To Our Subscribers:
After working for more than a year to find a mutually beneficial path to merge IRES and REcolorado, we received a letter from REcolorado’s CEO on May 21st stating REcolorado is terminating all merger negotiations.
We are both surprised and disappointed by this. In fact, we were discussing a meeting with some of the owners of REcolorado to further the conversation just hours before receiving the letter of termination.
As most of you are aware, we have been working with REcolorado and a team that included consultants who specialize in such deals, MLS leadership, attorneys representing both organizations to ensure the needs of all stakeholders were fairly represented, members of the boards of directors and association leadership. We believed our collective goal was an agreement that was best for the industry we serve, not one organization or the other. All of us at IRES believed we were very close to such an agreement.
Despite this setback, we will continue to work toward solutions on behalf of our subscribers.
Let us be very clear: we believe that the concept of merging REcolorado and IRES is in the best interest of Colorado real estate brokers and those they serve. We continue to feel strongly some agreement for merged data access is in the best interest of our industry and consumers. At the same time, we also believe that we have a responsibility to you, our current subscribers, to ensure that any plan is both fair and beneficial to all affected brokers. We have been working diligently to ensure that specific points you told us were important to you — things like data access, system integration and even the timing of any changes — were being addressed in a way that met the needs of our subscribers. As you might imagine, with so many important stakeholders involved, negotiations over such things takes time.
Both IRES’s Board of Managers – chosen by you as the subscribers – and the Boards of REALTORS® who own IRES, felt a few points still needed adjustment and consideration before we finalized the agreement. As I noted earlier, it seemed we were moving in the right direction and we were surprised by this sudden ultimatum to drop deal terms we believed were in your best interest. Obviously, we are disappointed with REcolorado’s decision.
Where do we go from here? The management and ownership of IRES remain committed to providing the best service and information to our brokers. To that end, we believe consolidation could be a positive evolution for our industry in Colorado and would welcome the opportunity to resume discussions to find the best possible solution. Rest assured that IRES will continue to serve our subscribers with the quality of service and data you’ve come to expect. In short, it’s business as usual here at IRES as we approach real estate’s busiest time of the year.
Please do not hesitate to contact us with any questions or concerns you may have.