REcolorado logo and the Denver skyline

REcolorado confirms interim CEO, new board 

New FAQs from the MLS and from its current owners, DMAR and SMDRA, shed light on user fees post-sale, but the timing and price of the deal remain undisclosed.

July 1, 2024
3 minutes

REcolorado's bumpy path to new ownership continued on Monday with the confirmation of its interim CEO and "transitional board of directors."

Larry D. McGee, the only member of the previous board of directors to continue in a leadership role, has replaced former CEO Gene Millman and is serving as interim CEO. A new leader will take over once the sale is final, according to a statement posted on the REcolorado site on July 1.

The transitional board of directors includes the current CEOs of the associations that own REcolorado: Brendan Bailey of Denver Metro Association of Realtors (DMAR) and Melissa Maldonado of South Metro Denver Realtor Association (SMDRA), as well as Jessica Reinhardt, past president of DMAR, and Janet Marlow, past president of SMDRA.

"A change in leadership is a common part of the transition to new ownership," said a new FAQ posted about the sale — a deal which took the industry by surprise when it was confirmed June 24 by a member of the board of directors in response to swirling rumors.

The identity of the buyer is a private company called Mazl. The company is led by J. Burks, described as "a leader in the real estate industry for more than 40 years."

A new FAQ, but some uncertainties remain: The new FAQ tackles top questions, including:

  • Will the change in ownership affect fees? "End user costs will either remain the same or be capped at a minimum annual increase."

  • When will the sale be finalized? "The sale price and timeline for the completion of the transaction have not been disclosed."

  • When will additional details of the letter of intent be shared? "The legal requirements and obligations of the sale process prevent us from sharing additional details at this time. Our commitment to each of you is to share those details as soon as possible."

What the associations had to say: DMAR and SMDRA doubled down on their previous statement that selling now will increase protections from commissions lawsuits and affirmed their commitment "ensuring that there will be no disruptions during or after the finalization of this sale," they said in their own new FAQ.

There were other potential buyers besides MAZL and the MLS itself, the associations confirmed. "Both boards and leadership teams evaluated several legitimate offers for the sale of the REcolorado shares," the statement said. 

"After a lengthy and comprehensive evaluation, including evaluation with our Association counsel and Merger and Acquisition counsel, we determined that this offer best meets the long-term needs and services of our members."

Get the latest real estate news delivered to your inbox.