IRES & REcolorado Merger Agreement Questions & Answers

What is the next step for the REcolorado and IRES to merger to move forward?
The next step is approval from Shareholder and Owner Boards.  Shareholders of REcolorado are Aurora Association of REALTORS®, Denver Metro Association of REALTORS®, and South Metro Denver REALTOR® Association. The owners of IRES Boulder Area REALTOR® Association, Fort Collins Board of REALTORS®, Greeley Area REALTOR® Association, Longmont Association of REALTORS®, and Loveland Berthoud Association of REALTORS®.

When will the shareholders and owners vote on the merger?
The boards of the shareholders and owners are expected to vote on the merger agreement within the next 30 days. Specific meeting dates are not available at this time.

What is taking so long?
As with any merger, there are many details that need to be addressed. We continue to move at a steady pace, thanks to open lines of communication between REcolorado and IRES. With shareholder and owner approval, we hope to close by the end of the year and then start the process of integrating the two companies.

Once the merger closes, will REcolorado and IRES be one company?
Once the merger closes, IRES and REcolorado will be one company and the process of integrating the two MLS organizations will begin. Details about the merged MLS will be communicated to all subscribers as they are available.

When do you expect the merger to close?
If the IRES and REcolorado shareholder and owner organizations approve the merger, we hope to close by the end of 2017.

When will we know which MLS system we will use?
Once the merger closes, we will begin the process of evaluating the products and services currently offered by both organizations, including MLS systems. All MLS subscribers will receive ongoing communications throughout the integration process.

When will data share be available again?
Timelines for integrating products, services, and listing data will be developed once the merger has closed.

How much will MLS service cost once IRES and REcolorado merge? Should I pay 2018 MLS fees?
Please pay your MLS fees as usual.  Once the merger closes, MLS fees will be determined and accounts will be reconciled.

What are the benefits of REcolorado and IRES merging?
Bringing our MLS organizations together is what brokers want and what the market needs. A merged MLS organization serving the Colorado Front Range would bring substantial benefits to Colorado real estate professionals, which would be passed on to consumers. Benefits include comprehensive data, a broad set of technology tools and services, and powerful consumer-facing websites.

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6 Responses to IRES & REcolorado Merger Agreement Questions & Answers

  1. Rick Padden says:

    Wait, you’re considering raising our fees as a result of this merger? Our access to Metro listings was removed, and you didn’t lower our fees for the reduced service, but now you are considering raising the fees to restore that service?

    • IRES, LLC says:

      Rick:

      MLS fees have not been discussed or calculated to date for the merged entity, and likely will not be addressed until we are well into 2018 and have wrapped our arms around the bigger picture – so no need for concern. We have always been sensitive to the bottom line of real estate professionals and that will continue.

      Regarding IRES MLS fees, there is no change in store for 2018. We have no plans to increase fees when data sharing is restored.

      Lauren Hansen, CEO

  2. George Hays says:

    I agree with Mr. Padden’s comments. Half of my business is in the catchment area of the Denver metro area. When the data sharing stopped, it had a significant impact on me. I felt our dues should have been reduced commensurate with the service.

  3. Brett Pavel says:

    I hope there will be a prominent place for you, Lauren, after all your years of hard work and vision to create such a great MLS service. Over the years I have seen many other systems through my coaching program, and ours is by far the best. And customer service outstanding. It just kept getting better and better. Thank you.

  4. Jay Seier says:

    Will there just be one interface/website or will we still be able to choose working through IRES or ReColorado?

  5. Andrew Pickens says:

    Please keep a captive “public website”, owned and operated by the surviving entity. The NAR has done a real disservice to REALTORS by selling realtor.com!!

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