MLS Technology Holdings, LLC, a joint venture formed by four of the nation’s largest MLSs, has acquired real estate technology company Remine Inc., according to an announcement made on Friday.
The joint venture was incorporated on Oct. 4 by the Austin Board of Realtors’ ACTRIS MLS, First MLS in Atlanta, Heartland MLS in Kansas City and Miami Realtors’ MLS. The MLSs stated that the collaboration came about out of a shared desire to further technological advancements in real estate through the acquisition of technology companies. Combined, the four MLSs have approximately 140,000 subscribers, according to Inman, which first reported the story.
“MLSs have taken a backseat to advancing technology that serves our subscribers and consumers for far too long,” Emily Chenevert, chair for MLS Technology Holdings and CEO of the Austin Board of Realtors and Actris MLS, said in a statement.
Financial details of the joint venture are not being disclosed.
Remine was launched in November 2015 under the name “Real Deal,” before eventually becoming Remine Inc. Since launching, Remine has expanded to include a suite of digital real estate tools including Remine Pro, Remine Mobile, Docs+ Transaction Management and MLS 2.0, and its customer base is made up of nearly 60 Realtor associations representing 1.2 million real estate professionals. The company was co-founded by former real estate professionals including Mark Schacknies, Jonathan Spinetto, Leo Pareja, Daniel Huerta and Jad Meouchy.
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In July 2020, Inman reported on allegations of unprofessional conduct on behalf of executives, including Shacknies, which former employees said contributed a poor company culture. Former employees described it as “bro” culture run amok.
Since the acquisition, Schacknies has stepped down as CEO of Remine and MLS Technology Holdings, LLC has named Liz Sturrock, Miami Realtors’ chief of MLS and innovation as interim CEO while the company conducts a national search for a permanent CEO. Remine, however, will continue to operate as an independent company.
In a statement discussing the acquisition, Sturrock said, “This move opens the door for MLSs to have a direct voice in determining how best to serve agents, brokers, and consumers.”
Looking to the future, MLS Technology Holdings, LLC hopes to launch an MLS Advisory Group to oversee and provide direct input on the future of the MLS and how Remine’s MLS 2.0® can alleviate friction in the homebuying, selling and renting process.
“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,” Pareja said in a statement.