BrokerageIndustry News

Chicago MLS merger draws closer

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

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...