REcolorado and IRES have signed a binding merger agreement, which means another step is complete in the process of creating a single MLS that will serve 26,000 real estate professionals in the greater Denver Metro Area and northern Colorado. Many of you want to know what this means for you and what’s next. Answers to your most popular questions are below.
Frequently Asked Questions
What is the next step for the REcolorado and IRES 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.
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 a consolidated database be available?
Timelines for integrating products, services, and listing data will be developed once the merger has closed.
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.
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.
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.
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.