MRED Blog

REinventing MLS

Category Archives: MRED Rules and Regulations

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.

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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.

 

Help – I made a typo in the list price field and saved my listing!!!!!!!

BY:  Sarah Burke, Compliance Manager

When proofing your hot new listing, you realize you input $3,200,000 instead of $320,000. Don’t worry – you’re not alone and mistakes happen.    Just send us a status change form and request a “price change new”.  Already made a price change?  That’s OK – send us a status change form anyway.  MRED will still adjust the original list price for you.  This way the OLP to LP won’t look like a drastic price reduction.

Test Your Fair Housing IQ

In honor of Fair Housing month click HERE to take NAR’S fair housing quiz.

Fair Housing Month

Don’t forget April is Fair Housing Month.  For more information on Fair Housing events in Illinois see the link below.

http://www.loansafe.org/illinois-department-of-human-rights-announces-start-of-fair-housing-month

What’s a Home Energy Rating System (HERS)?

BY:  Sarah Burke, Compliance Manager

It’s a scoring system used to indicate how energy efficient a home is.  The system tests a home individually and then the score can be compared to benchmark scores.  For example, If a home is built to meet the specifications of the HERS Reference Home, the house will receive a score/rating of 100.  New Energy Star homes score 85 or lower.  So  if a house uses ‘zero energy’ the score or rating would be ‘0’. The lower the HERS score the better.

 Last week the Rules and Regulations Department sent out 17 violation notices for invalid HERS ratings.   The properties in question had a HERS rating of “0” which happens to be the best rating you can get.  If you’re not sure what data belongs in a field check the help icon in listing input or give us a call.  Better to ask the question up front than publish a listing with inaccurate data. 

Click on the link below for more information.

http://www.greenbuildingadvisor.com/blogs/dept/musings/how-home-s-hers-index-calculated 

Thank You!

BY:  Sarah Burke, Compliance Manager

MRED would like to thank all of its brokers, agents and appraisers for helping to maintain the accuracy of the database by utilizing the report rules violation link in connectMLS™. Each error reported using this functionality is carefully screened before any action is taken. Once you have reported an error the Rules and Regulations department is notified. The error is then classified as an automatic error, a quality control issue, an error that can be fixed by the MRED staff, or dismissed as a mistaken error.

The Top Three reported errors for the Month of February were:

1)      Invalid Chicago Area number -334 

2)      Verify Listing Status -256

3)      Invalid Tax Amount  -233