IRES today received notice from REColorado that they are discontinuing data sharing between our companies, just two days after we declined their offer to purchase our company. IRES is very disappointed and concerned with the termination announcement from RECO, especially since the impetus of data sharing was a result of broker requests.
The need for providing more information in the hands of real estate professionals has grown, not diminished. Data sharing has been a solution for more than 10 years, and given that Colorado today is one of the hottest and fastest growing real estate markets in the country, the need for such collaboration has only increased, not decreased.
REColorado has stated they believe that data sharing is simply a “stop-gap” solution to industry consolidation and that is why they are stopping the practice. While we also support industry consolidation, this decision is not based on technological barriers. Our ability to data share is already in place and could be expanded and improved.
Data sharing has been a valuable tool for brokers and appraisers since 2003 – well over 10 years.
- CCM Agreement includes cooperation and compensation between the parties.
- Data sharing provides a more complete picture of the market to all brokers and appraisers.
- Data is integrated in one search vs. 2 systems, 2 logins, 2 sets of data (e.g. CMA)
- Sellers: Properties for sale, regardless of the primary MLS of the listing broker are accessible to users of both systems through the MLS system of their choice.
- Buyers: Listing inventory is inclusive, regardless of the subscriber’s primary MLS.
- Dual MLS subscriptions and fees (as determined by subscriber)
- Dual entry of listings (as determined by subscriber)
- Negotiating cooperation and compensation
- Significant inconvenience for brokers and appraisers to sort through duplicates from 2 systems, currently filtered if selected by the IRES MLS system, and merging data into one report (e.g. CMA).
Since we know this issue is important to our customers, IRES formally requested RECO reconsider discontinuing data sharing and hopes they will do so.
If you would like to weigh in on this issue, we have created a form here.
14 thoughts on “IRES Receives Notice That REcolorado Datashare Will End 3/2/17”
They are just being poor sports! Sounds really familiar like politics! They are basically short changing their members because they won’t get our information. it will be their loss.
Sent from Ann’s
IRES–thank you for taking the high road. REColorado’s positioning does not surprise me. I am thankful not to be under their unbrella (ie not comsumating the IRES sale was banner on your part). REColorado is going to ‘take their ball and go home”. Oh well, this action will have some negiative reprecussions in the industry…though IRES will be there to serve. Thank YOU, Cynthia Arey
Please, please go onto the REColorado FB page and leave a review with your thoughts on this issue. If you only leave a comment here REColorado will not see or hear it. They need to be made aware of our thoughts and feelings. I am an appraiser and was forced into subscribing to both MLS services last year due to my coverage area–This had already created additional work but that will now increase tremendously with a complete lack of data sharing. I have let REColorado know my thoughts, I hope you will too!
As a Broomfield broker this absolutely doubles my cost and my work load. I am infuriated and I have let them know.
Not the least bit surprising with this bunch. I applaud the decision of IRES not to be bought out. We still have our own wonderful MLS system!
Well this action shows where REColorado was coming from. They basically wanted to take over on their terms, and since they didn’t get it, they’re going to punish everyone to try and force the change they want. They obviously don’t have the best interests of the public or brokers in mind. It appears they simply want control. Hard to work with a company like that towards a common goal. Looks like IRES did the right thing by not accepting their offer.
It sounds like RECO, isn’t that a name for the Racketeer Influenced and Corrupt Organizations Act (RICO)? Pronounced the same. 🙂 I don’t know about others but it sounds like sour grapes and control issues to me. I don’t mind subscribing to both for search purposes, but I know who’s going to get my listing data. That means everybody in RECO will have to subscribe to IRES as well and maybe we can rebuild the database with Denver brokers needing to find properties in the IRES covered areas. Data sharing goes both ways. What will the Denver Brokers do when IRES listings are not in their database?
Facebook Page: REColorado.com I totally agree with IRES and the decision to not sell to REColorado. What if all of us make an agreement with agents who do have ReColorado accounts and agree to pay a referral to them and them a referral to us depending on which system the Buyer/Seller comes in thru (work it as a team)? Wouldn’t this be a way to not pay them the extra money they seem to really want. They are counting on all of us to buy into their system so we can work a larger area. This way they make more money! Really, who gets hurt with this decision…. It is the Buyers/Sellers who don’t know what is happening and don’t know to ask if the agent they are hiring is a member of both systems. The poor appraisers who are required to know what is happening with sales in the area who are already over worked and now will have to pay more money and spend more time on each report. This means our already overworked appraisers will now be able to do less in the available time in a day.
I’m curious about what the people at IRES learned about RECO during the negotiations. Are they just being inflexible? Are they in financial trouble? Are they getting a lot of grief from their membership? Complaints about platform? I keep wondering why they are shooting themselves in the foot along with IRES. Certainly this hurts RECO’s northern members as much as (or more than) southern IRES members. I’m guessing there are financial issues, but I know very little about RECO’s situation. I’ve been in various businesses for more than 20 years and I can tell you that inflexibility is bad business, as is reducing service to one’s own clients. Financial makes some sense here because they will at least pick up subscriptions from some IRES members. So, what do you folks at IRES think?
The decision by RECO not only hurts me, my fellow agents and appraiser’s but more than anything hurts the public. Sellers will not realize their houses may not be marketed to all areas if the agent does not subscribe to both MLS’s. Buyers will not be aware they are not getting all the listings in many areas if the agent does not subscribe to both MLS’s. Our business is to help buyers and sellers so as agents we will have no choice but to subscribe to both MLS’s. Buyers will need to have two separate MLS searches running in many cities. Buyers could easily miss the house they want to buy because they thought they logged into the MLS, but in reality only logged into one of the MLS searches running. Even if agents try to stay on top of this, how would we know which search they opened to look at listings for that day. Agents could try to bug buyers and say hey did you see this listing or that listing but what buyer wants their agent to “bug” them. I hope that RECO reconsiders their decision and puts the public first and foremost because isn’t that what this industry is all about….Helping Buyers and Sellers.
Commenting on their FB page is a good idea. Also, make a rating and comment on Google too.
This move by REColorado to retaliate against IRES users is taking our industry one giant step backward. It was clear to me that REColorado’s motives are NOT what they have been pretending to be when their spokesman made a pitch for consolidation on Tuesday at the Cherry Creek Properties quarterly meeting in Aurora. They claim to be doing what’s best for the real estate industry. Consolidation would be best if IRES was to become the platform for all the front range cities. This move to stop data sharing proves their real motives are not to help us, but to hurt us and that is why we don’t want them and their bad attitudes managing our MLS.
Excellent prespective! Cynthiaaaaa
In an effort to hurt 6000 IRES users, REColorado is hurting their own 20,000 Realtor customers in a big way, especially those who live in the border region. This move to end data sharing will push consumers even harder to use Zillow as their consolidated MLS info source, and it puts their agents at a big disadvantage. Agents will have to use Zillow to see the same houses their clients are seeing… but the sales status data will be unreliable and out of date in this fast moving Seller’s market. Zillow is the clear winner of this battle.