BrokerageIndustry News

Chicago MLS merger draws closer

Judge orders MLSNI shareholders to participate in another consolidation vote

Power up your Indie Brokerage
Don't miss Indie Broker Summit SF, Aug 7, 2017

A judge has reportedly ordered a group of Multiple Listing Service of Northern Illinois shareholders -- who last year were absent from a vote to consider a consolidation with a rival Chicago-area MLS -- to participate in another vote that will be scheduled within 30 days. While brokers in several markets have pushed MLSs to pursue consolidations or regional data-sharing agreements with other MLSs, the MLSNI-MAP effort has so far not been a shining example of success. Five local Realtor associations and boards, representing five of 10 MLSNI shareholders, filed a lawsuit last year charging that a vote approving the consolidation of MLSNI with broker-owned MAP MLS was invalid because there was not a quorum of shareholders. At that vote, the five shareholders attending the meeting voted 3-1 in favor of the consolidation plan, with one shareholder abstaining. The consolidation is favored by a majority of MLSNI board members, and the MAP MLS board has already voted to approve the deal. Jim N...