May 5, 2020 by Georges Benoliel
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If you've ever searched for real estate in other parts of the country, you're probably familiar with the concept of a local Multiple Listing Service (MLS). However, when it comes to the vibrant real estate market of New York City, things work a little differently. While there isn't a traditional MLS in the city, several other listing services exist to syndicate New York City real estate listings. In this article, we'll explore these options and explain why listing For Sale By Owner (FSBO) might not be the best choice for sellers.
Is there a New York City MLS?
In most states, a local MLS serves as the go-to resource for real estate listings. However, New York City does not have its own MLS. Instead, multiple competing listing databases exist. These include the REBNY RLS (Real Estate Board of New York), HGAR, MLSLI, Staten Island MLS, Brooklyn MLS, and NY State MLS, each having a foothold in different areas.
REBNY’s RLS is the "quasi" multiple listing service for Manhattan
The REBNY RLS operates as a residential listing service and covers 99% of New York City real estate listings in Manhattan. Most Manhattan brokers belong to REBNY, making it the pulse of the housing market in the city. REBNY also provides great listing coverage in prime areas like brownstone Brooklyn and parts of Queens. It offers reliable information and data, although it's important to conduct thorough real estate legal due diligence.
Does the RLS have a consumer-facing website like the New York City MLS?
Unfortunately, the RLS does not have a consumer-facing website. New York state brokerages are protective of their listings and have previously scuttled plans to build such a website with all REBNY listings. While some competing MLS-listed systems have considered creating a consumer-facing site, they are unlikely to compete with larger listing sites like StreetEasy.
However, REBNY does offer IDX (internet data exchange) and VOW (virtual office website) feeds for marketing purposes. IDX enables brokers to display all other IDX listings in NYC, and NestApple uses this feature to provide users access to all NYC IDX listings. VOW listings require registration and engagement with a broker, providing access to all REBNY listings.
REBNY member firms have access to all RLS Listings
Since there is no consumer-facing site for the RLS, access to New York City real estate listings is primarily available through REBNY member firms like NestApple. As a buyer searching for a home in NYC, hiring an experienced broker who has access to all RLS listings is the best way to find the perfect property. At NestApple, working with us not only gives you access to the best listings but also the opportunity to save big with our buyer commission rebates.
Can I list FSBO on REBNY’s RLS?
Unfortunately, listing a home For Sale By Owner on the RLS is not possible. While some sites promise to list FSBO properties on the MLS for a flat fee, most of them are not REBNY members and will list your property on platforms like the NY State MLS. Additionally, most MLSs prohibit FSBO listings, and even services claiming to let you list FSBO on the RLS tend to have hidden agendas.
Listing a home FSBO comes with numerous risks and often results in selling for less than if you had hired an agent. However, if you're interested in saving on commission fees when you sell, NestApple can help. We offer a full-service brokerage experience and expertise at a fraction of the cost, allowing you to sell your property efficiently and effectively.
What other MLSs cover NYC?
While the REBNY RLS covers most of Manhattan and other prime areas, each borough in New York City has its own local MLS. The Brooklyn MLS covers the south and east of Brooklyn, MLSLI covers a good portion of eastern Queens, and HGAR covers parts of the Bronx, Westchester, Rockland, Putnam, and Orange counties. The Staten Island MLS covers Staten Island, and the NY State MLS has coverage throughout NYC, although it represents a smaller market portion.
With these various listing services, buyers and sellers in New York City have access to a diverse range of options. Understanding the different MLSs and how they function is essential for navigating the real estate market effectively. Whether you're looking to buy or sell, partnering with an experienced broker like NestApple can provide you with the expertise and resources necessary for a successful transaction.