The Ten: REcolorado moves past the drama of its stunning sale 

Editor's note: In this year of evolution — much of it mandated by legal challenges — a handful of people and themes have emerged as defining forces. Real Estate News has selected the top newsmakers of 2024, based on their industry impact and influence. They are The Ten.

Joseph Burks describes his purchase of REcolorado as nothing less than a dream come true.

"From the beginning of my career, my goal has been to serve every real estate broker across the Denver metro area," Burks told Real Estate News. "That ambition might sound far-reaching, but I've always believed in setting big goals and seeing them through."

Burks' purchase of the nation's 16th-largest MLS unfolded dramatically this summer, with an REcolorado leader revealing to Real Estate News in June that the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA) planned to sell the MLS to a private entity rather than allow it to become self-owned. Association leaders said they did not profit from the sale.

The change in ownership unfolded with a bit of mystery around Burks himself, as details about the buyer were not immediately revealed. Even as more information came to light, some in the industry expressed concern that a prominent MLS would be sold to someone from outside the Realtor/broker space.

A global software company made things even more interesting by submitting a late-breaking "indication of interest" in buying REcolorado before the deal with Burks' company, MAZL LLC, was finalized at the end of September. The addition of Burks' longtime business associate Claudio Rielo as strategic partner at REcolorado was announced by MAZL last month. 

A vision takes shape

Controversy around the sale — which was prompted by ongoing antitrust litigation roiling the industry — "existed before we entered the picture," said Burks, the president of Equity Title of Colorado and a major shareholder with CTM eContract software, which is widely used for real estate transactions. "Other stakeholders had other plans for the company."

So what are his plans? "Our intention has always been to ensure REcolorado serves its subscribers at the highest level" with a focus on "sustainable growth, enhanced service, and building a stronger MLS for the entire real estate community," Burks said.

But he's not doing it alone. In October, REcolorado named a new president and CEO, Dana Bennett, who recently told Real Estate News that the organization's immediate focus is "identifying products and initiatives that truly serve brokers, simplify workflows, and eliminate friction."

Having "walked in the shoes of agents and brokers, I deeply understand their needs, frustrations, and aspirations," said Bennett, a former broker/owner. From her vantage point as a brokerage leader, she saw "how critical MLS systems are in delivering reliable data, tools, and efficiencies that professionals rely on daily."

She's also been on the other side of the table, serving in executive roles at REcolorado for more than 10 years prior to taking the helm. That MLS leadership perspective, added Bennett, "has taught me the immense responsibility we carry to uphold trust, deliver value, and foster collaboration in the real estate ecosystem. It's a role I take seriously​​."

Looking ahead to 2025 — and a future with more privately owned MLSs

Those themes reflect Bennett's — and Burks' — priorities for the new year.

"In 2025, we are committed to delivering a higher level of service and value by refining our product offerings," Bennett said. "We've recognized that some existing agreements don't serve the best interests of the broker community. Our focus will be on universal solutions that simplify processes, enhance efficiency, and improve engagement with brokers."

The ultimate goal, Burks added, "is to make REcolorado truly broker-centric, aligning every initiative with our customers' needs and strengthening their day-to-day experiences​​."

They expect more MLSs will shift to private ownership as the industry evolves.

"The MLS industry is at an inflection point, and I believe we're going to see fierce competition with more privately owned MLSs emerging," Bennett said. "Consolidation has been the trend, and we've now opened the door to private ownership, which will accelerate the pace of change."

Burks said he sees a future where MLSs are "continuously evolving to stay ahead of the industry's rapid transformation. The key will be creating systems and frameworks that keep brokers, consumers, and the broader ecosystem connected and thriving."