When MRI Software officials first learned REcolorado was going to be sold, they knew they had to act fast before the sale was finalized.
The Ohio-based real estate technology company announced this week it was interested in buying REcolorado, the state’s largest multiple listing service (MLS) where most homes on sale in Colorado are put on the market to be distributed to websites such as Zillow and Redfin.
It’s the destination where more than 75% of residential sales in the state happen.
“There wasn’t a lot of time to sit around and think. We wanted to act by providing an alternative solution for the future and the well-being and the security of REcolorado,” Zach Garfias, senior director at MRI Software and former owner of Denver-based startup eGent, told The Denver Gazette.
Nearly two days after the company put in its “competitive” offer, it has yet to hear back from the MLS’s current owners, Garfias said.
By Friday afternoon, he said, the company put in another offer at a “considerably higher price.”