REcolorado hires CEO after controversial acquisition

GREENWOOD VILLAGE — Just says after REcolorado was sold, Colorado’s largest multiple-listing service has hired Dana Bennett as its CEO.

Bennett, most recently a real estate consultant, previously held vice president and chief business development officer roles with REcolorado.

“Dana brings the ideal combination of local market expertise and strong industry relationships — exactly what we need as we shape a new path for the future of our industry. Her passion for being a collaborative MLS partner is unmatched, and her reputation for integrity and leadership is well known throughout this market,” REcolorado’s new owner Joseph Burks said in a prepared statement. “After speaking with top professionals across the country, it was clear that Dana uniquely possessed the qualities we were seeking. She’s the visionary leader REcolorado needs to thrive in today’s competitive landscape.”

Burks’ company, Mazl LLC, closed on a deal, terms of which were not disclosed, late last month to buy the 26,000-member statewide MLS from Denver Metro Association of Realtors and the South Metro Denver Realtor Association, a deal that was criticized by some REcolorado leaders and member brokers.

The process that led to Burks’ purchase faced stiff opposition from brokers, which stemmed largely from their belief that REcolorado’s users and clients would be better served if DMAR and SMDRA sold the MLS to its members rather than a third-party buyer, and resulted in the late June firing of the entire REcolorado board of directors after several board members began speaking publicly about the impending sale.

Rumors, many of which related to the identity of the buyer, swirled all summer in an information vacuum that DMAR and SMDRA claimed was necessary because of a non-disclosure agreement signed by the parties to the REcolorado sale. 

For months, REcolorado leaders let on only that the buyer was an entity called Mazl LLC led by a person called  “J. Burks,” described vaguely as “a leader in the real estate industry for more than 40 years.”

Brokers also expressed concern about how SMDRA and DMAR would use proceeds from the REcolorado sale.

DMAR and SMDRA said this summer that a sale “will help provide expanded and improved service opportunities for metro-Denver Realtors and licensees, the members of our associations and REcolorado subscribers that depend on the MLS to provide the vital market information required to best serve consumers in their home buying and selling process.”

One of the motivations for the sale was legal protection against antitrust allegations, DMAR and SMDRA said.

REcolorado is a Greenwood Village-headquartered broker-to-broker network that claims to facilitate more than 75% of all real estate transactions in Colorado. The REcolorado system was fully integrated with Information and Real Estate Services LLC, a Loveland-based multiple listing service that operates in Northern Colorado and the Boulder Valley, as the result of a 2020 data-sharing agreement.

“I’m excited to bring fresh insights from my previous roles at REcolorado and other organizations, to help propel the company into its next chapter,” Bennett said in a statement. “I’m eager to connect with brokers to understand their needs, and implement initiatives that enhance our data offerings. In this highly competitive time for the MLS industry, I see this as an incredible opportunity to not just navigate the challenges, but to use them to elevate REcolorado — creating value for our subscribers and partners while positioning us for success.”