ARMLS (Arizona Regional Multiple Listing Service) has announced that shareholders and the board of directors have approved new corporate governance to shift from a primarily broker and agent-led board of directors to a group of non-competitor board members (e.g. not licensed to conduct real estate transactions in Arizona).
The new structure forms a smaller board of independent experts and professionals, the MLS stated. This new board will focus on strategic, business, finance and legal strategy, while an advisory council of brokers and agents will ensure the company stays connected to local real estate, user needs and service improvements.
“Strong governance only works when it balances independence with real-world insight, ARMLS is creating a structure that further separates business expertise from the practice of real estate to make more objective, forward-looking decisions while still staying grounded in the needs of the brokers and agents it serves” said Lance Billingsley, ARMLS chair.
Some independent board members may be specialized experts in areas like finance or law, according to a release, but all will have a firm understanding of the needs of real estate professionals.
“This new structure makes ARMLS stronger,” added Matt Consalvo, ARMLS CEO. “We are creating a modern governance model that supports future growth and lowers risk while staying true to our market and the needs of those who everyday make the market work for consumers.”
Applications for the new board will open in the month of April with a target date of transition of August 2026.
For more information, visit www.armls.com.
