Chicago-Area Real Estate Boards OK Merger

The Board of Directors of two Chicago-area real
estate associations voted unanimously to approve a merger between its two
boards, which would create the largest real estate association in Illinois and
the fourth largest in the country.

The
Mainstreet Organization of REALTORS® and the REALTOR® Association of Northwest
Chicagoland will have their members vote in July in order for the merger to be
made final.

The merged organization would
operate under the
Mainstreet Organization of
REALTORS®
name. It would include 16,000 members
and serve 185 communities in DuPage, Cook, and Lake Counties.

Some industry insiders expect a growing
number of association mergers across the country to follow suit in efforts to
curb operating costs when some associations are facing declining memberships,
according to Real Estate Industry Watch.

Source: “2 Chicago-area Real Estate Boards Eye
Merger,”
Inman News (May 24, 2011),
“Chicagoland Boards Look to Merge. More to
Come,”
Real Estate Industry Watch (May
25, 2011),
and “2 Realtor Groups to Form State’s Largest
Association,”
Chicago Tribune (May 24,
2011)

Advertisements