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Not Even a Blizzard Stops Real Estate Professionals from Doing Business
You’ve heard the expression: “real estate agents NEVER sleep.” For customers of Midwest Real Estate Data (MRED), sleep was the least of their concerns when the Great Blizzard of 2011 hit the Chicagoland area.
“I had been working with a buyer since June,” said Maree Guttosch of Charles Rutenberg Realty in Naperville. “Several short sale catastrophes and disappointments later, we received a fully executed contract much to the delight of my very patient and tenacious buyer. Attorney, Lender, Buyer, Listing Agent and I were all working feverously to make it all come together during the blizzard! Of course, there was some snow shoveling accomplished during the process.”
Tuesday, February 1, was actually an unremarkable day weather-wise before the storm hit. However, once it started snowing, it kept going and didn’t stop until over 20 inches of snow fell. The Blizzard of 2011 has been recognized by the National Weather Service as the third largest ever in Chicago. That didn’t stop some agents from carrying on with business as usual.
Roz Byrne of Re/Max in the Village said, “I had a first-time buyer couple who wanted to keep our initial consultation appointment on the Tuesday night when the blizzard struck. By our appointment at 7:00 p.m., the blizzard was in full force. My husband drove me to the office in our four-wheel drive and my clients trudged the two blocks from their apartment through the storm. The front door to my office looked sand-blasted by the whipping snow and wind and there was a drift in front of the door. We met for an hour and they signed my Buyer Agency Agreement. Our MLS was unaffected by the blizzard and we were able to start reviewing properties. You gotta love their motivation!”
“The blizzard didn’t disrupt my work at all,” said Amy Duong of AAA Realty Group in Chicago. “I had a closing scheduled, and as the blizzard warnings kept mounting, the buyers and sellers were worried about their closing running late and everyone being stuck in traffic. The buyers and sellers ended up doing powers of attorney and the attorneys took care of the closing themselves Tuesday afternoon. I received a final HUD statement by email and received my commission check in the mail by Thursday morning without leaving my home! Working from home was a snap as well since I went paperless awhile back. Everything that the office had, I also had from home. With email and a paperless system, I can virtually work anywhere, even in a blizzard. The MLS was not affected by the storm and I was able to do my normal research and other MLS system work. I did start showing again Thursday afternoon and had a full Saturday following the blizzard!”
Vehicles definitely made a difference for many. “I tried to plow my big Toyota Sequoia 4WD SUV truck through a giant snow drift at a vacant listing, “said Jack Sanderson of Coldwell Banker Residential in Barrington. “As I went back for the second ‘ram’ the truck got held up and was floating on the frame! I had to squiggle it back and forth several times and freed it. I called a pal from my office who has a snow plow truck for servicing his commercial holdings, and luckily enough he was in Barrington and I had the drive cleared out within 20 minutes! Even the neighbor across the street called to congratulate me on having the drive cleared so well and quickly! I had to shovel the four foot drifts myself to the front door but the time outside afforded me an excuse to light a nice cigar and ‘enjoy’ nature!”
The problems didn’t only arise during the blizzard – there was the aftermath. Diana Eckstrom of Hunter’s Fairway Sotheby’s in Barrington said, “I had a showing at one of my listings the day after the blizzard. My lockbox was frozen and the buyers’ agent could not open it. She called to see if I could get a key and meet her there for the showing. I drove to the listing, played with the lockbox for a few minutes, and finally got it open. To my surprise, the keys were frozen together in a chunk of ice! I tried chiseling the ice off but it was too hard. I was on my way home when I saw some children playing outside and I asked if I could have a cup of hot water. I poured it in the box, and the ice defrosted. I was able to get the lockbox off and I replaced it with a new box I brought with me. I called the buyer’s agent; she showed the property and brought me an offer!”
About MRED
Midwest Real Estate Data (MRED) is a real estate data aggregator and distributor that provides the largest multiple listing service (by listing volume) to over 40,000 customers, with property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.
Midwest Real Estate Data Survey Response by Local Agent Results in a new iPad
When the phone rang in her office and Midwest Real Estate Data (MRED) was on the other end of the line, Katie Schmitt, Assistant Manager for Apartment Guys Gold Coast, had a moment of panic. Fearing the worst, Katie thought “Are we getting fined for something or had we forgotten to do something in the MLS system?”
Apartment Guys Gold Coast focuses on apartment leasing in the downtown and north side Chicago marketplace. Katie had recently filled out a survey MRED had distributed to its customers in preparation for its recent Business Planning meetings. An incentive for Katie to complete the survey was to have an entry in a drawing by MRED to win a new iPad. However, her reason for taking time to complete the survey was to make sure MRED knew of the interest her office has in leasing-focused training classes and other services dedicated to leasing agents.
Katie’s comments have not fallen on deaf ears. MRED has been having internal discussions regarding what it can do to better serve the rental market and the offices and agents that work in that arena. MRED recognizes that while the home sales market will eventually rebound and business will improve for sales agents, there is and will continue to be a substantial rental market that needs to be serviced.
What Katie heard was not that Apartment Guys had done anything wrong, but that she was, in fact, the winner of MRED’s drawing. Her prize was a brand new 64gig iPad!
“While I didn’t fill out the survey thinking I had any chance to win, I’ll gladly take a new iPad any day,” said Katie. “We would gladly give out an iPad in exchange for the great information Katie and the other 7,000 survey respondents provided,” said MRED CEO Russ Bergeron, adding “We are always interested in hearing what our customers have to say. After all, we exist to support all of them in the business of real estate.”
About MRED:
Midwest Real Estate Data (MRED) is a real estate data aggregator and distributor that provides the largest multiple listing service (by listing volume) to over 40,000 customers, with property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.
Midwest Real Estate Data CEO Russ Bergeron named to Inman 100 List of Most Influential
Inman News™ has announced that Russ Bergeron, Chief Executive Officer of Midwest Real Estate Data LLC (MRED), has been selected as one of the 100 most influential real estate leaders of 2010.
The Inman 100 is an annual list of individuals whose actions have helped change the real estate industry in the last year through their leadership, innovation, ingenuity, power and persistence. The complete list of honorees is available on http://www.inman.com/Inman100.
This marks the second year in a row that Mr. Bergeron has been selected for the Inman100.
“I am honored to be recognized by Inman,” said Mr. Bergeron. “It is my intention to continue to support and drive the real estate industry in a manner beneficial to Midwest Real Estate Data and brokers and agents throughout the country.”
“We are proud to have Russ as our CEO,” said Dean Rouso, President of MRED. “One of the criteria our Board felt strongly about in selecting a CEO was hiring someone who has the stature, knowledge, experience and breadth of influence Russ possesses. It fits with the leadership position MRED has within the MLS industry.”
About MRED
Midwest Real Estate Data (MRED) is a real estate data aggregator and distributor that provides the largest multiple listing service (by listing volume) to over 40,000 customers, with property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.
Short Sale Closes Thanks to New Assistance Program Offered by Midwest Real Estate Data
Midwest Real Estate Data (MRED) announced the first successful short sale closing which resulted from its joint effort with Fannie Mae’s Short Sale Assistance Desk. The Assistance Desk provides brokers and agents the ability to significantly shorten the time they have to wait for approval from Fannie Mae on short sale transactions. It helps real estate professionals with the handling of post-contract issues such as loan servicer responsiveness, the existence of a second lien or issues involving mortgage insurance.
For real estate agent Diana Jones of Keller Williams Fox Valley Realty in St. Charles, her short sale experiences had been very frustrating.
“I’ve been doing short sales for years,” said Jones. “Nearly every transaction has been difficult. My observation of the process has been there is little cooperation from the lenders or loan servicers, and I base that on their lack of responsiveness and inexperience as negotiators. My biggest concern always is that my sellers may fall into foreclosure. It is a huge challenge to keep these deals together.”
It was with agents like Jones in mind that MRED recently went live with its Fannie Mae Short Sale Assistance Desk. By collecting and submitting information via a streamlined service provided through MRED, Fannie Mae has the data to help improve valuations and make quicker decisions regarding short sale requests. Previously, gaining an approval to proceed with a short sale transaction could take months. The Assistance Desk expedites the process so that a real estate professional will receive an initial response within days confirming that the case has been reviewed.
Jones had been representing sellers on a home in the western suburbs. They received an offer that was acceptable to them and they submitted it to the sellers’ lender for approval as a short sale. Despite repeated contacts, for months Jones and her sellers received very little response from the lender even though an auction date was only weeks away. When MRED went live with the Fannie Mae Short Sale Assistance Desk, Jones jumped on it and submitted this transaction.
“Once I submitted, Fannie Mae contacted me within two days, and within another two days told me what needed to be done to get the transaction closed,” said Jones. “The staff at Fannie Mae was completely professional and gave great customer service. Believe it or not, this closed a mere three weeks after it was submitted to the Short Sale Assistance Desk. Thanks to MRED for stepping up and providing this new service!”
For Jones, this turned a transaction going nowhere into a closing three weeks after the case was submitted to the Short Sale Assistance Desk. Complete frustration was turned into a new home for the buyers, a sale for sellers, and a closed transaction for Jones.
“This was exactly the type of service and results we were looking for when adopting this program,” said Russ Bergeron, MRED CEO. “Knowing the complexity of the problems associated with short sale transactions, having someone successfully close this quickly justified our very optimistic expectations of the Short Sale Assistance Desk. And based on the submissions already in process, there are many more to come.”
About MRED
Midwest Real Estate Data (MRED) is a real estate data aggregator and distributor that provides the largest multiple listing service (by listing volume) to nearly 40,000 customers, with property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.
Midwest Real Estate Data Offers Service to Speed Up Short Sales
Midwest Real Estate Data LLC (MRED) has announced it has entered into an Agreement with Fannie Mae to provide its customers the Fannie Mae Short Sale Assistance Desk (“Assistance Desk”).
The Assistance Desk provides brokers and agents the ability to significantly shorten the time they have to wait for approval from Fannie Mae on short sale transactions. It helps real estate professionals with the handling of post-contract issues such as loan servicer responsiveness, the existence of a second lien or issues involving mortgage insurance.
By collecting and submitting information via a streamlined service provided through MRED, Fannie Mae has the data to help improve valuations and make quicker decisions regarding short sale requests. Currently, gaining an approval to proceed with a short sale transaction can take months. The Assistance Desk expedites the process so that a real estate professional will receive an initial response within one week confirming that the case has been reviewed.
Agents in other marketplaces have just begun to experience the benefit of using the Assistance Desk. “I have used the Assistance Desk and it was extremely helpful. They helped revive this transaction and we are set to close,” said Jason Kaspar of Prudential Sierra Nevada Properties, in Reno, Nevada. “The Fannie Mae Short Sale Assistance Desk helped my seller and me get results even after we felt like we had hit a dead end with the lien holder,” said Damian Janssen of Keller Williams Group One in Sparks, Nevada. “We were at the point where we could not even get through on the phone and were about to give up hope. After we engaged the Assistance Desk, a senior negotiator from the lien holder contacted me, falling all over himself with apologies and promises to help. We had short sale approval just 27 days later and my client is thrilled that he gets to open a new chapter in his life.”
“The Fannie Mae Assistance Desk is amazing,” said Marty Hunt, of Orlando, Florida. “I submitted a request Tuesday and had two calls from the lender the next day. I was in the field showing houses but she called the second time because I had not called her back quickly. That’s what I call responsive! And she couldn’t have been more helpful.” Michele Herdon of Keller Williams in Tampa, Florida, said, “This was a fantastic experience. Reps were helpful and responded quickly to emails and phone calls. We got this issue resolved quickly and painlessly, many thanks to this process!”
“We are thrilled to be able to provide to our brokers and agents an extremely effective way to speed up the short sale process at no cost to them,” said Russ Bergeron, MRED CEO. “Our customers now have an escalation procedure to help facilitate and streamline short sales for many of their transactions. We are pleased this partnership with Fannie Mae will help provide an improvement in the accuracy of Fannie Mae’s property valuations and a related gain in the efficiency of short sale approvals.”
“Long approval delays increase the risk that a buyer will walk away,” said Dean Rouso, President of MRED. “Long approval times on short sales overall have led many potential buyers to avoid short sale listings altogether. By providing the Assistance Desk, MRED is helping to support the recovery of distressed communities and is providing a benefit to homeowners and the real estate professional community.”
About MRED
Midwest Real Estate Data (MRED) is a real estate data aggregator and distributor that provides the largest multiple listing service (by listing volume) to over 40,000 customers, with property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.
Midwest Real Estate Data Reaches Groundbreaking MLS Data Syndication Licensing Agreement with Onboard Informatics
Midwest Real Estate Data (MRED) has announced an agreement to license Listings 360°Insight, Onboard Informatics’ real-time, integrated API data distribution, tracking and business intelligence system, to power its listings distribution efforts.
Designed for an MLS to install as its primary mechanism for authorizing and enabling access to listings information for use on websites, the platform has been successfully utilized by Onboard Informatics (Onboard) with real estate industry clients for more than two years. MRED is the first MLS client for the Listings 360°Insight platform.
“Our industry is experiencing both the benefits and challenges of internet data distribution,” says Russ Bergeron, CEO of MRED. “However, the current methods with which we distribute listing content to online publishers and syndicators have resulted in far reaching negative consequences. Together with brokers, we struggle to overcome the problems of diminished data integrity, misuse of brokers’ listings and a lack of real-time reporting and analytics that would enable us to understand what’s working and what’s not; but real solutions are not possible within the current model. It is time to evolve and innovate.”
“We’re proud to partner with MRED and lead positive change”, states Jonathan Bednarsh, COO and President of Onboard. “Russ Bergeron is known for progress and innovation in our industry; our teams and goals are very much aligned. Listings 360°Insight will lead MLSs to a new phase of listing distribution where today’s pains are diminished, processes are simplified, data is secured, business intelligence is derived and opportunity becomes a reality. Everyone benefits – and that is truly exciting.”
When an MLS licenses the Listings 360°Insight platform from Onboard, they receive 3 components: (1) The Search API is a real-time, authenticated request and response system to access the listings data from a secure environment; (2) The Tracking API provides the MLS with the ability to collect real-time information on the use of licensed data including identification of websites upon which MLS data is being displayed; and (3) The Visibility Portal which is a reporting compilation built on the treasure trove of valuable information captured by the Search and Tracking APIs – invaluable in helping MLSs, Agents, Brokers and Developers improve their businesses.
“With a history of stellar performance in our industry and the technology platform already in place, Onboard is poised to partner with us and lead change in our industry,” says Bergeron. “MRED and Onboard will work closely with key partners along the way and look forward to launching later this year.”
About MRED
Midwest Real Estate Data (MRED) is a real estate data aggregator and distributor that provides the largest multiple listing service (by listing volume) to nearly 40,000 customers, with property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.
About Onboard Informatics
Since 2001, Onboard Informatics has provided comprehensive local, regional and national real estate data solutions, powerful Web tools and Web services to some of the most innovative companies in the real estate, publishing, and technology sectors. Onboard is the pioneer with providing Lifestyle Search while also delivering seamless integration of property listings, community, school, neighborhood, geographic and demographic information, supporting clients in achieving business objectives on Web and mobile platforms. Privately held since its founding, Onboard is located in the heart of the world’s financial center in the Wall Street area of New York City. For more information about Onboard Informatics visit http://www.onboardinformatics.com.
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