Update to All IRES Subscribers as of June 30, 2017

On June 26^th, REColorado & IRES, along with representatives from the shareholder/owner group, met with representatives from Pikes Peak Association of REALTORS® (PPAR) and its MLS – REALTOR® Services Corp (RSC).  The meeting provided RSC/PPAR the opportunity to learn more about the progress being made on the merger discussions between REColorado & IRES.   RSC and PPAR have expressed interest in joining conversations but had requested this meeting to get a full understanding of the progress and decisions made as well as to clarify any misinformation circulating around the status of the discussions.  REColorado and IRES believe the meeting between the groups could benefit the merger discussion.

Kirby Slunaker, CEO of REColorado, provided a succinct timeline of events and summary of accomplishments.  Most importantly, he stated that the first meeting of substance only occurred the previous Friday.   Lauren Hansen, CEO of IRES, provided a conceptual vision for the MLS merger discussions which is to create an MLS solution unique to Colorado.

Even though few meetings have occurred between REColorado and IRES, RSC and PPAR felt behind on conversations and due diligence.  RSC asked for a little more time to ensure to get the appropriate authorization to proceed with and contribute to the facilitator from its Boards of Directors.   RSC/PPAR does not want to slow process or progress but would like the opportunity to officially join the conversation.   RSC/PPAR asked for a little more time before everyone met with the facilitator.   REColorado, IRES and the shareholder/owner representatives agreed that waiting a few additional weeks was reasonable, did not significantly delay the process and having the three groups involved is beneficial in the long run.  RSC/PPAR will notify REColorado and IRES of the decisions by its Boards of Directors by July 21^st.

The possibility of having more groups at the table is exciting and presents great opportunity for real estate professionals in Colorado.   REColorado and IRES remain committed to the merger discussions and will continue to forge ahead if RSC/PPAR do not choose to participate, but we are hopeful the organization will join the discussions.