Buying a House: the Real Estate Information Network System (REINS)

• Exchange of real estate information

When a real estate company receives a request to sell a property through an exclusive agent mediation contract, the information on the subject property is registered in the designated distribution network system (the computer network system for real  estate property information exchange: REINS*).​ The organization promotes the facilitation of real estate distribution by providing the registered information to all other real estate companies so that they can search for the most suitable buyer.
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.

• Consolidation of contract information

​When a contract is concluded for a registered property for sale, the seller is obligated to notify the Real Estate information Network System (REINS) of the contract information, including the transaction price. REINS aggregates the notified contract information and provides it to real estate companies. (This information is provided subject to the “duty of confidentiality” imposed on real estate companies.)
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.​

• Distribution of information on real estate transactions

As the Internet is increasingly used by consumers as a means of gathering information on real estate transactions, the Real Estate Transaction Information (RMI*) website is open to the public from the perspective of promoting the development of an environment in which consumers can appropriately grasp market conditions and conduct real estate transactions safely. This site provides transaction information, including prices of properties that have actually been bought and sold (contract prices), held by the designated Real Estate Information Network, and is searchable.
*RMI is an abbreviation for REINS Market Information.