let’s talk : THE GREATER NYC MARKET AND ALL THE LISTING SERVICES IT HAS TO OFFER
Good morning!
As many of you are aware, I recently started working as a Realtor in the Greater NYC market. One thing that I learned is that the whole MLS thing is not so straightforward here. And a lot of the various boards don’t really work together. This is something that REALLY confused me initially (& sometimes still does), so I wanted to talk about that with you all!
So as we do, let’s talk Real Estate, let’s talk the GREATER NYC RE MARKET AND ALL OF THE LISTING SERVICES IT HAS TO OFFER…
WHAT DOES THE NEW YORK METROPOLITAN AREA CONSIST OF?
“The New York metropolitan area is the city and suburbs of New York City. It includes Long Island and the Mid- and Lower Hudson Valley in the state of New York. … This includes the numbers defined by both the Metropolitan Statistical Area (20.1 million residents) and the Combined Statistical Area (23.6 million residents).”
OKAY SO WHAT ARE THE VARIOUS LISTING SERVICES HERE?
(1) REBNY
Real Estate Board of New York
Private Group aka not associated with NAR
Coverage: Manhattan and Brooklyn
I hope to join this board very, very soon!
(2) LIBOR
Long Island Board of Realtors
Part of the National Association of Realtors (NAR)
Coverage: Long Island, Queens County, Nassau County, Suffolk County and a small number of listings in Brooklyn. This area is to the EAST of Manhattan.
I am currently a member of this board.
(3) HGAR
Hudson Gateway Association of Realtors
Part of the National Association of Realtors (NAR)
Coverage: Westchester, Bronx, Orange, Putnam, Queens, Ulster, Duchess, Rockland County and a small number of listings in Manhattan. This is essentially the area NORTH of Manhattan.
(4) Brooklyn MLS
Private Group aka not associated with NAR. Fairly small group.
Coverage: Brooklyn
I have attached a very high level mappings of the MLS groups here just to give you a visual. I put this together so it is by no means exact or official.
My very loose and personal interpretation of how to map the various boards looks something like the below:
SO WHY WOULD ONE CARE ABOUT THE FACT THAT THERE ARE SO MANY DIFFERENT LISTING SYSTEMS?!
Well, these various listing services work in a very similar area and overlap each other quite a bit. They also do not necessarily like to worth together. For example, if I, as a member of LIBOR, am representing a buyer who is interested in a property that is listed with a realtor who is a member of the Brooklyn MLS, that listing agent does not necessarily have to pay a commission to myself or my brokerage for working the buy side of the deal. They can put on the listing that they will only work with “participating Brooklyn MLS members”. So it is important to pick the right board for you and your target market.
Please note this quick example was purely explanatory and not based on a specific real life scenario. In no way is this example meant to reflect negatively on any board or realtor association.
WHEN WE TALKED ABOUT THIS ON OUR NATIONWIDE TEAM CALL RECENTLY, I WAS INTERESTED TO LEARN THAT IT IS NOT ALWAYS LIKE THIS IN OTHER MARKETS. SO I AM CURIOUS, WHERE ARE YOU FROM AND HOW DO THE VARIOUS BOARDS WORK TOGETHER IN YOUR MARKET?
Feel free to comment on the blog post HERE and let us know what YOU think!
Happy Wednesday!
Erin
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Me – this is based on my own personal experience!
