REBNY president John Banks
NEW YORK CITY—The Real Estate Board of New York hopes to launch next month a syndicated real estate property listing service for participating members and consumers.
The REBNY board of directors has finalized plans for the REBNY Residential Listing Service listings to be accessible through a centralized, single feed. At present, REBNY member residential sales and rental listings are sent out via hundreds of individual feeds.
“As part of REBNY’s increased investment to upgrade the RLS and broaden the scope of services provided to participating firms, this plan for syndication directly addresses a critical challenge facing New York City residential real estate brokers and salespeople,” says Diane Ramirez, chairman and CEO of Halstead Property and co-chair of the board of directors for the residential brokerage division of REBNY.
For the past 18 months REBNY, the RLS, and the Residential Brokerage division’s board of directors have been working on implementation of listings syndication. In 2016, REBNY announced a technology investment in contemplation of a mid-2017 syndicated feed launch as part of a long-planned strategic roll out of the new service. The new residential listing syndication service will be offered to REBNY member firms at no additional cost as part of the suite of services provided to participating RLS firms. REBNY notes that RLS firms must choose to opt into the service.
“With this process, the RLS will improve data quality for residential real estate agents and the public who will have access to accurate and consistent listing content, drive listing visibility and transparency, and streamline the process of sharing listings for all REBNY firms that choose to opt-in,” says Michael Bisordi, president of Tungsten Property and co-chair of the board of directors for the residential brokerage division of REBNY.
The REBNY Board has set a target date of August 1st to launch the syndicated feed. Firms that have contacted REBNY to indicate their intention to opt-in and participate in the new syndicated feed include: BOND New York, Brown Harris Stevens, Citi Habitats, Compass, The Corcoran Group, CORE, Fox Residential Group, Halstead Property, Leslie J. Garfield & Co., Stribling & Associates, TOWN Residential and Warburg Realty.
“Syndication is a win-win for our members as well as consumers. It will reduce costs and increase efficiency for agents, and provide more accurate data for consumers to make well-informed decisions,” saus REBNY president John Banks.
REBNY is a member of the Council of Multiple Listing Services and the REBNY RLS meets the description of an MLS as set forth by the council, according to a REBNY spokesperson. However, REBNY is not a member of the National Association of Realtors nor are REBNY residential listings posted on NAR’s national listing service Realtor.com. REBNY left NAR more than a decade ago.
Surrounding real estate organizations, such as the Long Island Board of Realtors, the Staten Island Board of Realtors, the Bronx-Manhattan Association of Realtors and the Hudson Gateway Association of Realtors, are members of NAR and operate MLSs that have listings published on Realtor.com.
Earlier this year, the Hudson Gateway Association of Realtors, which operates the Hudson Gateway Multiple Listing Service, merged with the fledgling Manhattan Association of Realtors and established a Manhattan chapter. HGAR’s membership covers Westchester, Rockland, Putnam and Orange counties.