Way to go ABOR, FMLS, Miami, and Heartland! So happy to see smart, progressive MLSs get together for the good of their subscribers.
I was so excited to read the announcement that Remine has been sold to 4 MLSs who will provide the services for their markets and many others. The full news release is shared below. Every time a technology offered by MLSs has gotten sold in recent years, it has created uncertainty and upheaval. Brokers and MLS leaders worry about how much the new owner will respect and appreciate the role of the MLS in delivering quality market data. Will the new owner provide the same data protection for subscribers guaranteed in the original contract? Will prices go up and service quality go down? Will the business model shift to the detriment of MLSs and their customers?
With the purchase of Remine, the four participating MLSs – FMLS in Atlanta, Miami REALTORS® in Miami, Heartland MLS in Kansas City, and Austin Board of REALTORS in Austin, Texas – will be able to shape the offerings of Remine to support business success for both practitioners and MLS organizations.
As MLSs themselves, the new Remine owners know the key issues facing MLSs and their subscribers today. They can structure the program to fit the diverse needs of MLS business models, ownership structures, and product/pricing philosophies.
I love that there is a broker-owned MLS in the mix as well; FMLS, one of the largest privately-owned MLSs in the country, can bring a direct broker perspective to the conversation and roll-out strategies. They can help answer questions like “How does Remine fit within the mix of broker solutions and how can it support incremental opportunities for business generation for agents?”
With four strong markets and over 140,000 real estate professionals to draw from, Remine can benefit from regular direct feedback from agents and brokers. Users of the system continue to refine the offerings and maybe even devise a whole new product offering.
MLS-owned Remine might also be able to help MLSs across the country provide MLS of Choice – a concept that has been discussed many times but has not come of age yet.
Here are some questions I have for the proud new owners of Remine:
Will MLSs that might be motivated more from providing valuable technologies, more so than profit, be able to innovate to increase adoption, trial, and engagement with Remine? Will they change the pricing or business model?
Will other MLSs be able to buy shares of Remine and make it part of their reserves/growth strategies, too?
In at least a few markets there are MLSs that secured the exclusive right to offer Remine in their region or state. Are those deals going to be nullified to allow all MLSs to take advantage of this amazing suite of tools?
Will the new Remine owners provide plug n’ play marketing support to make it easy for even the smallest MLS staff to do an effective job at enabling each of their subscribers to take full advantage of Remine?
Where does the industry go from here?
Will there be more collaborations like the Remine acquisition? Is this just the beginning of a roll-up of a suite of tools for this group of MLSs or others? MLSs are definitely much stronger together. It is so difficult for individual MLSs to stay vital and relevant – their budgets simply are not as large as the billions being invested by Proptech investors.
I love to see MLS collaborations! MLS Aligned, MLS Grid, Broker Public Portal, and Showing Interoperability are just a few great examples of initiatives that are already underway.
I sure hope we see lots more! In every MLS strategic plan I facilitate, we discuss the potential of collaborations. Most MLSs do not have their own development team, but there are lots of other ways to work together. With open-mindedness, humility, and out-of-the-box thinking, MLSs can work together to create all sorts of magic!
If you would like to find ways for your MLS to tap into some of these great programs that are already underway – or if you would like to start your own collaboration- feel free to reach out to me! I have massive experience putting like-minded teams together to create greatness! In fact, in my days at Fisher-Price, I ran strategic planning and new business development globally. I was dubbed the Chief “Wow” Officer. In just eight months we generated $80 million in incremental revenue without spending one dollar in development resources. It was all accomplished via smart partnerships!
Please see below for the full press release:
TORONTO, Oct. 18, 2021 /CNW/ — Remine, a full MLS solution that reimagines the digital real estate journey, was acquired today by MLS Technology Holdings, LLC, an MLS-driven collaborative dedicated to powering the next generation of technology for MLSs.
MLS Technology Holdings, LLC is comprised of four of the most progressive MLSs across North America, including ACTRIS MLS in Austin, First Multiple Listing Service in Atlanta, Heartland MLS in Kansas City, and MIAMI REALTORS®, as well as continued investment by the Ayrshire Group in Calgary. The collaboration was born out of a shared desire to shape the future of the real estate industry through direct investment in the leading MLS technology company of tomorrow.
With its Canadian head office based in Toronto, Remine Canada will continue to serve REALTORS® and MLS operations across North America with its experienced team of professionals who understand local, provincial, and national markets.
“MLSs have taken a backseat to advancing technology that serves our subscribers and consumers for far too long,” said Emily Chenevert, Chair for MLS Technology Holdings and CEO of the Austin Board of REALTORS® and ACTRIS MLS. “At a time when consolidation is occurring across the industry, this investment ensures Remine remains with a team that’s dedicated to keeping brokers and agents empowered in the real estate transaction, for the benefit of the consumers they serve.”
Since its inception in 2015, Remine has consistently reimagined the digital real estate journey by connecting consumers, agents, and lenders in one solution. Its powerful, intuitive suite of products – which include the Docs+ transaction management platform, Remine Pro, Remine Mobile, Add/Edit for single point of entry, Remine’s SSO dashboard, and MLS 2.0® – are defined by choice, clarity, and speed.
Remine’s services cover much of the real estate market, including nearly 60 MLS markets representing more than 1.2 million real estate professionals across North America.
The Remine team in Toronto will continue its focus on Remine Docs+, a full-featured forms, transaction management, and electronic signature platform. The Canadian team also spearheads Remine’s work with PropertyFlow, a joint venture with FCT announced in December 2020.
PropertyFlow will offer the Remine Canada platform a critical next step in supporting the Canadian real estate industry’s movement toward a more data-driven future. The platform will provide REALTORS®, brokers, and MLS® boards with access to MLS® and broad public record data in a single consolidated view. Following board integration in the platform, Remine will allow REALTORS® to see on- and off-market properties in one place, while connecting in real-time with potential buyers or sellers. Remine’s Canada platform already provides consumers with the ability to view property listings and transaction details through a user-friendly digital hub.
Remine will remain an independent and thriving company under the strategic guidance of new ownership by MLS Technology Holdings, LLC. Mark Schacknies has resigned from his role as Chief Executive Officer of Remine and Liz Sturrock has been named Interim CEO while a national search for a permanent CEO is underway. As Chief of MLS and Innovation at MIAMI REALTORS®, Sturrock is a proven leader with over 20 years of experience in both the real estate and IT industries.
“Remine customers are in great hands with Remine’s strong and capable staff who have paved the way to their success thus far. We’re building upon that success by bringing a peer’s perspective to the table,” said Sturrock. “This move opens the door for MLSs to have a direct voice in determining how best to serve agents, brokers, and consumers.”
Co-founders Jonathan Spinetto and Leo Pareja have assumed the roles of Chief of Staff Operations and Chief of Strategy, respectively. Along with other key management team members, Spinetto and Pareja will help ensure a smooth transition and uninterrupted service for Remine customers.
The MLS Technology Holdings, LLC Board of Directors is comprised of seasoned executives with over 165 years of combined outside investor expertise and industry knowledge. In addition to Chenevert’s role as chair, directors include Teresa King Kinney, MIAMI REALTORS® CEO; Jeremy Crawford, First Multiple Listing Service President & CEO; Daniel Forsman, Berkshire Hathaway HomeServices | Georgia Properties President and CEO; Kipp Cooper, CEO for the Kansas City Regional Association of REALTORS® and Heartland MLS; and Phil Swift, Ayrshire Group’s Executive Chairman in Calgary.
“Remine was created by top-producing agents who were frustrated by a lack of intelligent technology solutions in the marketplace,” said Pareja, who applauded the collaboration. “This new chapter for Remine is a return to our roots and a unique opportunity to build upon a core technology that will pave the way for MLSs of the future.”
MLS Technology Holdings, LLC plans to launch an MLS Advisory Group to provide direct input on the future of the MLS and how Remine’s MLS 2.0® can continue to anticipate and alleviate pain points in the homebuying, selling, and renting process. To learn more about the advisory group, email JoinUs@ABetterMLS.com.
For more information about PropertyFlow and the joint venture between Remine and FCT in Canada, visit PropertyFlow.com/News.
Truist Securities served as exclusive financial advisor to MLS Technology Holdings, LLC, and Alston & Bird LLP served as its legal counsel. GCA Advisors served as exclusive financial advisor to Remine, and Cooley LLP served as its legal counsel.
About MLS Technology Holdings, LLC
MLS Technology Holdings, LLC is an MLS-driven collaborative dedicated to powering the next generation of technology for MLSs by MLSs through strategic acquisitions and investments.
MLS Technology Holdings, LLC is the owner of Remine, a full MLS solution that reimagines the digital real estate journey. Remine currently serves nearly 60 MLS markets representing over 1.2 million real estate professionals across North America.
This collaborative allows MLSs to ensure Remine stays at the forefront of emerging MLS technology and in the hands of a team that’s dedicated to keeping brokers and agents empowered in the real estate transaction, for the benefit of the consumers they serve.
For more information, visit ABetterMLS.com.