While the housing market is taking a beating, some adventurous home sellers and buyers are embarking on the new territory of green residential real estate with the aid of their realtors. In some markets, they are beginning to use a tool called the Green MLS (Multiple Listing Service) which highlights a home’s green attributes and helps buyers find the sustainable features they seek.
The idea of a Green MLS may not be necessarily new, but creating a consistent listing method for green features is revolutionary. The National Association of Realtors (NAR), through its Green REsource Council and NeighborWorks America, organized subject matter experts from across the country to create a toolkit to assist MLS organizations in developing their own Green MLS. Deliberate focus was placed on developing a team of individuals that either had direct experience with MLS system management and/or implementation of a Green MLS initiative.
Before we go any further, emphasis needs to be placed on the fact that there are over 800 multiple listing services. They are regionally and independently owned and they set their own rules. There is no state or federal government oversight beyond any individual state rules regarding real estate. The industry lacks a consistent method to enforce or require adoption of a Green MLS, so it remains voluntary to this day. Each adoption is done through the work of committed individual agents and industry stakeholders who collaborate with their individual MLS organizations on a market-by-market basis.
Regional Market Transformation
One of the toolkit development teams is a coalition of Chicago-area realtors who work with residential and commercial properties. In the spring of 2009, they formed the Sustainable Real Estate Alliance (SREA). Their purpose was to collaborate with the Midwest Real Estate Data LLC (MRED) MLS, which serves Chicago’s metropolitan area and northeastern Illinois, to create their own Green MLS.
The SREA first approached the idea by identifying the need to distinguish green residential listings from traditional residential listings. Also, with cooperation from NAR’s Green REsource Council and outreach to other professionals, the SREA was able to analyze the successes and approaches of other MLS organizations. Additional considerations included the inconsistent definition of green real estate and a lack of defined fields by which sustainable attributes could be cataloged or searched.
The end result of the SREA’s efforts was an additional “Green” Disclosure Document, new searchable “Green” fields, and a list of standard “Green” features within the MRED MLS. The intent of these three key elements is to provide enough information for the realtor or buyer to interpret the level of green for a particular property. A website was also created to provide a toolkit and to encourage other multiple listing services to adopt the same elements. The “Green” Disclosure is a voluntary document that encompasses the currently recognized green industry trends suitable for either new construction or rehab/remodel.
MRED MLS GREEN FEATURES
The recognized Green Features for the MRED MLS are:
> Photovoltaic/Solar System
> Pre-wired for PV/Solar
> Solar Hot Water
> Geothermal Heating/Cooling System
> Tankless Water Heater
> Enhanced Air Filtration
> Low Flow Commode
> Low Flow Fixtures
> Native/Drought Resistant Landscaping
> Rainwater Collection System
> Green Roof
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