In light of REcolorado terminating the CCM Data Share Agreement as of March 2nd, 2017, after 14 years of successful collaboration, we wanted to take a moment to outline the events of the past few months.
11/15/16 – Joint meeting of IRES Managers and REcolorado Directors met at the REcolorado offices. Presentation made about REcolorado. IRES voiced our opinion that data sharing should continue.
12/07/16 – An unsolicited offer from REcolorado to purchase IRES was presented to IRES Managers. A meeting with the five IRES Board/Association owners was promptly scheduled for 12/19/16. (The deadline to respond to the original offer was 12/30/16.)
12/19/16 – IRES Managers met with 2-3 representatives from each owner Board/Association to review the offer from REcolorado. All agreed more time was needed, therefore, an extension was requested and granted until 1/31/17.
1/11/17 – IRES Managers reviewed the offer from REcolorado, including an in depth discussion exploring priorities, options, and alternatives. A follow up meeting with IRES owners was scheduled for 1/30/17.
1/30/17 – A meeting was held with the IRES owners (i.e. the Board of Directors for each IRES owner Board/Association) and IRES Managers. The IRES Board of Managers recommendation was discussed. There was a unanimous approval from IRES owners to support the decision to decline the offer from REcolorado and continue dialogue with more MLSs in the state regarding the “Colorado Conversation”, including IRES funding of $50K to cover meeting and travel expenses for MLS administrators in Colorado.
1/30/17 – IRES provided our response to REcolorado regarding their purchase offer and suggested REcolorado participate in the proposed “Colorado Conversation” including financial support if they so desired. The IRES response also urged REcolorado to continue data sharing with the following statement:
“Finally, based on the broad input and support from IRES subscribers, we formally request REcolorado reconsider discontinuing data sharing for the foreseeable future and join us in collectively discussing the best path forward.”
2/1/17 – IRES received the notice of termination of data sharing from REcolorado, to be effective 3/2/17.
2/8/17 – A Broker Forum meeting was held in Denver, organized by Greg Zadel, Chris Mygatt and Alan Lovitt. IRES Managers and staff were invited to attend along with several large brokerages. Consultant Kevin McQueen made a presentation and brokers reinforced the need for uninterrupted access to information (e.g. data sharing). The majority of IRES Managers attended as well as Lauren Hansen, IRES CEO.
2/14/17 – A letter to IRES, REcolorado and PPAR, signed by 20+ large brokers, is received and requests:
1. Maintain or re-establish reliable data sharing between the three above mentioned MLS’s as quickly as possible and until such time that a single property database is available.
2. Cause the creation of the single database no later than January 1, 2018 to enable us to do our jobs, serve our clients and remain relevant and valuable to the people who pay us.
3. Present the three front range MLSs and their Shareholder Boards of Directors with their best recommendations and collaborative plan no later than June 1, 2017, to create a single common property database for our ongoing use.
2/22-17 – Special meeting of IRES Managers to formulate response to (2/14/17) letter from large brokers.
2/22/17 – IRES responds to organizers of the Broker Forum and letter from large brokers stating: “IRES is in agreement with all three points noted and will support efforts to explore solutions. We look forward to the next steps.”
2/27/17 – IRES receives word that REcolorado Board of Directors stands by their decision to end data sharing as of 3/2/17.