News about the sale of REcolorado has been a hot topic. As your MLS partner, we value honest and transparent communication. Below are some frequently asked questions about the sale of REcolorado and what it means for you as a subscriber. Rest assured, REcolorado will maintain the exceptional service you have come to expect throughout this transition and into the future as your MLS partner.
DMAR and SMDRA, REcolorado’s previous co-owners, entered into an agreement to sell their respective shares of REcolorado to MAZL, LLC. The sale was finalized on September 27, 2024, Thanks to the strategic vision of DMAR and SMDRA, this acquisition opens up new opportunities for REcolorado. With new leadership and expertise, we will build on the strong foundation we’ve established and take advantage of the tremendous growth ahead.
MAZL, LLC, a private company formed specifically to acquire the MLS service. Headed by Joseph Burks, a leader in the real estate industry for more than 40 years, MAZL has agreed to purchase REcolorado from DMAR and SMDRA. The new ownership will support REcolorado with unwavering dedication to our customers ensuring that the MLS remains a cornerstone of the real estate community with an even broader offering of services. It’s important to clarify that MAZL is a private entity and not a Private Equity Firm.
The MLS is an essential part of your business, and we remain committed to being your MLS partner. While we look forward to embracing exciting changes, here’s what you can expect to stay the same:
- REcolorado remains independently operated as it has for the past 40 years, continuing to deliver the exceptional data, tools, and resources you rely on.
- We will remain subscriber-focused, ensuring our services always prioritize your needs and success.
- Our data share partnerships will remain intact, and we plan to expand these relationships across Colorado and beyond.
- Affordable MLS fees are a priority. We will maintain current fee levels through 2025 and ensure any increases after that are minimal and market based.
- We will continue to protect your data—ensuring it remains accurate, secure, and reliable to power the tools and insights you use for your business.
- Our Customer Success team will still be here for you six days a week, providing support, education and guidance to help you get the most out of our services.
- Most importantly, we will stay engaged with you, listening and adapting to your needs to ensure our MLS continues to drive your success.
REcolorado and the purchaser understand that the MLS is an essential service and continuity is important and affordable MLS fees are a priority. We will maintain current fee levels through 2025 and ensure any increases after that are minimal and market based.
REcolorado has opted-in to the NAR settlement. The protections REcolorado will receive by opting in will carry forward with new ownership and the company will comply with the terms of the settlement.
A change in leadership is a common part of the transition to new ownership. Dana Bennett is REcolorado’s President and Chief Executive Officer.
We strongly believe that this decision is the right one for the MLS, as the industry continues to advocate decoupling REALTOR® Associations and MLSs. It has been widely reported in industry reports and media coverage, decoupling MLSs and Associations could help protect MLS organizations from ongoing antitrust litigation. Separating could also improve MLS management, according to the latest Swanepoel Trends Report, which also recommended that MLSs be structured as for-profit businesses, while REALTOR Associations should be nonprofit organizations.
The sale was completed on September 27, 2024. The sale price and timeline for the completion of the transaction will not be disclosed.