Where Real Estate Gets Its Dirt

Remine shareholder sues founders and directors

Remine Shareholder Sues In Del. Over $53.5M MLS Merger

“The deal was supposed to give holders of Remine common stock 3 cents per share in cash and 61 cents of equity in the new company, according to the complaint. But shareholders were not paid directly; instead, their portion of the merger consideration was contributed to an operating fund of a company called RM Rollover Holdings LLC.
Spinetto, Remine’s chief operating officer, secretary and director, was given control of the operating fund after the merger, the complaint says.
Spinetto was given a new job post-closing and got a management bonus. The information statement said nothing about how many shares of common stock he owned, how much of his equity was rolled into the new company, his salary post-closing or the amount of his bonus, the complaint says.
Schacknies — who served as Remine’s president, CEO, chief financial officer and a director at the time of the sale — resigned from his role as CEO when the acquisition took place and got a severance package at closing, the complaint says.”

Law360

Shocking.

Has Frederick Townes, CEO of Remine, left the company?

Rumor on the street is… yes. If so this means he only lasted 7 months. The story is developing….

Investors sue MLS-owned Remine

Investors sue MLS-owned Remine, demand payment for shares

“Three shareholders of real estate software company Remine filed a lawsuit against the company Thursday following its acquisition by four multiple listing services.

The investors — Alexander Atwood, Brian de Schepper, and Jonathan Ferris — are demanding their shares be appraised and that Remine pay fair value for them.

What a shit show.

“Remine, a company that in its short history has been plagued by financial troubles, plunging personnel rolls, and a toxic work environment, is now a subsidiary of MLS Technology Holdings LLC, a joint venture owned by four MLSs, that acquired Remine in October 2021.”

Exactly what valuation would you give a company “plagued by financial troubles, plunging personnel rolls, and a toxic work environment“?

“Before its acquisition, Remine had more than 100 private investors and those shareholders rolled forward into MLS Technology Holdings, according to former Remine CEO Mark Schacknies.

When do these other guys start popping out of the woodwork? And what if they are successful? Who pays them?

Jon Ferris, latest exec to leave Remine

Via LinkedIn

“I’m very excited to start my journey with Howard Tagerjuefeng ge and the entire Ylopo, LLC team!”

Jon Ferris, VP Business Development and Sales

Quite a journey at Remine. If memory serves Jon wasn’t a big fan of Vendor Alley.

????‍♂️ Can’t please everyone I guess…

Joe Kazzoun leaves Remine joins Dotloop as GM

Smart move.

The nine lives of Remine

Andrea Brambila writing for Inman News

Remine investors drop company’s valuation, hold founders’ feet to fire

“A year after raising $30 million, real estate tech firm Remine is whipping up another round of funding, but on terms that indicate the company’s valuation has plunged and its investors are holding the founders’ feet to the fire.
In a term sheet obtained by Inman and confirmed as authentic by Remine, two of Remine’s previous investors — New York-based growth equity firm Stripes LLC and Canada-based boutique investment firm Ayrshire Real Estate Technologies LP — have agreed to invest about $4 million and $2 million, respectively, in Remine as part of a Series B round in which Remine hopes to raise a total of about $14.1 million from new and existing investors by or before May 30.”

Losing control of the company you founded can’t be a great feeling. These guys are in a really tough spot. But you can see some of the issues in the response from Remine’s CEO Mark Shacknies about the use of the new funding.

“to fuel our growth and expansion of our MLS front end, SSO [single sign on], add/edit, and transaction management platform. “

From their product page, I count 8 different products. Perhaps a bit of focus might help them turn the corner to making money instead of the current cycle of laying people off and needing to raise more.

But, unlike some, I’m impressed they have been able to raise any money at all during this environment. Especially if you include past issues, like the original debacle of trying to poach a CoreLogic employee and only to have that employee go back to Corelogic, the switch in business models (twice, three times?), 2 layoffs rounds, the failed portal attempt, Zillow pulling their API access and their system be compromised by a hacker. It seems they have nine lives. So if they are able to close the existing Series B round the total amount of funding Remine has captured would be around $64 million dollars. Those aren’t RPR numbers, but still. The patience of their investors is remarkable.

The industry needs companies like Remine. The big traditional vendors need an upstart to keep them on their toes. The question is whether Remine’s current leadership has the character, resolve, and most importantly the confidence of their current team to pull this off.

If they can’t execute, if they have any further blunders, I fear there will be another round of layoffs, but this time it will consist of only 3 employees. I hope that never happens.

Bill Andrews leaves Remine Annette Sheffler leaves SentriLock, both headed for Black Knight

Bill Andrews, and maybe at this point I should clarify, Bill Andrews Sr. since he has made this industry a family affair. His son Bill Andrews is National Sales Manager- MLS relations at RateMyAgent and his other son, Ryan Andrews is Director of MLS relations at LionDesk. ????

Bill Sr. has joined Black Knight, this is after joining Remine back is October 2019. Bill has worked for several companies in the industry, I think it goes something like this. Rapattoni, Tarasoft, CoreLogic, Zillow, Remine, a little consulting, and now Black Knight.

Also, fellow DeVry grad, Annette Sheffler, has left SentriLock and joined Black Knight as a product consultant.

I’m also hearing rumors about one or two others that could be making moves. Don’t know who or where yet, seems like the powers to be haven’t taken their finger off the chess piece yet.

Great to see that Black Knight is not sitting still during this crazy time and making investments in what matters most, good people.

ShowingTime adds the option to schedule virtual showings.

Conducting Virtual Showings with ShowingTime

The spread of COVID-19 has affected almost every aspect of our lives. Communities have shown themselves to be resilient, however, and so too have real estate professionals. Responding to the challenge imposed by the pandemic to continue to serve their clients in a safe, responsible manner, agents have incorporated streaming video technology to offer showings while adhering to social distancing best practices.

I’m a little late to some of this news but I’m just loving how a lot of vendors are stepping up their game during this crisis. ShowingTime in particular. Adding a way to schedule virtual showings is a no-brainer. Plus the showing data they are tracking and publishing is fascinating.

Flexmls has a way for agents to schedule Virtual Open Houses. Remine has announced a soon to be launched feature to create a Live Open House via their mobile app.

MLS organizations like Stellar MLS are putting together handy guides to help their members show the different options they have in their Matrix MLS systems along with best practices.

Black Knight is also launching live streaming options as well.

I’m sure I’m missing a few other solutions here but it’s great to see the old proverb of necessity is the mother of invention come to life in the real estate space.

Remine announces second round of layoffs in less than a year

A New Way Forward

“Today Remine announced the decision to reduce our workforce by 38 people – in a pivotal realignment effort.With all the same challenges of a typical start-up, we felt it was time to stop, listen, and evaluate where we were going and where we need to be.”

That’s a total of 80 people. Yikes! I hope that Remine is setting something up for the people caught up in their latest round of layoffs to help them find new jobs.

I have a feature on the Vendor Alley Job Board where Job Seekers can post a profile. Hopefully, this will help= > Create My Profile

Also, what does “pivotal realignment effort” even mean?

Remine flaw left MLS data exposed to hackers

A security mishap left Remine wide open to hackers

“The misconfiguration was found in Remine’s development environment, which although protected by a password, let anyone outside the company register an account to log in.
Thinking it was a secure space, Remine’s developers shared private keys, secrets and other passwords, which if exploited by a malicious hacker would have allowed access to the company’s Amazon Web Services storage servers, databases and also the company’s private Slack workspace.”

Yikes! It looks like the security firm who hacked their site got access to a ton of data. According to TechCrunch

One of the documents seen by TechCrunch showed personal information, including names, home addresses and other personally identifiable information belonging to a rental tenant.

Good news the security firm was doing this for publicity (I’m assuming), and not for any malicious purposes.

While the timing of this type of situation is never good, in the case of Remine it couldn’t be worse, as CoreLogic’s Clareity MLS Executive Workshop starts tomorrow in Scottsdale. With a ton of MLS executives in attendance, I’m pretty sure this will be numero uno topic of conversation in the lobby bar.

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