EDIT: The press release is out. It’s here.
Word is that the combined entity — which will operate under the CRMLS (California Regional MLS) and with Art Carter as the CEO — will have some 68,000 subscribers, dwarfing the current largest MLS (MRIS) by over 50%. MRIS has roughly 40,000 subscribers in the Mid-Atlantic area.
I’ll post more once I’ve read the press release and looked into this more. But top of mind thoughts/impressions:
This is quite obviously the start of a major new regional MLS in the largest real estate market in the country: California. It could be a game-changer in the MLS landscape.
The other smaller MLS’s in the southern California market have got to be thinking about what this means. Either join the parade, or possibly get steamrolled. Northern California — which boasts a couple of very large MLS’s as well — should be taking a very hard look indeed at consolidation.
And M&A within this space is a very difficult task, given all of the politics involved. Major achievement by the teams, the various Boards, and the Associations involved. Kudos to all!