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In yet another sign of uncertainty for the metro Detroit residential real estate market, two of the region's major industry groups are going through a fairly public divorce.
Citing unspecified but competing philosophies, the Greater Metropolitan Association of Realtors — which represents more than 11,000 Realtors around Southeast Michigan — has informed its members that it has opted to end its "shareholder status" with Realcomp, the Farmington Hills-based company that operates one of the local multiple listing services used by real estate professionals, according to a letter GMAR sent this month and obtained by Crain's.
The letter also says a new MLS-type product is in the works.
"GMAR has been the largest shareholder of Realcomp, and this decision was the product of a great deal of thought and effort by GMAR and its leadership team," reads the letter, sent by CEO Vickey Livernois. "GMAR spent months attempting to resolve various issues with Realcomp and the other Shareholders, but in the end, could not overcome differences in philosophy, vision, and leadership structure. We are confident this move will pave the path for an even brighter future for our entire organization."
The stated plan by the Southfield-based GMAR — one of a handful of Realtor-focused industry groups around the region —...