Market Prices: the Real Estate Information Network System (REINS)
The Real Estate Information Network System: REINS
The Real Estate Information Network System (REINS) is a real estate information distribution organization designated by the Minister of Land, Infrastructure, Transport and Tourism based on the Building Lots and Buildings Transaction Business Law, and is commonly referred to as "REINS." Currently, four entities (East Japan, Chubu area, Kinki area, and West Japan) have been established throughout Japan, each of which is responsible for the exchange of real estate information in their respective areas. More than 100,000 transactions are concluded each year through the exchange of information provided by REINS.
Areas covered by four entities of REINS
East Japan, Chubu area, Kinki area, and West Japan
(2) Primary Functions
Note that the real estate information of the designated distribution system is exchanged on the premise of the "duty of confidentiality" legally imposed on licensed real estate companies, and is therefore not available to the general public.
In particular, it has become common practice to conduct price assessments on pre-owned properties with reference to actual transaction prices ("contract prices") in the neighborhood to determine selling prices, etc. By consolidating contract information, REINS providing an environment for real estate companies brokering the deals to conduct price assessments appropriately and works to ensure the transparency of the real estate distribution market.
*RMI is an abbreviation for REINS Market Information.
Transaction flow through the designated distribution system
REINS (the Real Estate Information Network System)
*Each regional entity of REINS consolidates information on their areas.
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Arrows International Realty Corp.