**Industry Relations was just announced as a finalist for Inman News “Most Innovative Industry Podcast”! Thanks everyone for help making this happen!***
The recent acquisition of REcolorado by a private entity has sent shockwaves through the real estate industry. In this episode, Rob and Greg discuss the history of MLS privatization and the tensions between associations and MLSs. They shine a light on the lack of member control and power dynamics within the industry, exposing important truths about data ownership.
This is a red pill moment for brokers and agents as they realize the potential risks and benefits of private equity ownership of MLSs. The duo also discuss the trend of decoupling and its potential impact on the MLS and realtor associations. Are realtor associations truly serving brokers and agents in their local communities? Is it time for them to consider their value proposition and even potentially sell off their MLS?
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.
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?
this thought-provoking discussion, Rob and Greg dive into the challenges and potential solutions for agents and brokers. Learn about the ethical considerations involved in disclosing commissions to clients and renegotiating buyer agency agreements.
Plus, gain insights into the role of MLS in regulating concessions and why further education is crucial. Don’t miss out on this must-watch conversation that seeks to shed light on a controversial topic.
Share your thoughts and join the conversation by leaving a comment! And let us know if you would like to see future episodes in a live stream format. #MLSpolicy #commissiondisclosures #concessions #ethicsinrealestate #education #livestream
I’ve always been a big fan of simple, focused software. In today’s parlance that would mean, “point solutions”. Software that does one (or two) things, and does them great. Now many of the larger companies are switching to “end to end” platforms, which also have a place. So when Vijay, CEO of co-founder of Trackxi, asked me to join him on this webinar I quickly agreed. I think it will be a great opportunity to discuss these topics and about some the changes in the industry is going through and how vendors are creating new categories to compete.
“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 Gulf Coast Multiple Listing Service is seeking an experienced MLS Operations Specialist to join our team in Mobile, Al. The GCMLS provides service to over 2,400 MLS participants and subscribers. The MLS Operations Specialist is responsible for the day-to-day operations of the MLS and works closely with our MLS Compliance Specialist. The MLS Operations Specialist is responsible for the operation, training, delivery and maintenance of all multiple listing services (MLS) and supporting products. Data integrity is of the utmost importance so a clear understanding and enforcement of MLS Rules and Policies is required. This position reports to the CEO and serves as a staff liaison to the MLS Board. Some travel and extended hours may be required. Ideal candidates will have a minimum of 2 years of MLS experience.”
