Now that the sale has been completed, REcolorado appoints Dana Bennett as its new CEO

REcolorado has taken a big step towards its controversial sale earlier this year. Denver-area MLS has named a new CEO in Dana Bennett, who returns to REcolorado after an 18-month stint with the company.

Bennett’s most recent role at the MLS was as vice president and chief business development officer, and she originally joined REcolorado in 2012 as director of integrated solutions.

“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,” Joseph Burks, new owner of REcolorado, said in a statement.

“Her passion for being a collaborative MLS partner is unparalleled, and her reputation for integrity and leadership is well known in this market. After speaking with top professionals from across the country, it became clear that Dana uniquely possessed the qualities we were looking for.”

REcolorado touts Bennett’s experience with MLS content licensing and real estate data compliance, which could be relevant given the most recent controversy surrounding the MLS.

After Burks purchased the MLS in June, REcolorado rolled out a revised participation agreement to its members. The agreement appears to grant REcolorado ownership of the data agents enter into the MLS – data that has traditionally been owned by those agents.

REcolorado’s previous leadership and some Denver agents warned that one of the motivations for Burks to buy the MLS was to obtain its data. The new participation agreement – ​​and possibly Bennett’s promotion – only fuels this fear.

Longstanding tensions between REcolorado and the two real estate associations that previously owned it – the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtors Association (SMDRA) – Things boiled over this year when DMAR and SMDRA announced their intention to sell the MLS. The associations cited uncertainty in the industry caused by antitrust lawsuits against the National Association of Real Estate Agents and a number of brokers and MLSs.

Previous leadership at REcolorado believed they had struck a handshake deal with DMAR and SMDRA in February, but were surprised when the broker associations announced the sale to Burks. The former leadership team believed that DMAR and SMDRA were not negotiating with them in good faith because the entity that purchased the MLS – MAZL LLC – was founded in January.

Shortly thereafter, DMAR and SMDRA fired REcolorado’s board of directors and leadership, alleging that a leak to the real estate blog Seller Alley about the sale came from the board and violated a confidentiality agreement.

The sale to Burks was made official last week. REcolorado signed a data-sharing agreement with four other MLSs in January, and it is unclear how the new participation agreement could impact these deals.

“I am excited to bring new insights from my previous roles at REcolorado and others
organizations to help move the company into its next chapter,” Bennett said in a statement. “I am keen to connect with brokers to understand their needs and implement initiatives that improve our data offering.

“In these highly competitive times for the MLS industry, I see this as an incredible opportunity to not only meet the challenges, but use them to take REcolorado to the next level – creating value for our subscribers and partners and simultaneously positioning ourselves for success.”