Members of the Chicagoland multiple listing service Midwest Real Estate Data LLC (MRED) will soon have access to an interactive housing market analytics tool from research firm 10K Research and Marketing (10K). Both companies announced they had entered into a licensing agreement today.
Dubbed "The Thing," the tool will allow users to create customized charts of MRED data. The charts would show data points such as homes for sale, average days on market, months’ supply of inventory, pending sales, and median sales price, filtered by criteria such as property type, distressed vs. traditional sales, price range, and neighborhood or ZIP code
Russ Bergeron, MRED’s CEO, said the tool would help MRED’s nearly 40,000 members do more business.
"Having a deep understanding of your local housing market and being able to communicate information about that market in an understandable way are prerequisites for success as a real estate professional," Bergeron said in a statement.
"Today’s consumer has access to more information than ever before. The Thing will give our customers — real estate professionals — the ability to deliver information highly relevant to that buyer or seller, and in a way they can easily understand and absorb."
The 10K research firm is a division of the Minneapolis Area Association of Realtors. Counting MRED, the firm provides services to 91 MLSs nationwide, including five that have deployed The Thing. The tool is expected to go live for MRED members in August.