reco update

DMAR and SMDRA remove REcolorado Board Members in unanimous, joint resolution as shareholders announce agreement to sell REcolorado to MAZL, LLC

DMAR and SMDRA remove REcolorado Board Members in unanimous, joint resolution as shareholders announce agreement to sell REcolorado to MAZL, LLC.

As complete shareholders of Metrolist, Inc./dba REcolorado, the Denver Metro Association of Realtors® (DMAR) and South Metro Denver Realtor® Association (SMDRA) boards of directors and their respective and appointed leadership teams representing the full membership of the Associations, have signed and submitted a joint, unanimous resolution removing all REcolorado board members from their position and duties, effective immediately. This decision and action were taken as a result of the violation of the board of directors’ signed obligations to maintain confidentiality.

“While disappointed, we have come to this decision based on the egregious violation of confidentiality and signed Non-Disclosure Agreement (NDA) carried out by a representative(s) of the REcolorado board of directors. Coupled with the response of the REcolorado board of directors over the past several days we have reached this decision which we believe is in the best interests of our collective membership, our long-term ownership and operational goals,” according to the respective association boards.

Over the past several days, we have been made aware of the proactive and immediate resignation of four of the 11 REcolorado board members who have cited their concerns with the most recent REcolorado board actions supported by statements that include:

  • The events of this week and the manner in which they have been handled are a great disappointment from a body I held with high respect.
  • The actions of REcolorado have been disrespectful to the board at large and the REcolorado shareholders.
  • Leadership has lost sight that the shareholders own the company and have the right to determine its ultimate course of action. 
  • The shareholders have my support in the action they are taking.

DMAR/SMDRA announce buyer

As the sole shareholders of REcolorado, DMAR and SMDRA have signed a letter of intent to sell the company to MAZL, LLC. Headed by J. Burks, a leader in the real estate industry for more than 40 years, MAZL has agreed to purchase REcolorado from DMAR and SMDRA furthering MAZL’s unwavering dedication to supporting Colorado Realtors® and licensees, ensuring that the MLS remains an MLS and a cornerstone of the real estate community, with an even broader offering of services. MAZL, LLC is a private company formed specifically for the purpose of acquiring the MLS service. 

“With this change in ownership, our commitment to providing a broker-centric platform remains steadfast,” said J. Burks, Managing Member of MAZL, LLC. “We assure the subscribers that REcolorado will continue to operate as a Multiple Listing Service, maintaining its core mission of delivering exceptional data, tools and resources to Realtors® and licensees. We are dedicated to ensuring that the MLS remains a trusted, broker-focused, true partner that subscribers can rely on. As this transition to new ownership evolves, we are excited about the opportunities this presents to enhance the MLS service and provide even greater value to subscribers. Our top priority is to uphold the values and integrity that have made REcolorado an indispensable tool for real estate professionals.”

Sale price and timeline for the completion of the transaction were not disclosed.

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