MLS-owned data platform Remine to be sold 

In October 2021, four of the nation's leading MLSs teamed up to buy Remine, a data and analytics platform, for $53.5 million. But their vision, described at the time as "a shared desire to shape the future of the real estate industry through direct investment in the leading MLS technology company of tomorrow," did not pan out as expected.

Remine lost customers, and the partnership lost momentum in a time of sweeping industry shifts. Now, in a move first reported by Inman, Remine's assets are being offered for sale via an "Assignment for the Benefit of Creditors" (ABC) — an alternative to bankruptcy that is meant to provide a quick, discreet means of selling a distressed business.

The company, which was never profitable, also owes $11.2 million to investors, the filing states.

How we got here: Remine, which was founded by Leo Pareja, now CEO of eXp Realty, in 2015, served almost 60 MLS markets representing more than 1.2 million real estate professionals when it was acquired. The ABC filing, dated March 6, explains the "why" and "who" of the purchase: 

"In order to ensure that Remine's largest customers would not lose access to Remine's technology, an MLS-driven collaborative comprised of four of the most progressive MLS in diverse areas across the country, including ACTRIS MLS in Austin" — now called Unlock — "First Multiple Listing Service in Atlanta, Heartland MLS in Kansas City, and MIAMI REALTORS® formed a joint venture to acquire Remine."

The filing noted that Remine's reach had decreased to 40 markets representing 600,000 real estate professionals as of March 2025. 

What's next: The best outcome for Remine would be finding a buyer through the ABC process, which Unlock described as "the most efficient and responsible path forward" because it "allows for an orderly transition that minimizes disruption to Remine customers while maximizing potential acquisition opportunities." 

In the year prior to the ABC filing, the company reached out to seven real estate/proptech companies "to see if they might be interested in purchasing some or all of Remine's assets," the ABC filing states, adding: "While Remine is aware of two parties that may remain interested in acquiring Remine's assets, Remine simply does not have the time or financial ability to continue discussions with these parties."

Unlock, in a statement attributed to the organization and not an individual, said "it did not invest in Remine for financial return but to give our subscribers a voice in shaping MLS technology. While this investment did not lead to the outcome we envisioned, we learned valuable lessons and took decisive action when it became clear that further investment was not the best path forward."

The hope, Unlock added, is that "this outcome will not discourage MLSs from making bold decisions in the best interest of their subscribers and the marketplace they serve. This is a time for MLSs to continue being bold, forward-thinking, and collaborative, understanding that not every decision will go as expected."