Where Real Estate Gets Its Dirt

Dana Bennett is new CEO of REColorado

Dana Bennett Appointed President and Chief Executive Officer of REcolorado

“I’m excited to bring fresh insights from my previous roles at REcolorado and other organizations, to help propel the company into its next chapter. I’m eager to connect with brokers to understand their needs, and implement initiatives that enhance our data offerings. In this highly competitive time for the MLS industry, I see this as an incredible opportunity to not just navigate the challenges, but to use them to elevate REcolorado—creating value for our subscribers and partners while positioning us for success.”

I think most vendors will remember Dana, due to her previous role as Vice President and Chief Business Development Officer at REcolorado. Lots of palace intrigue going on in Denver so she’s definitely got her work cut out for her!

RentSpree delivers 10 million in non-dues revenue to MLS partners

RentSpree Delivers $10 Million in Revenue for MLS Partners

“Our goal is aways to support MLSs and their members,” said Michael Lucarelli, CEO and co-founder of RentSpree. “That means we don’t charge MLSs or agents for our proprietary rental integration. The real key to driving successes like this is in providing great products that gain significant adoption. Earnings come as a byproduct of delivering solutions that address real problems.”

$10 million is legit!




REcolorado acquisition complete

MAZL, LLC Completes Acquisition of REcolorado

“We are committed to ensuring that REcolorado not only remains the foundation of Colorado’s real estate community but continues to set the standard for excellence and innovation as a subscriber-focused MLS,” stated Joseph Burks, President of MAZL, LLC. “As a market leader, REcolorado has always been at the forefront of delivering top-tier services. Our goal is to collaborate closely with its exceptional team to strengthen the company even further, ensuring it continues to deliver MLS services that bring unparalleled value to its subscribers and their clients, adapting and innovating to meet the evolving needs of today’s real estate professionals.”

Welp, I guess it’s official now. There are still many questions surrounding this deal. Including some brought up by the Notorious one.

Acquisition

What a great line up!

January – MLS Reset – Scottsdale AZ
February – CoreLogic’s Clareity25 – Scottsdale AZ
March- AEI – Denver, CO
April- Spring RESO – Tucson, AZ
May- NAR Midyear – Washington, DC

#2025

MetroList adds voice search to popular MLS portal, MetroList.com

MetroList Unveils Revolutionary Voice-Activated Real Estate Search Platform for Consumers

“MetroList CEO Dave Howe highlighted the significance of this launch: “This isn’t just an enhancement—it’s a transformative leap forward in real estate technology. We are thrilled to offer the convenience of voice-enabled commands, setting a new standard for property search in the real estate industry.”

Heath Craig, Co-Founder of SaleCore, echoed this sentiment: “Partnering with Lundy on this project has been a natural fit. MetroList’s commitment to innovation aligns perfectly with our vision for the future of real estate technology. We’re excited to see the industry embrace this powerful new property-search tool.”

Pretty rad. When I just asked for a zip code, the experience was super fast and kind of magical. Pretty cutting-edge if you ask me, and it’s great to see an MLS organization like MetroList launch this type of innovation. It shows what good partnerships with vendors can create.

Minor quibbles:

Search requests beyond zip codes with more criteria (beds, baths, price range) take a bit longer.

I couldn’t get it to work on my Safari browser, but it did work on Google Chrome.

When I click the microphone button to start talking, the icon does change color, but I think the button state needs to more clearly indicate that it is in the “on” mode.

Similarly, when you click the microphone to turn it off and start searching, there is no status message to indicate that it is processing your search request. This can feel a bit odd, especially if the search results are not immediate.

Also, in every search I did with a price range, it asked me to repeat the price range.

Open or Closed?

Clearing the air on Clear Cooperation

“this is about what kind of industry we want to be, and what kind of housing market we want to create: open or closed.

It is that simple. It is that important.“

Brian Boero, 1000watt

Brian writes so well it almost makes me want to give up writing myself. In his “Friday Flash” he breaks down the posturing and rhetoric surrounding CCP and gets down to the real issues. It’s about whether we as an industry want an open or closed market.

I’m with Brian. “I want open.”

This a must read. Especially if you are at the Department of Justice.

Realtracs expands access to 1.9M listings

Realtracs Expands Access to 1.9 Million+ Listings Through Southeast MLS Alliance

“Realtracs, the technology company providing the largest multiple listing service (MLS) in Tennessee, announced today the data from a recent MLS alliance is available for subscribers. The Southeast MLS Alliance was created in 2023 to allow cross-regional data sharing among agents and brokers in Tennessee, South Carolina, Georgia and North Carolina. “

Realtracs

I’ve been on the road awhile so I’m catching up on some the recent news and his caught my eye. Users of Realtracs, Canopy MLS, Georgia MLS and Charleston Regional MLS now have a full feed of more than 1.9 million additional listings across the southeast.  Boom!

Live Stream the “Pitch Battle” today at the iOi Summit

I’m in Chicago at the iOi Summit.

NAR is going to stream the Pitch Battle live on their LinkedIn feed at 12:45PM PT. Below is list of the participants.

I’m a little biased but check out Tuesday. The founder Cole Boyer is second on the lineup. Each presenter will only have 4 minutes to pitch their product. Should be fun!

FAFO MLS Edition

MLS’ ain’t playin’

New bidder emerges in REcolorado sale

The plot thickens!

I just learned via an email that MRI Software, a private equity firm a privately held company, is putting a bid in to buy REcolorado. Here’s the excerpt from the email’s “Official Statement”.

“MRI Software, the parent company of CTM eContracts, has submitted an Indication of Interest (IOI) for the purchase of REColorado.

We decided to take this action after learning of the potential sale of REColorado, when it was reported publicly.

Many of you are already familiar with MRI Software, but for those who are not, here is some background: MRI provides the CTM eContracts to nearly 40,000 subscribers in Colorado.  The software was first introduced in 2003.  MRI, a U.S.-based leader in real estate technology, has been in business since 1971. You can learn more more about MRI and about our open-and-connected approach to software integrations here.”

MRI Software

You can read the full statement here.

Just to catch everyone up, it was first reported that a single person, Joseph Burks, was buying the MLS organization. Under the name of MAZL, LLC. From my research Joesph Burks is, “one of the largest shareholders in the early creation of CTM eContracts, a widely used contract software for real estate transactions.’ was a large shareholder in CTM eContracts, which was sold to MRI Software in 2019.

Denver Metro Associaiton of REALTORS (DMAR) wrote an “FAQ” on their blog back in June 30th stating,

“MAZL is not a private equity firm, nor is a private equity firm a funding partner in the proposed sale.”

DMAR

Now it appears that a private equity firm has offered to purchase REcolorado MLS. Rob and I went over in detail on our Industry Relations podcast how a private equity firm might approach running an MLS organization.

I also posted a thread on Twitter (X) titled, “So you are a PE firm and wanna get in to the multiple listing services (MLS) game? Here a thread of how I would do it. A thread.“

So far no word from DMAR or SMDAR.

***THIS POST HAS BEEN UPDATED AT 7:57AM 7/25/24. MRI Software is not a private equity firm, but a privately held company. I also clarified information regarding Joesph Burks (previous) ownership stake in CTM eContracts.***

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