The Multiple Listing Service is one of the largest multiple listing services in the United States. A board member trying to acquire an MLS team said he was caught off guard by the private equity deal.
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A surprise deal to sell one of the country’s largest multiple listing services has stunned members and raised fears of legal action.
Shirley Vincent
Through the deal, REColorado will be sold to a private equity-backed company. Rumors about the deal surfaced Monday night on Greg Robertson’s Vendor Alley blog. REColorado Vice Chairman Shelly Vincent confirmed the existence of the proposed deal in an email to Inman late Monday. She said REColorado’s owners — the Denver Metropolitan Association of REALTORS (DMAR) and the South Denver Metropolitan Association of REALTORS (SMDRA) — shared a letter of intent describing the proposed sale last Thursday, June 20 .
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Vincent added that the letter was shared 30 days after it was signed and less than three weeks before the deal was expected to close. She also said, “These terms are related to the future of REColorado, and legal action is being considered.”
Inman has reached out to various leaders at DMAR, SMDRA and REColorado and will update this story with any comments they provide. Vinson said the letter of intent describing the deal has not been made public.
One of the reasons the MLS sale is shocking is that Vincent and others’ team are trying to buy the Multiple Listing Service from DMAR and SMDRA. Vincent said the plan was to “buy back shares and become independent, but we don’t even have a chance to compete.”
“As of February, when all communications involving sales fell silent, we had accepted their counter,” she continued. “We had no idea there was another party involved until we received [letter of intent]”.
REColorado describes itself on its website as the 16th largest multiple listing servicer in the United States, serving more than 26,000 real estate professionals in its states. The MLS also says it facilitates 76% of real estate transactions in Colorado.
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