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Arizona Realtors eye statewide MLS

ARMLS shareholders agree to be acquired by state association

The Arizona Association of Realtors is a board vote away from acquiring the state's largest multiple listing service as part of a larger plan to build a statewide MLS.At their Aug. 8 meeting, board members of the Arizona association will consider a proposal to become the sole owner of Tempe-based Arizona Regional Multiple Listing Service Inc. (ARMLS), and discuss governance and financial issues surrounding the operation of a statewide MLS.Shareholders of ARMLS have signed off on a tentative agreement to be acquired for $4.75 million, and proponents of the deal have prepared a business plan that envisions other Realtor associations signing on to a statewide MLS over time.The Arizona Association of Realtors would draw on $2 million in operating reserves to fund the purchase, and obtain a loan for up to $2.75 million. No increase in state association dues is anticipated, as a statewide MLS is expected to pay for itself, even if not all 21 Arizona Realtor associations sign on.If the ac...

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