BrokerageIndustry News

MLSNI shareholders sign settlement agreement

MLS boards will consider proposal in January

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Ten Chicago-area Realtor groups that are shareholders of the Multiple Listing Service of Northern Illinois have signed off on a settlement agreement that would resolve a legal battle and pave the way for a merger with another MLS if it is accepted by both MLS boards. The MLSNI board, which is composed mostly of brokers, is scheduled to meet on Jan. 16 to consider the shareholders' settlement agreement, and shareholders and board members for broker-owned MAP MLS -- the MLS of Mount Prospect, Arlington Heights, Palatine and Prospect Heights -- will also meet in January to consider the settlement agreement, said Ginger Downs, CEO for the Chicago Association of Realtors. The Chicago association is one of the MLSNI shareholder boards. While MLS mergers have been successful in some other market areas and MLS mergers and data-sharing are gaining in popularity, internal politics and power struggles among MLSs, Realtor associations and brokers can be sticking points. Consideration o...