Bruce Theobald, a real estate broker with LakeFront Realty Group in Chicago, is keeping a close eye on developments in his local market: two major brokers have pulled a number of for-sale listings out of Multiple Listing Service of Northern Illinois, the region's major MLS. If others follow suit, their decisions could have serious implications for brokers throughout the region, he said. Koenig & Strey GMAC, which has 13 offices and 700 sales agents in the Chicago area, pulled the listings from its Northshore offices out of MLSNI in favor of MAP, a smaller, broker-owned MLS. The pullout came nearly two months after 10 large Coldwell Banker Residential Brokerage offices removed their listings from MLSNI. "We have a fine mess here in Chicago," Theobald said. "If everyone migrates to MAP, MLSNI could cease to exist." Brokers in the region now must decide whether to join MAP as well as MLSNI, despite the additional cost of belonging to the smaller MLSs as ...
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