It didn’t feel like a typical auction, the fast-talking auctioneer and prospective buyers shouting numbers in rapid-fire succession nowhere in sight. The room was quiet. About two dozen people witnessed an unprecedented event.
- New York's Capital Region Multiple Listing Service (CRMLS) was dissolved during a public auction after four years of litigation between the two trade associations that owned it.
- The Eastern New York Regional Multiple Listing Service, a new subsidiary of the Greater Capital Association of Realtors, won CRMLS's assets with a bid of $250,000.
- The legal battle is not over. The two associations disagree on how to split the $250,000 from the auction.
- The substantial litigation bills of this battle may serve as a lesson for future association and MLS disputes; impasses that end up in court come with a hefty cost to your wallet and time.
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Inman Connect New York | January 29 - February 1, 2019