In a surprising turn of events, the major shareholders of REcolored, the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA), have decided to shake things up by ousting the current board. This dynamic shift comes along with an announcement revealing the new owner who will be acquiring their shares – MAZL, LLC., spearheaded by J. Burks.
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Changing of the Guard:
The board members of DMAR and SMDRA took a bold step by unanimously passing a resolution to remove all members of the REcolored board from their positions immediately. This swift action was taken in response to a serious breach of confidentiality obligations that were expected from the board of directors. -
Surprise Sale:
REcolored, a prominent multiple listing service (MLS) boasting 26,000 members, found themselves caught off guard when DMAR and SMDRA revealed their intentions to sell to MAZL. While negotiations to purchase the MLS had been ongoing since February, the abrupt public declaration of the sale prompted the drastic decision to terminate the current board members. -
Boardroom Drama:
With four out of the eleven REcolored board members resigning in protest over the last few days, tensions ran high within the organization. The reasons behind the firing of the remaining seven members included a clear breach of confidentiality and non-disclosure agreements. This decisive action was deemed necessary to uphold the best interests of the shareholders and ensure the long-term success and operational goals of the MLS. -
Support and Dissent:
The statement from DMAR and SMDRA also included comments from the resigning board members, highlighting the diverging viewpoints within the leadership. While one opinion emphasized the authority of shareholders in determining the company’s direction, others echoed support for the shareholders’ actions. -
A New Dawn:
The statement released by DMAR and SMDRA sought to reassure their members regarding the sale, emphasizing the commitment of the proposed buyer, MAZL, to the continuous operation and enhancement of the MLS service. A sense of optimism was conveyed, affirming that resources would be utilized to benefit all subscribers without the MLS being resold in the future. - Striking a Balance:
Amidst concerns over outside ownership potentially introducing uncertainty, the REcolored board cautioned Denver-area Realtors about the implications of selling to a private equity firm. Despite supporting the efforts to detach the local MLS from DMAR and SMDRA, the board remained steadfast in its dedication to maintaining a broker-focused partnership.
In conclusion, the new owner, Burks, brings over 40 years of experience in the real estate industry, heralding a transformation in REcolored’s ownership. With MAZL’s commitment to a broker-centric platform, the subscribers can expect continuity in services provided by the MLS. While the sale price and completion timeline remain undisclosed, the promise of an unwavering focus on delivering exceptional data and resources to Realtors® and licensees bodes well for the future of REcolored.
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