Thirteen Realtor trade groups in Indiana — each with its own independent multiple listing service — are banding together to form one 5,000-member MLS: Indiana Regional MLS.
In an agreement announced this week, real estate data and technology firm Lender Processing Services Inc. said its Paragon system will power the new MLS and give IRMLS members access to more than 750,000 real estate listings across 42 counties in the Hoosier State.
Access to the aggregated listing data will help Realtors and their clients by allowing them to work more efficiently in the marketplace, Carrie Kendall, general manager of the new IRMLS and executive officer of the Lafayette Regional Association of Realtors in Lafayette, Ind., said in a statement.
"In addition to combining the listing data information, the resulting cost efficiencies are going to provide members additional benefits, including public records information, appointment services and a consumer-facing website," she said.
Members of the 13 participating real estate associations will pay one MLS fee that will be determined by each local board.
"Now, real estate professionals in many areas of Indiana will have access to all the listing data they need without the effort and added cost of belonging to multiple MLS organizations," said Marty Reed, vice president of business operations for LPS’ MLS division, in a statement.
The 13 associations are the Lafayette Regional Association of Realtors; Elkhart County Board of Realtors; Upstate Alliance of Realtors (UPSTAR); Kosciusko Board of Realtors; Mid-Eastern Indiana Association of Realtors; Northeastern Indiana Association of Realtors; Southwest Indiana Association of Realtors (Evansville); Bloomington Board of Realtors; Greater South Bend-Mishawaka Association of Realtors; North Central Indiana Association of Realtors; Realtor Association of Central Indiana; Bedford Board of Realtors; and White County Association of Realtors Inc.
Six of the participating associations are already using LPS’ Paragon system. IRMLS is set to launch sometime this quarter with at least three participating boards and other boards subsequently phased in, according to talking points from Kevin McQueen of Focus Forward Consulting Inc., who shepherded the consolidation.
"The agreement addresses an important need in the real estate industry," McQueen said in a statement. "When associations work together and deliver a more efficient multiple listing service, the members and their consumers all benefit. This was not an easy project. I salute the associations for their focus on the future, their concerns for their members, and their willingness to work toward a common goal."
The cooperatively owned MLS, created as an LLC in late August 2012, is governed by a board of directors consisting of 15 members — one from each association except for Southwest Indiana AOR and UPSTAR, which have two.