Chicago Homes that Disclose Energy Costs Have a Higher Close Rate
What happens when a Chicago single family real estate listing discloses residential energy costs (gas and electric)? It has a higher close rate and spends less time on the market than comparable homes that did not disclose this information, according to an analysis by Elevate Energy.
Our analysis indicates that homes that disclosed energy costs at the time of listing sold at a higher percentage of the asking price. On average, an attached home (such as a condominium or townhome) that was listed for $352,000 could have sold for $4,576 more if the listing had disclosed the home’s energy costs. In addition, attached homes that disclosed energy costs spent about 25 fewer days on the market than homes that did not disclose energy costs. Detached homes that disclosed energy costs spent eight fewer days on the market. Click here for further findings from the analysis.
Not only that, but disclosing energy costs also facilitates more informed decisions by all involved in the real estate transaction – including seller, buyer, and agent – and helps demonstrate the value of energy efficiency in the marketplace.
Not surprisingly, energy cost disclosure is gaining momentum in Chicago. The analysis found that 94.8 percent of Chicago Community Areas have at least one home that has disclosed energy costs. In part, this is because an increasing number of brokerages are utilizing an easy “Energy eCompliance” tool. Along with MRED (the multiple listing service covering Chicago) and the City of Chicago, we launched an ongoing Chicago Energy eCompliance Brokerage Challenge to help real estate offices secure their place as leaders in using this latest technology.
We’d like to recognize all the offices that have participated so far, including all Baird & Warner city offices, all Chicago-based Coldwell Banker Residential Brokerage offices, and the MG Group at BERKSHIRE HATHAWAY HomeServices KoenigRubloff Realty Group:
- Baird & Warner
- Coldwell Banker Residential Brokerage Edgebrook
- Coldwell Banker Residential Brokerage, Gold Coast
- Coldwell Banker Residential Brokerage, Hyde Park
- Coldwell Banker Residential Brokerage, Lakeview
- Coldwell Banker Residential Brokerage, Lincoln Park Halsted
- Coldwell Banker Residential Brokerage, Lincoln Park Plaza
- Coldwell Banker Residential Brokerage, Oak Lawn
- The MG Group at BERKSHIRE HATHAWAY HomeServices KoenigRubloff Realty Group
- The Gramata Realty Group with @properties
- Century 21 Affiliated, Hyde Park
- EXIT Strategy Realty
- DK Residential
- CurRealty Inc
- Roca Realty Network
- Investors Meldina Realty Group
- Buzzer Real Estate
- LW Reedy Real Estate
- Unique Real Estate
- Henry Ong Realty
- Balance Group
- Realty Executives Midwest
- Realty Scientists Inc
- Ingenious Moves Real Estate
There’s still time to get on the list! All Chicagoland real estate offices, agents, and sales teams are encouraged to participate in the Chicago Energy eCompliance Brokerage Challenge by completing a checklist:
- Commitment to use digital energy cost disclosure fields offered by MRED on all eligible Chicago property listings.
- Office staff member oversees training activities on the Energy eCompliance tool.
- Using energy cost disclosure fields provided by MRED becomes part of the brokerage’s listing process.
To participate, brokerages should complete the three tasks and .
In 2013, the City of Chicago became the first municipality in the country to allow direct disclosure of residential energy costs (gas and electric) via a multiple listing service (MLS) when a single family or two- to four-unit home was listed for sale. The achievement was the result of collaboration between the City of Chicago Office of the Mayor, MRED, and Elevate Energy.
In addition, the Energy eCompliance tool was launched to help agents in Chicago provide buyer agents and home purchasers with immediate online access to an energy cost disclosure (ECD) report for a property. Using the tool helps agents comply with the specific requirements of the modernized City of Chicago energy cost disclosure ordinance.