REcolorado, the state’s largest multiple listing service, has called out its top two shareholders for selling it to a private equity buyer from out of state rather than allowing it to arrange…
The Denver Metro Association of Realtors and the South Metro Denver Realtors Association boards approved a resolution to immediately dismiss all the board members of REcolorado, escalating a heated dispute among the three groups.for selling it to an out-of-state private equity buyer after rejecting a buyout proposal REcolorado had made earlier in the year that would have kept ownership in local hands.
DMAR and SMDRA also announced late Friday afternoon that they had signed a letter of intent to sell REcolorado to MAZL LLC, a recently formed company headed by J. Bruks, a 40-year real estate industry veteran. REcolorado said it understood why a separation was needed and that it engaged with DMAR and SMDRA earlier in the year to acquire full ownership of the nation’s 16th-largest MLS, which gathers listings from 26,000 members, according to
“This was done without our knowledge, without our input, nor were we given the ability to compete,” Shelly Vincent, vice chair of REcolorado and vice president of operations and employing broker for HomeSmart in Colorado, told HousingWire, an industry publication.Existing home sales reach 30 year lows despite strong demand from Millennial buyers
Private equity firms also have a reputation for trying to extract the maximum value from their holdings. For an MLS, that would be information in real estate listings, which can be detailed.
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