The a number of itemizing service is among the largest within the US. One board member who was a part of a workforce attempting to purchase the MLS described being blindsided by the non-public fairness deal.
At Inman Join Las Vegas, July 30-Aug. 1 2024, the noise and misinformation will probably be banished, all of your large questions will probably be answered, and new enterprise alternatives will probably be revealed. Be part of us.
A shock deal to promote one of many largest a number of itemizing providers within the U.S. has left members reeling — and raised the specter of authorized motion.
Shelly Vincent
The deal would see REColorado bought to a agency backed by non-public fairness. Rumors of the deal surfaced Monday evening on Greg Robertson’s Vendor Alley weblog. Later Monday evening, REColorado Vice Chair Shelly Vincent confirmed the existence of a proposed deal in an electronic mail to Inman. She mentioned that REColorado’s house owners — Denver Metro Affiliation of Realtors (DMAR) and the South Metro Denver Realtor Affiliation (SMDRA) — shared a letter of intent describing the proposed sale final Thursday, June 20.
TAKE THE INMAN INTEL INDEX SURVEY FOR JUNE
Vincent added that the letter was shared 30 days after it was signed, and fewer than three weeks earlier than the deal is slated to shut. She additionally mentioned that the “terms are very concerning to the future of REColorado, and legal action is being considered.”
Inman has reached out to DMAR, SMDRA, and varied REColorado leaders and can replace this story with any feedback they supply. Vincent mentioned the letter of intent describing the deal will not be public.
One of many causes the sale of the MLS got here as a shock is as a result of Vincent and others have been a part of a workforce that was within the technique of attempting to purchase the a number of itemizing service from DMAR and SMDRA. The plan was to “buy back the shares and become independent, but we were given no opportunity to even compete to do so,” Vincent mentioned.
“As of February, we had already accepted their counter when all communications involving the sale went silent,” she continued. “We had no idea there was another party this involved until we received the [letter of intent].”
REColorado describes itself on its web site because the sixteenth largest a number of itemizing service within the U.S., serving greater than 26,000 actual property professionals throughout its residence state. The MLS additionally says it facilitates 76 % of actual property transactions in Colorado.
