As a new home owner, do you want to know how to find a home that reduces your ownership cost from Day 1? As a real estate broker, do you want to be able to explain energy efficient features in home or turn efficiency into a selling point with a client? To help answer these questions like these, the CEO developed the Green Real Estate Initiative.
The Green Real Estate Initiative (sometimes called the Green MLS) began in 2009 with the creation of a Appraisal Sub-Committee comprised of Realtors, Appraisers, Lenders, members of the Construction and Energy Efficiency Industries, and members from Multiple Listing Services (MLS). The MLS is an on-line catalog of all the homes and properties for sale in a given area, and is an important tool used in the real estate business. Each listing contains detailed specifications of a given homes for sale describing various selling points, but until now there has been no way to include information about energy efficiency. Real estate agents use the different MLS systems to help find the right house for buyers and appraisers use the MLS to find information to value each home.
The Committee recommended that all MLS adopt certain searchable fields to help potential buyers and sellers highlight energy efficient features as well as provide information that appraisers may be able to use in tjhe home. For a detailed look at the recommendations click here. Currently 90% of the homes in Colorado are served by an MLS that has put these basic recommendations into action. To see if you live in an area that is considered a Green MLS, click here.
How can you participate in the Green Real Estate Initiative as a home owner?
1. Get to know the language your real estate broker, home inspector, and appraiser are going to be using. One major part of the initiative is getting everyone to use the same language. Click here for definitions of common green attributes of a home.
2. Selling a Home, even one built in 1890? Make sure you fill out the green addendum and that your real estate broker adds the addendum to your listing. Almost every home in Colorado has some feature that can be listed, so make your home stand out in the market place. If the home you're selling has a PV solar system, use this form and provide it to your appraiser.
What do I need to know as a real estate agent?
1. Know the definitions and what they look like in a home, so you can guide your clients through the buying and selling process.
2. Open more of the housing stock to your energy-minded clients by providing resources to make time of sale improvements to their new home.
3. If replacing a furnace or hot water heater is part of the deal, make sure you ask for ENERGY STAR qualified equipment.