What You Need to Know About MRED’s New Private Listing Network

On Tuesday, April 5th, 2016, MRED launched its new private listing network within ConnectMLS. Here are some key points and perspective on what it is and how to use it:
  • MRED’s private listing network (PLN) is a separate database within connectMLS where you can place “mini-drafts” of property information for those listings you choose to put in the Private Listing Network.
  • This pre-marketing tool allows you to enter your new listings where limited information is shared with other brokers BEFORE exposing them to the public.
  • The PLN provides MRED customers a secure network to enter their “Coming Soon” listings, with an opportunity to pre-market these to their peers, in the spirit of cooperation and compensation.
According to information published from MRED, the creation of the private network is designed “to address the needs of brokers.” The private listing network can help to ensure that all brokers have access to the same information. For example, the private listing network can help brokers gain access to information that their buyers might otherwise obtain through informal, offline channels. The private network could also be a great ‘coming soon’ tool, helping brokers start getting the word out about properties before a more formal or complete listing is ready. According to MRED, the ‘mini-drafts’ will only require six pieces of information before going live in the private listing network:
  • Address
  • Property type
  • Compensation
  • Showings Y/N
  • Listing expiration date (seen by listing brokerage/agent and MLS staff only)
  • Listing office and agent (will be auto-populated)
It is extremely important for brokers to talk with their sellers about what the private listing network is and isn’t, as well as how brokers intend to use it as part of their marketing strategy. Sellers will need to be aware that placing their listing in the private listing network will limit their exposure to potential buyers. C.A.R. has created a private network addendum to the Exclusive Listing Agreement that brokers should consider using to ensure the proper conversations are happening with their sellers. MRED is implementing a new policy of its own, requiring a listing to either be in the regular MLS database or in this new private listing network if it appears on any public-facing websites. Get the details on how to use this system. Click here for FAQs on the PLN.  For more information on the Private Listing Network, please contact MRED at 630.799.0011.