Tuesday, August 29, 2017
Dear Realcomp Subscribers,
We have great news to share with you regarding REALTOR® participation in Realcomp, the way this positively impacts Realcomp's bottom line, and the unexpected benefit it provides to Realcomp REALTORS® overall!
REALTOR® participation in Realcomp has grown this year by 6.2% in MLS subscribers and by 2.5% in MLS subscribing offices. This month, our subscription numbers reached 14,400 MLS subscribers and 2,309 participating offices. We view these increases in Realcomp participation as a tremendous positive, since we really did not know how our data sharing expansion through the Great Lakes Repository (GLR) would impact our numbers. Not only are we pleased about the growth, but we are extremely thankful for the vote of confidence our subscribers have shown us. We thank you for your participation in Realcomp and we thank our shareholders and leadership for their role in helping us to better serve you!
Last year, when Realcomp's 2017 budget was created and approved, we cautiously underestimated what our subscription levels would be for the year. Based on the participation increases this year, we now find ourselves in the wonderful position of having more income than projected. When taking into account the totality of Realcomp's business situation, on Friday, August 25, 2017 during their Board Meeting, your Realcomp Board of Governors voted to reduce projected income for the remainder of the year by taking the following actions:
- Waiving the Office Fee of $25.00 (per month, per office) for the full 4th quarter of 2017. This represents a savings of $75.00 for each Broker/Designated REALTOR® (per office).
- Waiving the User Fee of $39.00 (per month, per user) for the months of October and November in Q4-2017. This represents a savings of $78.00 for each MLS subscriber.
We view this situation as an unplanned blessing and just one of the many potential benefits a regional MLS can bring to its MLS subscribers. These fee waivers will be reflected on your 4th quarter, 2017 MLS billing, which is scheduled to be issued on Friday, September 1, 2017.
Moving forward, Realcomp's leadership will continue to diligently project MLS participation rates, budgetary expectations, and product and service improvements.
We sincerely thank you for your ongoing support of the Realcomp MLS organization. We are pleased to be able to show you our appreciation through this unplanned opportunity to waive MLS fees!
Sincerely,
Your Realcomp Board of Governors
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