IRES Subscriber Update as of June 22, 2018

Much activity continues behind the scenes related to merger discussions.  Below is a brief overview of the recent timeline, although not definitive since it excludes numerous phone calls, emails and ongoing discussions with many dedicated volunteers and staff:

Monday, May 21, 2018:

• A meeting of IRES owners and REcolorado shareholders was scheduled for May 30th or May 31st, depending on availability.  This “all hands” meeting would have included leadership from each association, the MLS CEOs, and legal counsel.  IRES wholeheartedly supported this meeting to discuss and clarify outstanding issues.
• That same afternoon, IRES unexpectedly received a “Termination of Merger Negotiations” letter from REcolorado

June 4, 2018:

Front Range Brokers held a meeting and subsequently communicated with IRES and REcolorado that they support a merger of the organizations.  They requested a meeting with the respective MLS Boards of Directors, excluding CEOs, no later than June 20th.

June 20, 2018:

IRES Board of Managers met with five representatives of the Broker Group.  It was a productive meeting discussing some of the background and timeline of the merger negotiations, points of disagreement between RECO and IRES, and potential opportunities to move forward.

IRES Managers feel it was a positive meeting and we were able to clarify several points of misinformation that have been prevalent in the merger discussions.  We are cautiously optimistic and appreciate the Broker Group’s expressed support to help make this merger successful.

June 22, 2018:

Front Range Brokers will reconvene later this month to discuss their findings thus far.

Next steps:

• IRES anticipates communication channels with Front Range Brokers will remain open.
• IRES leadership will continue to consider options to best serve our customers.
• IRES will continue to provide exceptional customer services, training, and innovative MLS system solutions through the busy summer season.

As always, please reach out to IRES if you have any questions or comments.

Lauren Hansen
IRES CEO