In October 2021, four of the nation’s leading Multiple Listing Services (MLSs) joined forces to acquire Remine, a data and analytics platform, for $53.5 million. Their ambition was clear: to shape the future of the real estate industry by investing directly in the “leading MLS technology company of tomorrow.” But that vision never fully materialized.

Since the acquisition, Remine has struggled to retain customers, and momentum behind the partnership has waned amid broader industry changes. Now, as first reported by Inman, Remine’s assets are up for sale through an Assignment for the Benefit of Creditors (ABC)—an alternative to bankruptcy designed for an efficient and discreet sale of distressed businesses.

Despite its industry backing, Remine never turned a profit and currently owes $11.2 million to investors, according to the ABC filing.

How We Got Here

Founded in 2015 by Leo Pareja, now CEO of eXp Realty, Remine had a strong footprint at the time of its acquisition, serving nearly 60 MLS markets and over 1.2 million real estate professionals. The decision to buy Remine was strategic, ensuring that its largest customers wouldn’t lose access to its technology.

“In order to ensure that Remine’s largest customers would not lose access to Remine’s technology, an MLS-driven collaborative comprised of four of the most progressive MLSs in diverse areas across the country, including ACTRIS MLS in Austin”—now rebranded as Unlock—”First Multiple Listing Service in Atlanta, Heartland MLS in Kansas City, and MIAMI REALTORS® formed a joint venture to acquire Remine,” the filing states.

However, the platform’s reach has since diminished, now serving just 40 markets and approximately 600,000 real estate professionals as of March 2025.

What Happens Next?

The best-case scenario for Remine now is finding a buyer through the ABC process, which Unlock described as “the most efficient and responsible path forward.” This approach, Unlock stated, “allows for an orderly transition that minimizes disruption to Remine customers while maximizing potential acquisition opportunities.”

In the months leading up to the ABC filing, Remine engaged with seven real estate and proptech companies to gauge interest in acquiring some or all of its assets. The filing notes that while two parties remain potentially interested, the company simply lacks the time or financial resources to continue negotiations.

Unlock, in a collective statement, emphasized that financial returns were never the driving force behind their investment in Remine. “We did not invest in Remine for financial return but to give our subscribers a voice in shaping MLS technology. While this investment did not lead to the outcome we envisioned, we learned valuable lessons and took decisive action when it became clear that further investment was not the best path forward.”

Looking ahead, Unlock remains optimistic about the role of MLSs in shaping the real estate technology landscape, despite the setbacks. “This outcome should not discourage MLSs from making bold decisions in the best interest of their subscribers and the marketplace they serve. This is a time for MLSs to continue being bold, forward-thinking, and collaborative, understanding that not every decision will go as expected.”

Key Takeaways

• Remine’s acquisition in 2021 by four major MLSs was meant to secure its role in shaping real estate technology, but the initiative struggled to gain traction.
• The company, which never turned a profit, has lost market reach and is now being sold through an Assignment for the Benefit of Creditors.
• MLS leaders say their investment was about influence, not financial returns, and they remain committed to innovation despite this setback.
• The fate of Remine now hinges on finding a buyer, with two potential parties showing interest but limited time left to negotiate.

As the industry continues to evolve, this chapter serves as a reminder that even the boldest initiatives carry risk—but also valuable lessons for those shaping the future of real estate technology.