Private company finalizes controversial acquisition of REcolorado

The Colorado Multiple Listing Service is currently owned by a private company.

REcolorado announced the completion of its sale to MAZL LLC, led by Joseph Burks. Sales price figures were not disclosed in the September 27 press release.

The new owner has committed to improving services for real estate professionals using the MLS. REcolorado, the largest MLS league in Colorado and the 16th largest in the U.S., will retain its brand identity. The MLS was previously owned by the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Association of Realtors (SMDRA).

“As a market leader, REcolorado has always been at the forefront of providing first-class services,” said Burks. “Our goal is to work closely with her exceptional team to further strengthen the company and ensure that it continues to provide MLS services that bring unparalleled value to its subscribers and their clients, adapting and innovating to meet the changing needs of today’s professionals from the real estate industry. “

Why the sale was controversial: The sale closes the book on a tumultuous takeover. Owning private ownership rather than a real estate association potentially marks a new trend in an industry already rocked by lawsuits over buyer agent commissions and policy changes introduced in August by the National Association of Realtors.

This summer, REcolorado leaders also reacted when news of the pending sale leaked. At one point, MLS management proposed going private, but the associations decided to proceed with that sale, replacing REcolorado’s board and appointing an interim CEO. Association leaders also denied it would profit from the sale, saying the proceeds would go toward member benefits.

Burks appears to be focused on making REcolorado more subscriber-centric, creating market-oriented policies and services based on subscriber feedback. Protecting subscriber data and providing tools that simplify real estate transactions are also priorities.

Association perspective: In a press release, DMAR and SMDRA expressed confidence in the acquisition as the organizations separate from MLS, which has more than 26,000 subscribers.

“Their leadership promises to create exciting new opportunities for the real estate community, enabling us to better serve our clients and succeed at this pivotal time for the industry,” said Brendan Bailey, CEO of DMAR.