MRED's Tuesday Tip Sheet

Quick Tips to Help You to a Winning Week!

Hot Tip #1 - A room does not need a closet to be a bedroom.  A bedroom is defined in MRED's Room Counting publication as a private room closed off from other living space which does not have its only entrance from another bedroom.  This definition meets appraiser standards for bedrooms and excludes tandem rooms.
 
Hot Tip #2 - Commercial practitioners - while the "Monthly Rental Price" field in connectMLS™ is not a required field, the "Lease Price - Dollars per Square Foot per Year" is required.  The dollars per square foot figure is much more commonly used in commercial.  That being said, you can figure out the "Monthly Rental Price" from the  "Lease Price - Dollars Per Square Foot Per Year". 
 
For example, if the Lease Price per square foot per year is $14.40, and the space has 5,000 square feet, the annual rent is $72,000 (simple multiplication).  Divide that by 12 and you have the Monthly Rental Price ($6,000).
 
Hot Tip #3 - $0 is an unacceptable opening bid for an Auction status listing.  No surprise here.  You have to bid at least the minimum price the seller is willing to accept.  That amount is indicated in the system as either the opening bid, reserve price or last list price. 
 
Any other questions?  You can always contact the MRED Help Desk, at 630-955-2755 or help.desk@mredllc.com
 
 
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