MLS & Associations

REcolorado surprises MLS neighbor with seven-figure purchase offer

  • Colorado MLS REcolorado has made an unsolicited, multimillion-dollar offer to buy its smaller neighbor to the north, IRES MLS.
  • REcolorado's CEO says consolidation of the two MLSs would offer agents and brokers better costs and services and complete access to listing data over a bigger geographic area.
  • IRES officials will hold a meeting on Dec. 19 to discuss the offer. Some members expressed concerns about the acquisition potentially leading to less MLS competition, higher costs and neglected local needs.

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Will a seven-figure surprise be the offer that Colorado's second-largest MLS can't refuse? REcolorado, the Centennial State's largest MLS, has made an unsolicited multimillion-dollar offer to buy its neighbor to the north, Information and Real Estate Services (IRES). If accepted, the deal would add momentum to what appears to be a movement toward MLS consolidation in some areas across the country, including the Mid-Atlantic and California. For years spirited conversations surrounding consolidation have permeated the industry, and many MLS executives seem to agree that real estate is heading that way. But when it comes to specific mergers, the devil is in the details and 750 or so MLSs nationwide remain. Kirby Slunaker REcolorado and IRES declined to disclose terms of the offer, though REcolorado President and CEO Kirby Slunaker told Inman it was in the seven figures -- less than $10 million. "Colorado brokers and agents deserve the power that only comes from true ...