Recently, the owners of the 16th largest MLS in the United States have announced plans to sell to a newly formed private company named MAZL, led by an individual known only as J. Burks.
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This decision came after the removal of the board of directors of the MLS organization due to breaches of confidentiality agreements as the sale to MAZL approached. The MLS in question, REColorado, is currently owned by the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA). The sale was confirmed by REColorado board Vice Chair Shelly Vincent earlier this week.
The statement further notes that the REColorado board members were being removed for breaking confidentiality agreements.
According to the statement, MAZL, LLC is a private entity specifically created to purchase REColorado and is led by J. Burks, a veteran of the real estate industry for over 40 years. Despite limited information available about J. Burks, the statement emphasizes their commitment to maintaining a broker-centric platform.
As the situation continues to unfold, Inman is actively seeking more information about J. Burks and any updates from DMAR or SMDRA. The sale of REColorado, the 16th largest MLS in the U.S., has stirred controversy and raised questions, particularly in light of ongoing antitrust litigation and concerns about ownership changes in the industry.
Industry reports and media coverage have highlighted the potential benefits of decoupling MLSs and Realtor Associations to safeguard MLS organizations from antitrust litigation. The FAQ sheet shared on Friday reiterates this sentiment, along with the disclosure that REColorado’s owners carefully considered various offers before selecting MAZL as the best fit for their members’ long-term needs and services. Additionally, the FAQ sheet addresses the lack of prior notification to members of DMAR and SMDRA about the sale, attributing this to non-disclosure agreements and unauthorized leaks to the media. Details regarding the timeline of the sale and the agreed-upon price with MAZL have not been disclosed. For the complete FAQ sheet, click here.