REcolorado made an unsolicited offer to purchase IRES on Wednesday, December 7th. We are disappointed the issue became public before IRES had an opportunity to discuss the proposal with our Owners (Boulder, Fort Collins, Greeley, Longmont, Loveland-Berthoud).
In an effort to maintain transparency, IRES leadership met with Owner representatives on December 19th, provided an overview of the offer and encouraged dialogue. No decision was made. IRES leadership will meet in January to continue the discussion. In order to allow IRES leadership to meet in January and continue the discussion, a 30 day extension was requested and granted.
As with any business proposition, IRES will weigh the pros and cons of the offer while maintaining laser focus on what is in the best interest of our customers. IRES supports moving the industry forward to benefit brokers, appraisers and consumers.
There are many models for consolidation and merger surrounding us. A solution and approach that best fits the parties involved while also serving the needs of its constituents is a lofty yet reasonable goal.
Our CEO, Lauren Hansen, is the 2017 President of CMLS (Council of MLS) and regularly participates in industry forums as a speaker and member of advisory councils and work-groups. IRES Managers attend various industry and MLS conferences on an annual basis. This experience fosters a deeper understanding of MLSs and the real estate industry as a whole for IRES and its management team.
Our past is proof that there are many approaches
and solutions for merger and consolidation.
IRES’s roots are embedded in MLS consolidation and merger, having been formed 20 years ago with the combination of Tri-City Services, Inc. serving Fort Collins, Loveland and Greeley, and the Market Area Database serving Boulder and Longmont. Two different systems migrating into one gave brokers and appraisers access to properties throughout the region and was a benefit to brokers, appraisers and consumers.
Years passed and IRES became the MLS service provider for three additional Boards of Realtors®: Estes Park, Morgan County and Logan County. Each situation was unique but became a win-win for all parties involved.
More recently, IRES significantly expanded the footprint of ColoProperty.com®, our public facing website, by working with CREN (Colorado Real Estate Network) in SW Colorado, the Grand Junction Area Realtor® Association, and the Vail Board of Realtors®. This expansion benefits brokers by increasing their listing exposure and consumers, offering a broader inventory of available properties.
Our past is proof that there are many approaches and solutions for merger and consolidation.
DATA SHARING, 2003-Present
Although not a new concept, data sharing is a solution in many areas, particularly those with overlapping markets such as ours. In 2003, the introduction of CCM (Colorado Cooperative MLS) with Metrolist and Pikes Peak broadened access to listing inventory for real estate professionals across the Front Range of Colorado. In 2008, IRES and Metrolist each received the Distinguished Service Award from the President of the Colorado Association of Realtors® for their efforts related to expanded and integrated data sharing. IRES continues to support data sharing for the benefit of our brokers and appraisers.
WHAT IS UNIQUE ABOUT IRES
The IRES MLS system was launched in 2001 as a custom, Colorado-based platform and has continually evolved since then. It was recently featured in an article by Matt Cohen about successful home grown systems entitled “Homegrown and Happy http://clareity.com/mls-homegrown-and-happy/.
From the outset, data integration and ease were the top priorities for our custom system. Today, IRES subscribers enjoy a menu of services and modules that are customarily third party options offered at an additional charge. A few examples include Contracts, Showings module, Prospect websites, CloudCMA. All of these are included in the IRES monthly fee, not to mention ListTrac, New Home Source, statewide public records, InfoSparks, RPR, Find, and listing syndication, including ColoProperty.com®.
A recent satisfaction survey of IRES users revealed 92% are either Extremely Satisfied or Satisfied with the IRES MLS system.
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