REcolorado’s sale to Joseph E. Burks, president of Equity Title of Colorado and owner of MAZL LLC, has officially gone through as of today. MAZL LLC will be assuming control of the MLS.
The sale was originally announced to be in the works in June, with Burks revealed to be the buyer in July.
Burks and MAZL stated in a release that they are, “committed to maintaining and expanding REcolorado’s legacy as a trusted resource for real estate professionals statewide.”
“As a market leader, REcolorado has always been at the forefront of delivering top-tier services,” Burks elaborated. “Our goal is to collaborate closely with its exceptional team to strengthen the company even further, ensuring it continues to deliver MLS services that bring unparalleled value to its subscribers and their clients, adapting and innovating to meet the evolving needs of today’s real estate professionals.”
Interim President and CEO of REcolorado Larry McGee shared his confidence in the acquisition in a release.
“This acquisition represents a pivotal moment in our mission to deliver exceptional value to real estate professionals across Colorado,” he said. “Under new leadership, REcolorado remains steadfast in its 40-year tradition of unwavering dedication to its subscribers while expanding our service capabilities.”
The original owners of REcolorado—Denver Metro Association of REALTORS® (DMAR) and South Metro Denver REALTORS® Association (SMDRA)—have expressed similar sentiments.
“This transition represents an exciting new chapter for SMDRA,” said Melissa Maldonado, CEO of the association. “With new ownership and management at the helm, we are confident that our members will continue to receive industry-leading technology and support, positioning them for success in an ever-evolving real estate landscape.”
“We are confident that MAZL, LLC’s extensive expertise and forward-thinking approach will bring significant value to the MLS platform,” said Brendan Bailey, CEO of DMAR. “Their leadership promises to create exciting new opportunities for the real estate community, enabling us to better serve our clients and succeed during this pivotal time for the industry.”
This sale received previous scrutiny from many in real estate, questioning what the implications of selling an MLS to a private firm could mean for the industry moving forward. Conversations circled around the MLS’s data security and what the intent of new leadership could be.
SMDRA and DMAR attempted to put these fears to rest in their FAQs on the MLS sale, claiming that their priority has been “to ensure that all members retain full access to MLS data and functionality that is critical to their business. MAZL has shared its commitment to providing a broker-centric platform and assurance that the company will continue to operate as a Multiple Listing Service, maintaining its core mission of delivering exceptional data, tools and resources to REALTORS® and licensees.”
Burks and MAZL have stated their goals moving forward are as follows:
- Affordability: REcolorado will maintain competitive MLS fees, ensuring cost-effective access for its 26,000 subscribers.
- Data security and innovation: REcolorado will continue to strengthen its commitment to safeguarding subscriber listing data by leveraging robust licensing agreements with technology providers to enhance cutting-edge tools and insights that simplify real estate transactions.
- Subscriber engagement: REcolorado will remain focused on delivering pro-competitive, market-driven policies and services, shaped by consistent subscriber feedback, to meet the evolving needs of the industry.
- Local support: Subscribers will continue to benefit from top-tier, locally based customer support, including timely responses to inquiries, comprehensive training and effective communication designed to maximize the use of MLS products and services.
