With sale finalized, REcolorado names Dana Bennett as new CEO

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

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

“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, REcolorado’s new owner, said in a statement.

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

REcolorado touts Bennett’s experience with MLS content licensing and real estate data compliance, which could be relevant given the most recent controversy around 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 that listing agents enter into the MLS — data that traditionally is owned by these agents.

REcolorado’s previous leadership and a number of agents in Denver warned that one of the motivations for Burks buying the MLS was to acquire its data. The new participation agreement — and possibly Bennett’s promotion — only fuels this fear.

Long-simmering tensions between REcolorado and the two Realtor associations that previously owned it — the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA) — 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 Realtors and a number of brokerages and MLSs.

The previous leadership at REcolorado believed they had a handshake deal with DMAR and SMDRA in February, only to be surprised when the Realtor associations announced the sale to Burks. The former leadership team believed that DMAR and SMDRA weren’t negotiating with them in good faith because the entity that bought the MLS — MAZL LLC — was formed in January.

Shortly after, DMAR and SMDRA fired REcolorado’s board of directors and leadership, claiming that a leak to the real estate blog Vendor 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’s unclear how the new participation agreement might affect these deals.

“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.”