A recent shake-up in Denver’s real estate industry has resulted in the entire board of REcolorado, a major multiple listing service in Colorado, being fired by the Denver Metro Association of Realtors (DMAR) and South Metro Denver Realtor Association (SMDRA). The board was dismissed as punishment for speaking out against selling the MLS to a private investor, despite attempts by REcolorado’s leaders to buy the MLS themselves. This move comes as the real estate industry faces changes in the wake of a federal court ruling on an antitrust lawsuit.
The decision to sell REcolorado to a private investor named “J. Burke,” a real estate veteran, has sparked controversy and led to tension between industry leaders. While DMAR and SMDRA believe the sale will protect the MLS from antitrust litigation, REcolorado’s former board members expressed concerns about selling the organization to an out-of-state entity. The deleted statement from REcolorado highlighted their commitment to keeping the MLS locally owned and operated in the best interest of brokers and clients.
After breaking confidentiality agreements and opposing the sale, the rest of REColorado’s board was dismissed by DMAR and SMDRA, as reported by national trade publication HousingWire. The new owner, Burke, has assured that REcolorado will remain an MLS, but details about the sale’s timeline and value are still unclear. Despite the controversy, REcolorado submitted paperwork to opt-in to extra protections under the NAR settlement, which will transfer to the new ownership. Moving forward, Burke aims to maintain the MLS as a trusted, broker-focused partner for subscribers.
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