recognized as a community and education focused resource comprised of ethical real estate professionals.

“I am thrilled that all of the discussions and negotiations have resulted in the partnership of these two great organizations,” said Stefanie Pratt, Immediate Past President of CCAR.  “It is gratifying when hard work results in something so positive for our members.”

“CCAR staff is already working hard at the difficult job of transitioning to a new MLS system,” said Linda Green, CCAR Association Executive.  “We look forward to all of the new functionality and opportunities that are coming to our members when we go live with MRED early in 2017.”

“We are very excited to welcome CCAR as our newest Association partner,” said MRED President and Chief Executive Officer Rebecca Jensen.  “Our staff and leadership look forward to working closely with the CCAR Board and staff to have a smooth transition for CCAR’s members to our MLS system.  I personally want to thank CCAR’s Immediate Past President Stefanie Pratt, Association Executive Linda Green and their Board of Directors, for their forward-thinking vision and leadership.  I appreciate and understand that change is difficult and not always the easiest road taken.  I’m confident that this will prove to be a great decision for all involved.”

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 nearly 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 three 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 five 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.

Midwest Real Estate Data (MRED) Joins Select Group with Latest RESO Certification

Chicagoland MLS Giant is now Certified at the
Gold Level for RESO’s Web API

RJLISLE, ILLINOIS (September 28, 2016) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that it has received the Gold Certification for the Real Estate Standard Organization (RESO) Web API (Application Programming Interface).

In computer programming, an application programming interface (API) is a set of subroutine definitions, protocols, and tools for building software and applications. This API will be used as the go-between for the apps and websites that use MRED data.  By implementing the API, MRED’s subscribers apps and websites will be returning “real-time” listing information. Gold Level Certification enables MRED to provide more features and functions that allow technology partners to deliver greater innovation in applications utilized by MRED’s subscribers versus Core Level Certification.

“MRED’s penchant for innovation continues with its implementation of the latest real estate industry standards,” said Jeremy Crawford, Executive Director of RESO. “MRED helps to raise the bar for the entire MLS industry with their Gold Level Certification for the RESO Web API Server.  Their proven and steadfast commitment to RESO standards demonstrates their leadership in helping our industry embrace more innovation to make it remarkably more efficient. The example MRED sets with their forward-thinking is something we hope every MLS emulates.”

“MRED has made a huge commitment to RESO and fully support the great work it is doing,” said MRED President and Chief Executive Officer Rebecca Jensen.  “It was very important to us to attain the Gold Certification.  We will continue our work, in conjunction with RESO and others across the industry, to establish data standards consistent with the best interests of our brokerages and the real estate industry.”

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 nearly 7,200 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 three 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 five 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 RESO

The mission of the Real Estate Standards Organization (RESO) is to create and promote the adoption of standards that drive efficiency throughout the real estate industry. RESO incorporated was founded in November 2011, as an independent, not-for-profit trade organization that was previously a section of the National Association of REALTORS®. RESO has more than 500 active members, including NAR, multiple-listing services, real estate associations, brokerages and industry technology providers. For more information, visit http://www.reso.org.