Midwest Real Estate Data Leads Way for Real Estate Teams Innovation in Multiple Listing Service

Creation of unique ID in MRED’s connectMLS to aid Teams, reporting features

Lisle, Illinois, UNITED STATES

LISLE, Ill., May 01, 2019 (GLOBE NEWSWIRE) -- In an effort to better serve real estate professionals, Midwest Real Estate Data (MRED) has rolled out new Teams functionality in its multiple listing service (MLS). The newly added features include the creation of Team-specific user IDs, deeper controls for Team leads to manage Team members within the MLS, detailed reporting on Team production at brokerage, association, and office levels, and will soon improve distribution of Team information to third-party platforms.

More than a quarter of respondents to a recent survey by the National Association of Realtors® indicated that they were a member of a real estate Team. MRED’s ongoing initiative accounts for this growing demographic and provides a way for the efforts of these Teams to be accurately reflected. Currently, there are nearly 1,800 Team members registered in MRED's system, comprising 800 Teams that have accounted for 31,000 transaction sides and more than $10 billion in volume during the last 12 months.

MRED leadership conducted extensive research into real estate Teams and created these new features with the help of feedback from Team leaders, Team members, brokerages, individual practitioners, and vendors.

Responses from these groups pinpointed three main aspects of Teams that MRED’s new functionality could implement to best serve real estate professionals:

  • Better MLS functionality to manage Team members, clients, and transactions
  • More transparency regarding the parties that are part of Teams and their levels of business
  • More accurate tracking of Team production and membership, which would display in reports, rosters, and listings, as well as be available to third-party vendors and platforms through data delivery

“Teams are an increasingly prevalent part of real estate and we make it our personal goal to provide the best service to all real estate professionals, so we’re excited to fill this need,” said MRED President/CEO Rebecca Jensen. “Not only does this new functionality benefit the Teams in our service area, it also helps provide a more accurate picture of our real estate marketplace in general.”

Team IDs in connectMLS will soon be distributed through API and RETS to external platforms, providing more accurate Team information outside of the MLS. MRED will also be collecting feedback from Team members and focus groups to continually improve the new functionality.

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 45,000 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 10 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.


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