In March of 2009, a small group of Chicagoland Realtors came together to form a grassroots effort to bring about market differentiation for green properties. Known as the Sustainable Real Estate Alliance, the objective was to propose a way for connectMLS to quickly implement changes that would allow for consumer-based market differentiation.
Our process included analyzing successful methods used by other MLS’s such as Santa Barbara, San Antonio, Seattle, Atlanta and Traverse City, Michigan. We proposed the addition of a few searchable fields as well as a voluntary “Green Disclosure” document. The “Green Disclosure” allows for a seller to go into great detail about the property. It also affords the buyer a way to actively compare properties that have the document associated with the listing so that they can find exactly what they are looking for in a green property. The Green Disclosure document is also useful for other industry professionals in helping them understand the value of a green home. There is also a downloadable glossary of terms that is available to agents and their clients. Both the glossary and disclosure can be found in the “MRED LLC Listing input forms” portion of the “Forms” section on connectMLS.
There are currently only 20 to 30 MLS’s that either have implemented or will be implementing some sort of method that allows for market differentiation of property with green features. Recently, the National Association of Realtors rolled out a Greening the MLS Toolkit that provides a comprehensive look at successful Green MLS efforts from various parts of the country. The effort put forth in Chicago is one of five featured case studies included in the toolkit.
Having a vehicle in place that provides market differentiation for green property within the structure of an MLS is important for Realtors as it allows for consumer demand and confidence not only to be measured, but encouraged. Realtors who are listing green properties will have the same type of MLS resources available to them that the traditional market currently enjoys. For example, areas such as Atlanta and Seattle that have had a Green MLS in place have been able to show tangible results over time — green properties sell faster and retain their value, while buyers are willing to pay more for properties with green features. In the greater Chicago area, over time, we will be able to produce similar results seen in Atlanta and Seattle.
For more detailed information contact either:
John Shaterian Realtor, Green, LEED AP
@properties; 773.882.0520; [email protected]
Sarah Coulter Realtor, ABR, CRS, EcoBroker, LEED AP