By Hank Russell
A local real estate organization has announced that it is postponing its proposed merger with another group and has decided to allow more time to review this action before it goes to a vote.
The Long Island Board of REALTORS® (LIBOR) recently announced that its board of directors has decided to postpone the membership vote on the proposed merger with the Hamptons & North Fork REALTORS® Association, Inc. (HANFRA), Long Island Life & Politics has learned. A vote on this was scheduled for consideration at the September 10 General Membership Meeting.
“The Board believes that additional time for review is appropriate before asking the LIBOR membership to vote on the proposed merger,” LIBOR said in a statement. “This postponement should not be interpreted as a decision against the merger. LIBOR remains open to the possibility of a merger with HANFRA and continues to evaluate the proposed merger.”
According to its website, LIBOR — which was formed in 1910 — has more than 27,000 members and 50 Long Island-based employees. The organization is New York’s largest REALTOR® trade association and covers Nassau, Suffolk and Queens Counties.
HANFRA members are also members of the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR), according to its website. They help individuals buy and sell homes, land and commercial properties in the Hamptons, on the North Fork, the South Fork, the Hamptons, Shelter Island and Fishers Island.
“We appreciate your patience and understanding as the Board continues its review of the proposed merger,” LIBOR stated. “If and when the Board determines that it is appropriate to reschedule the membership vote, LIBOR members will receive further notice and information regarding the proposed merger.”
LILP reached out to LIBOR for more information regarding the vote on the merger and its postponement. A LIBOR spokesperson said discussions between LIBOR and HANFRA are ongoing, adding, “ As no agreement has been finalized or approved, we are not in a position to comment further at this time.”
All other business scheduled for the General Membership Meeting will proceed as previously announced, LIBOR said.