Earlier this week, REcolorado IRES made a multi-million dollar offer to purchase IRES. The offer supports REcolorado’s belief that Colorado brokers and agents serving the Denver metro and northern Colorado areas deserve the power and benefits that can only come from a true consolidation in the MLS industry.
“We strongly believe the offer presented to IRES is in the best interest of brokers and agents in the Denver metro area and northern Colorado, because it will break down the artificial barriers that can make it more difficult to do business,” said Kirby Slunaker, president and CEO of REcolorado. “Bringing REcolorado and IRES subscribers together on the same MLS system will also remove the burden of data sharing, which has been a stop-gap measure at best, and at worst has impeded the progress needed to resolve the long-term business needs of brokers and agents. “
REcolorado, along with the REcolorado Board of Directors, are committed to working in the best interest of brokers and agents in Denver and Northern Colorado, which includes providing them all the benefits that come with a single MLS system.
Additional information is included below.
Why does REcolorado want to buy IRES?
MLS regionalization is in the best interest of brokers and agents. Consumers, real estate professionals, and brokerage firms don’t have boundaries. When a real estate agent is licensed, the license works throughout the state. So, it makes sense for MLSs to also operate without boundaries.
Why not just continue the CCM Data Sharing Agreement?
Our current data sharing agreement does not address the long-term challenges agents and brokers face in today’s market. At best, it is a stop-gap measure. At worst, it impedes progress that would resolve the underlying issues. Data sharing does not address a variety of business needs, including but not limited to:
- Cooperation and compensation – brokers and agents are often required to follow different sets of rules for each MLS
- IDX - it does not include IDX
- MLS fields – brokers and agents do not get the level and depth of information they get when they belong to an MLS. This can require brokerage firm to do “data mapping” to incorporate the information.
- Incomplete data - Data sharing does not allow all data to be used to create comprehensive reports or analysis of the market/market conditions.
How will MLS regionalization benefit real estate agents?There are many ways brokers and agents in the Denver metro area and northern Colorado will benefit from one MLS system. They will:
- Save money because they will no longer need to pay subscription fees to use separate MLS systems.
- Save time because they will be able to use one system to enter and search home listings.
- Get access to more complete data that isn’t provided through data sharing, which doesn’t work for a variety of reasons. Because MLS rules are different, all of the shared data doesn’t map over between MLS systems and may not map correctly. This puts the broker at a disadvantage as it will result in missing listings in searches and CMAs. Additionally, data sharing does not include IDX, meaning the tool used on agent websites will not include all listings.
- Become part of the largest broker-to-broker network in the state. This means a bigger audience to share listings, have cooperation and compensation, and more.
- Only need to learn and adhere to only one set of MLS rules.
- Receive access to additional products and services at a lower cost.
- Gain access to Matrix MLS, as well as additional mobile-friendly tools and resources to run their businesses and serve their clients – Homesnap, Realist, REcolorado Listing Metrics, and more.
- Have access to a knowledgeable and friendly customer care team that is available and accessible 6 days per week – Monday through Saturday, and by request on Sunday.
- Have hands-on training easily accessible at the REcolorado training center, at agent offices, their REALTOR Associations, as well as online.
- Listings available on REcolorado.com, the state’s most popular, locally-run home search site. REcolorado.com brings great visibility to agents and their listings.
How will MLS regionalization benefit consumers?
The benefits brokers and agents receive by being part of the same MLS system can be passed along to consumers, customers, and clients. These include:
- The ability to marketing listings to the 2.4 million monthly REcolorado.com visitors.
- Use of the Matrix client portal for streamlined communications.
- Providing consumers access to online tools like Homesnap.
- Using REcolorado.com to search homes for sale. When consumers have access to accurate and reliable information, it strengthens their relationship with their agent.
How will MLS regionalization affect the REALTOR Associations?Colorado REALTOR Associations are very strong. A single MLS system in the Denver metro area and northern Colorado will allow the REALTOR Associations to continue to focus on what they do best – providing local resources to members, while allowing REcolorado to run the MLS.
Does REcolorado want to take over the REALTOR Boards?No. REcolorado wants to do what is in the best interest of brokers, agents, and consumers in partnership with REALTOR Boards. REcolorado has successfully done this in its most recent partnership with ROCC. This will allow REALTOR Associations to devote their resources to providing brokers and agents training, advocacy, etc.
How can I show my support for a single MLS system in the Denver metro area and northern Colorado?Talk to your managing broker, MLS board member, or REALTOR Association Executive and let them know you, your business, and your clients will receive great benefits when you need to use only one MLS system in Denver and northern Colorado.
Are other states moving toward MLS regionalization?The MLS industry is consolidating in other areas of the country. From a national perspective, the most prominent consolidation efforts are taking place in the Eastern US with TREND, MRIS and 7 other organizations, as well as in California with California Regional MLS leading the way.