BrokerageIndustry News

Chicago case study for MLS reform

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: The MLS is in crisis, say many large brokers, agents and industry observers. The cooperative organization plays an essential role in the U.S. housing market, matching buyers and sellers through the assistance of a Realtor. But cooperation has been replaced by acrimony, litigation and an uneasy migration to the Internet. In this three-part series, we look at some underlying problems causing concern for MLS members, what's working and what's not working. (See Part 1: What's wrong with the MLS and Part 3: Nirvana: Centralized MLS.)  As two formerly dueling multiple listing services in Chicago move toward a merger, the outcome may hold clues as to the future of MLSs around the country. "It's still moving forward. Nothing has been finalized, but we're making progress," said Brad Tertell, vice president and general manager of the Multiple Listing Service of Northern Illinois. The goal is to have the changes made by year's end, he said. Tertell's 40,000-member, Realt...