Unsolicited Offer to Purchase IRES
As many of you may have heard through any number of channels, IRES received an unsolicited offer to purchase our company from REcolorado on Dec. 7, 2016. This offer was carefully considered by the organization’s leadership. Lengthy meetings were conducted to discuss all aspects of the offer, and information was also presented to owner Boards of IRES.
We declined REcolorado’s unsolicited offer earlier today. The leadership team proposed an alternative that opens channels for additional dialog with REcolorado and other MLS organizations throughout the state to explore the best possible solutions for brokers, appraisers and consumers. IRES wants to encourage conversation between all Colorado MLS organizations to explore the best options for all of our collective customers moving forward.
Basis of the Decision
The majority of our consideration of this offer focused on the ultimate impact on our customers. We heard from many of you and sincerely appreciate your input. We heard you loud and clear and understand you value the philosophy and company culture of IRES:
- Our customer service is top notch. A recent satisfaction survey of IRES users revealed 92% are either Extremely Satisfied or Satisfied.
- Although IRES is a for-profit company, by design, our profits are reinvested back into the system to benefit customers
- We believe in cooperative data sharing to benefit brokers, appraisers and their clients
- We are responsive and nimble
- Our array of services and system features are unparalleled
- We believe competition is good, healthy and spawns innovation
Offer Was Not A Match For IRES
The unsolicited offer fostered a wealth of meaningful discussion for IRES leadership, allowing us to reconnect with our priorities, why IRES was formed, and the very foundation of our industry: Cooperation. We had concerns with the proposed ownership structure that excludes our current owners, limited representation for IRES brokers, and transition to the Matrix platform.
We understand there are many models for consolidation, merger and cooperation throughout the MLS industry and we believe a solution that serves both the consolidating parties and the needs of all constituents should be the ultimate goal for all concerned. IRES is willing to commit funds toward this “Colorado Conversation” with other MLSs in the state, including REColorado. Funds will be used to offset travel costs for attendees and meeting expenses.
IRES MLS is Alive and Well
For now, IRES will continue to operate as an independent organization, along with our development team, serving real estate professionals throughout Colorado. We continue to both welcome and encourage input from all IRES subscribers and will implement change whenever possible. We look forward to working with our customers to determine the best path moving forward.
Feel free to leave a public blog comment below or you may send IRES a private comment here.
Lauren Hansen, CEO