As a founding partner of The Real Estate Learning Group, (TRELG), I recently sat down with Ken Duke, the CEO of Maine Real Estate Information Systems, Inc, (MREIS), to ask about gathering and using statistical data from the Maine Listing Service, (MLS).

TRELG:  Ken, you’ve been involved in the real estate industry for a long time, most recently as CEO of MREIS.  Tell us how licensees can gather statistics.

KEN:  It’s really very simple, just go to http://www.mainelistings.com/

TRELG:  In your experience, what statistics do the members find most interesting?

KEN:  Brokers like to know agent production, market share and market trends.  Licensees use stats to help their buyers and sellers understand the market in which they will compete.

TRELG:  Like what specific stats?

KEN:  Current listings, Sold units, Days on market, Median prices, and Expired listings, are a few.  Here’s how you get the stats:

•  Sign-in using your MREIS user ID and Password / Click on the Search button / Choose MREIS.net –
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• Go to Action and choose Statistics – 

• Pick location, prop type, Status, Date range and anything else you may be interested in knowing, then click GO! —

  

 After you have completed the steps above, your report should look something like this:   

“Based on information from the Maine Real Estate Information System, Inc. for the period 07/01/08 through 07/31/08. Provided by an individual user of MREIS. MREIS has not reviewed the contents and does not make any representations, warranties or guarantees regarding the accuracy, timeliness or completeness of any statistical information and data provided.”

 

With a few months of information, a graph might be made to show clients visually how the market looks.  That gragh might look something like this:

“Based on information from the Maine Real Estate Information System, Inc. for the period 01/01/08 through 07/31/08. Provided by an individual user of MREIS. MREIS has not reviewed the contents and does not make any representations, warranties or guarantees regarding the accuracy, timeliness or completeness of any statistical information and data provided.”

 

TRELG:  You said median prices.  Why has MREIS gotten away from average prices and used median prices instead.

KEN:  Average is the sum of the column of numbers divided by the number of items in the column.  Median is the number half way between the top and bottom of the column and therefore less likely to be skewed by a few unusually high or low numbers in the column.  Also, NAR uses median.  So by being consistent, everyone will have better and more understandable information.

TRELG:  Any cautions regarding the use of statistics?

KEN:  Be careful to be accurate!  You may have seen cases in the Real Estate Commission newsletter based on mistakes when using statistics especially when referencing market share.  When publishing stats in any public forum like your web site, blog or advertising always attribute the stats to MREIS and specify the date range, geography used and any other parameters that you used to develop the stats; and the word is median not average.

TRELG:  Thanks for taking the time to visit with us to help the members gather useful information.  If they have difficulty, can they call support?

KEN:  Certainly!  We are always ready to help the members get the most out of this amazing system.

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