The Scoop: REcolorado's Offer to Purchase IRES

By myoh@recolorado.com insights With 0 Comments

We've been working hard to share our message about the need for One Front Range MLS and the inefficacy of data-sharing. Last Thursday, Staci Wood, REcolorado Vice President of Product Management, Marketing and Training spoke to the Women’s Council of REALTORS® (WCR) about consolidation plans and our offer to purchase IRES. 

Just as we believe that MLS consolidation is in the best interest of real estate professionals across the state, we believe that full transparency is essential to working collaboratively with one another. That’s why we feel it's important for our brokers to understand the offer presented. 

- Our offer to purchase IRES was presented on December 7, 2016 and by industry standards, it was very generous. Among other things, it included three acquisition options, transition packages for IRES employees and 3 permanent seats on our board.

- At the time we presented the offer, we informed IRES we were no longer interested in sharing data. We did this so IRES leadership wasn’t left without an opportunity to jointly develop a better solution for brokers.

- We didn’t hear from IRES again until they rejected our offer, so we did not have an opportunity to work collaboratively and negotiate as we had hoped.

We truly believe that MLS consolidation up and down the Front Range is in the best interest of brokers, agents, appraisers and consumers. Consolidation provides real and immediate benefits to the real estate professionals Colorado serves that Band-Aid solutions like data-sharing cannot. One Front Range MLS is our future.

Click here to read the full term sheet.