What do you really know about the CMLS?

by | Mar 17, 2017 | Legal Tips

Today we begin a series of posts about the Consolidated Multiple Listing Service (CMLS). While the CMLS has been in existence since March 15, 1977 many in the industry are unfamiliar with its long history as well as some of its rules. This post will examine the history and surprising facts about the CMLS. Future posts in the series will examine the most misunderstood rules.

The CMLS celebrates its 40th birthday this month. The organization was formed in 1977 as a non-profit eleemosynary company.  Contrary to public belief, CMLS is not owned by any agent, broker or real estate company.

The first president of the CMLS was John Coleman of Bob Capes Real Estates. Coleman later opened one of the first national real estate franchises in Columbia called Century 21-Coleman, Graham & Stuckey. Ben Wiggins of Imperial Realty served as the first vice president.  Service on the Board of Trustees is completely voluntary and no trustee is paid for their service. Each trustee is charged with the duty of doing what is in the best interest of the member companies.

Currently, the Board  is comprised of nine brokers/owners from three different categories. Category 3 consists of four trustees. To be in this category, the real estate company must have at least 300 residential listings on the CMLS from July 1 to June 30. Three trustees come from Category 2. To be in Category 2, the company must have between 100 and 299 residential listings during the same period. Category 1 consists of  2 trustees from companies with less than 99 residential listings.  While Category 3, which consists of the largest real estate companies does have representation via 4 trustees it is important to note that they are outnumbered on the board 5 to 4 by the smaller companies.

The current Board of Trustees for 2017 listed by category are:

Category 3: Coldwell Banker Residential Brokerage, Century 21-J. Bolos, Exit Real Estate Consultants and ERA Wilder Realty.

Category 2: Lake Carolina Real Estate, The Art of Real Estate and RE/Max Real Estate Consultants.

Category 1: Yip Premier Real Estate and Bollin Ligon Walker Realtors.

Interestingly, none of the companies that currently serve as trustees were in existence in the Columbia market when the CMLS was formed.  Most of the representative companies were formed or came to the market after 2000. It is also interesting to note that 1/3 of the trustees are females.

Lastly, approximately 3,000 real estate agents are affiliates of CMLS, representing 463 different real estate company members. Between 50% and 60% of the affiliated agents of CMLS are not members of the Realtors® Association.

Historical Fact:  The Canal Dime Savings Bank building is located at 1530 Main Street. The building is also known as the Eckerd Drug Store. The building was built between 1892 and 1895. The three story building is Romanesque Revival in style with a brick and granite facade and red barrel tile roof. Eckerd Drugs purchased the building in 1936. Eckerd went defunct in 2007 (acquired and sold).  The building was placed on the National Register of Historical Places in 1980.

Our next MCE/CE class is Thursday, March 21.  All 8 hours for only $50. Register at https://www.blaircato.com/events/2017-mce-education/




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