Where Real Estate Gets Its Dirt

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.***

The Queen’s Gambit

Annie Ives, CEO of VestaPlus

San Diego MLS Selects VestaPlus to Increase Data Integrity and Add AI Compliance with Checkmate

“The removal of offers of compensation from MLS represents a watershed moment of change for our industry,” Annie Ives, the CEO of VestaPlus, said in a statement. “As an MLS operator and vendor, it is vitally important that we implement new compliance tools that will enable the transition for real estate agents and brokers in the best possible way. We are anxious to partner with our MLS peers to implement these services for the benefit of our industry professionals.”

Annie Ives, CEO of VestaPlus

I’ve been working with a lot of MLS organizations that have been branching out into the vendor space. It can be humbling. You build a solution that really helps your MLS solve a big problem. The natural thing to think is, “I bet other MLS orgs have this same problem.” So you go to market. And that’s where the fun begins.

It’s hard to find a way to win. You need to have the right pieces in place. For Annie Ives, I think a key part is having a timely solution, and the addition of some key talent. Enter Kelly Robinson. It’s great to see their continued success together. The recent announcements of Staten Island and SDAR switching to Checkmate are good wins, and I’m hearing there are several other announcements ahead. It’s great to see Annie’s persistence pay off.

Looking for a new gig?

Member Service Specialist I – PrimeMLS

“As a Member Service Specialist at PrimeMLS, you will play a critical role in supporting our mission by ensuring our members receive optimal support with our systems. This role requires a proactive approach to effectively manage inquiries, provide membership and billing support, and handle routine administrative tasks.”

Prime MLS

To find out about this job and more please visit the Vendor Alley Job Board.

What does the “Z” in MAZL, LLC stand for?

Update on the Pending Sale of REcolorado to MAZL, LLC

“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. 🍿

Did a forms vendor just buy REcolorado 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.

Si Hyung Park is a technologist and worked for many tech and consulting companies (https://www.linkedin.com/in/si-hyung-p-b03834/)

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.

REcolorado blood bath?

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?

REcolorado responds to acquisition news

Subscriber News

“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.”

REcolorado

What a mess.

“Deal in place…” for REColorado MLS sale to private equity firm

Deal in place to sell REcolorado to private equity firm 

“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.

So many questions!!

Nice scoop RealEstateNews.com!

[RUMOR ALERT] Did REColorado MLS just get sold to a private firm?

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. 🤯

Crazy if true. DM me if you know anything.

Looking for a new gig?

FMLS – Product Support Analyst

“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.”

FMLS, Sandy Springs, GA

FMLS – Data Integrity Representative

“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.”

FMLS, Sandy Springs, GA

FMLS – Marketing Specialist

“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. “

FMLS, Sandy Springs, GA
Sponsored By Lone Wolf