MRED helping Chicago sellers meet utility disclosure requirement

LIVE NOW: Inman Connect San Francisco
Tune-in now to catch the livestream. Don't miss this chance to see real estate leaders tackle the industry's top problems.

Midwest Real Estate Data LLC (MRED) is helping home sellers and their real estate agents meet a requirement that sellers disclose utility costs to prospective buyers.

Sellers of detached, attached and two- to four-unit properties in Chicago are required by the city’s municipal code to disclose utility costs to prospective purchasers. The city of Chicago has partnered with CNT Energy and Midwest Real Estate Data LLC (MRED) to make the information available online.

On June 26, the MLS added four fields to the listing input for Chicago properties — estimated monthly and annual electricity costs, and estimated monthly and annual gas costs.

Real estate agents can look up estimated utility costs using a tool, “MyHomeEQ,” that allows them to input utility account numbers they obtain from sellers. A PDF of the disclosure of utility costs is created for download and attachment to listings.

Making data on utility costs available through the MLS will not only help buyers make informed decisions, but help accelerate Chicago’s efforts to use data to promote energy efficiency and create green jobs, Chicago Mayor Rahm Emanuel said in a statement.

Homeowners who have invested in energy-saving upgrades may not realize their fair value when they sell their homes if those improvements are not recognized by buyers, appraisers and lenders. More than 200 multiple listing services provide “green fields” that allow real estate agents to list a home’s green features. Source: mredllc.com.