I’m getting reports that the REcolorado board of directors was removed and the all the executive staff was fired with the exception of the CFO, Brandon Brancato. Can anyone confirm?
REcolorado responds to acquisition news
“We disagree with their approach and are dedicated to keeping REcolorado a broker- focused business partner and will continue to pursue all options to make certain your MLS remains a locally owned organization that is operated in your and your clients’ best interest.”
REcolorado
What a mess.
“Deal in place…” for REColorado MLS sale to private equity firm
Deal in place to sell REcolorado to private equity firm
“Shelly Vincent, vice chair of REcolorado, on Monday night confirmed that the owners of the MLS — Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA) — shared a letter of intent to sell REColorado to a newly formed LLC from outside the real estate space.
The sale could be final in weeks.”
Stephanie Reid-Simons, RealEstateNews.com
Holy shit! But if I’m reading between the lines the deal isn’t done.
So many questions!!
Nice scoop RealEstateNews.com!
[RUMOR ALERT] Did REColorado MLS just get sold to a private firm?
I’m hearing from a couple sources that something big is afoot. And the unconfirmed rumor is that REColorado has been sold to an “outside party”.
I don’t know who this “outside party”. A person, a private equity firm? But, I don’t think its another MLS organizations or association. In fact for this to happen I think the shareholders of REColorado, meaning Denver Metro Association of Realtors (DMAR) and South Metro Denver Realtor Association (SMDRA), etc. must be involved.
Can anyone confirm this?
Do Denver area brokers know about this? Do they care? I would think so. 🤯
Crazy if true. DM me if you know anything.
Looking for a new gig?
FMLS – Product Support Analyst
“The Product Support Analyst is responsible for evaluating current FMLS products, identifying areas for improvement, and assisting with developing internal products to meet member needs.”
FMLS, Sandy Springs, GA
FMLS – Data Integrity Representative
“The Data Integrity Representative is responsible for administrating Data Integrity compliance by the set Rules and Regulations to ensure data accuracy. This position responds to all phone, email, and Live chat queries including escalation calls, and helps resolve the relevant data violations.”
FMLS, Sandy Springs, GA
“The Marketing Specialist plays an integral role in developing and executing marketing plans designed to expand FMLS brand awareness, promote our products, and grow the company strategically. “
FMLS, Sandy Springs, GA
Stuart White, CEO of Realtracs, on why the MLS will continue
A couple of things from Stuart’s opinion post on Inman News I thought were interesting.
“The network effect has provided a dependable listing and buying network — creating a singular destination where an area’s buyers and listings are in the same place. The network effect has always been more important to consumers (and professionals) than publishing compensation and will continue to benefit consumers (and professionals) after the settlement. “
Stuart White
We don’t really think about how much the network effect matters in our business. We are just so used to it.
“MLSs must continue to make platforms easier to use. Designing an accessible and intuitive interface with user-friendly features allows seamless navigation, as both real estate professionals and consumers will be seeking enhanced productivity and efficiency. By making their products more accessible, MLSs reinforce their role as indispensable tools and empower users to achieve their goals with ease.”
Stuart White
Making MLS system easier to use has been a thing since I started in the business in 1992. I believe the industry has done a good job with point solutions based on features of MLS systems, but coming up with a new take on a MLS system itself is something I think about a lot.
Microsoft agrees to take down Bing Homes Portal
Nova Scotia adds mandatory fields for adaptable homes
Nova Scotia REALTORS®: leading the way in searching for adaptable homes
“Director of NSAR’s MLS® System, Bonnie Wigg says, “With the most common barriers people with mobility issues face being in the built environment, NSAR worked with several key partners to look at how we could make a difference in searching for an adaptable home. Everyone’s definition of an accessible home is different, so adding more information to listings will enable people to determine if a home is adaptable for them.”
NSAR
I can see this really useful in many communities.
Industry Relations Podcast: Bravery and Impact of the MLS
Have you been keeping up with the latest updates in MLS policies? Rob and Greg break down the key details of Bright MLS’s clear cooperation policy and NWMLS’s decision not to remove compensation data from their system. But it doesn’t stop there. They also dive into the potential legal consequences for fair housing violations and federal antitrust claims.
They also touch on the Department of Justice’s involvement, implications for the industry, and potential risks for Northwest MLS and other players in the market.
Watch us on YouTube!
Connect with Rob and Greg:
Our Sponsors:
This podcast is produced by Two Brothers Creative 2024.
Bada Bing
Microsoft Bing Real Estate Portal in Violation of Copyright Infringement – MLSs Must Act Immediately
“It seems like Zillow and Redfin started a relationship with Microsoft to leverage innovative OpenAI technology to deliver some interesting consumer benefits to people searching for homes on Zillow and Redfin. It is hard to ascertain how this relationship started with Bing Chat and evolved into Bing.com/realestate providing a full listing display breaking so many MLS rules, that links out to advertisers, and points to Zillow and Redfin as the sources of the data rather than the brokerage or MLS. It’s not Zillow or Redfin’s data to give!”
Victor Lund, WAV Group
Great write up from Victor regarding the Bing controversy, go read the whole thing. Sam DeBord was the first to start posting about this and Marian at Inman News did a story as well. Good reporting.
Okay so let’s first let’s get something straight right from the top, Bing.com/realestate is a mother fucking real estate portal, not a search results page.
- I can like properties
- I can save a property
- I can setup a saved search
- I can see multiple photos (sans watermark) – WTF?
- I can “claim ownership”
- I can see an “estimated value”
- I can even get a mortgage!
And it appears that Zillow, Redfin and Realtor.com may be complicit in powering Bing. From Victor’s post,
“Here is how easily Zillow and Redfin can stop bing from accessing and republishing content – code courtesy of OpenAI “<meta name=”robots” content=”noindex”>.” Inventory is turning in 30-90 days in most markets, rendering search on Bing irrelevant in a short period of time. If current listings are not displayed to active home buyers in today’s tight market, consumers will abandon them. Of course, this would be a poison pill for Zillow and Redfin who rely on search engines for a significant amount of their consumer traffic.”
Victor Lund, WAV Group
Shout out to Homes.com for not being a part of this scheme, as Victor also points out.
But MLS organizations need to step up, more from Victor.
“MLS must protect the assets contributed by each broker, or firms will simply contribute their content to OpenAI for free, and access the listing content of other brokerage firms using OpenAI. CMA vendors like Inside Real Estate, Delta Media and dozens of others can stop paying $5 Million a year in Data License fees and access the data from OpenAI. An OpenAi driven CMA would work like Cloud CMAs revolutionary 1 Minute CMA, only it would be almost instant. Moreover, consumers could simply run their own CMA without a professional.”
Victor Lund, WAV Group
“AI” is the new “lion over the hill”. If MLS orgs want to protect their data licensing revenue you need to nip this in the bud now.
