“Firstly, as noted in our public FAQ, MAZL, LLC, is a private company formed specifically to acquire the MLS service. Joseph E. Burks is the sole and only purchaser of REcolorado. He created MAZL, LLC specifically to execute the Letter of Intent (LOI) and complete the business transaction. There are no other investors.”
Denver Metro Association of REALTORS(r)
Okay, I’m just having a little fun with the title of this post. I don’t think Zillow has anything to do with the sale of REcolorado MLS. But I do want to point something out, and it may be obvious already to some but I don’t know why more people are not talking about it.
One person, in this case Joseph Burks, is about to own the 16th largest MLS organization (by agent count) in the country. I don’t think anyone really understands what the second order consequences of this decision could be. 🍿
I’m off-site this week without my “Murder Board“. So sans my red string and push pins I’m still putting the pieces together. But here’s what I’m finding out.
In October 2020 a software company filed for an LLC under the name of Hana Software.
The directors of the LLC were Si Hyung Park (male), John Park, and Matthew Wissinger.
John Park is an owner of MetroBrokers Elite (https://www.linkedin.com/in/john-park-1b7b777/_). I don’t know if they are related. Couldn’t find any information on Matthew Wissinger.
In June 2023 they amended the LLC and Matthew Wissinger was dropped and Joesph E Burks was added. According the LinkedIn Joseph Burks is the President of Equity Title of Colorado (https://www.linkedin.com/in/joseph-e-burks-a7533a23/)
In January of 2024 a name change was filed. Hana Software is now RE-Sure (https://resure.realestate). According to LinkedIn Si Hyung Park is listed as the CEO of RE-Sure. That same month Joesph Burks also registered MAZL,LLC. Which is the entity that is listed that acquired REColorado MLS. Also some of these companies are listed at the same street address.
I had heard from a source that RE-Sure was making the round earlier this year (maybe last year) trying to get their forms solution adopted. As you may know the Colorado forms software market is pretty much locked up with CTMe (https://www.ctmecontracts.com/eContracts/wp/indexbottom.asp)
One of the MLS orgs RE-Sure was pitching to described them as “very full of themselves”.
Somewhat telling is the RE-Sure website lists SMDRA (one of the REcolorado shareholders), Equity Title, MetroBrokers Elite and Colorado Professional Title as “Our Client & Partners”.
Obviously these guys ( or maybe just Joesph Burks) had a relationship with South Metro Denver REALTORS association (SMDRA) for some time.
Not sure what all of this points too. I guess at the surface level maybe these guys think they can move the needle on the adoption of their forms solution by buying an MLS? But I doubt there’s enough revenue in forms software to justify this acquisition cost.
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?
“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.”
“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.
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. 🤯
“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.”
“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.”
“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. “
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.
“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.”
