BrokerageIndustry News

Opponents of combined Chicago-area MLS say they may sue

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Half of the shareholders that own the Multiple Listing Service of Northern Illinois, in a strongly worded letter stating the possibility for legal action, this week cautioned the MLS board not to move forward as planned with a proposal to join with a rival MLS. The legal threat is the latest stumbling block for MLSNI, one of the largest MLSs in the nation, as its board attempts to convert to a new broker-centric ownership and management structure as a part of the consolidation plan. Opponents of the consolidated MLS say that the plan favors large brokerage companies and does not appear to produce any economic benefits for MLSNI owners and members. Across the country, some other MLSs, too, are pursuing MLS consolidations and structural changes as member companies seek to play a greater role in ownership and operations and curb costs associated with membership in multiple MLS organizations. Mike O'Neill, a member of the Oak Park Board of Realtors, which is one of five Realtor groups opp...