Announcement

Collapse
No announcement yet.

Are all sales listings in NYC exclusive?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Are all sales listings in NYC exclusive?

    Question for the other more experienced brokers on this board. I just joined my firm and set up my Nestio account (that's the RLS data vendor they're currently using). Are all the listings through email and Nestio? And since I did rentals before, for sales, are they considered exclusive, or are they open for everyone to advertise?

    Just curious, as I've only done some rentals before joining this firm, which is more focused on sales at a company level.

  • #2
    Basically, sales listings are all exclusives, unlike the rental market. This means that each property for sale will have an exclusive listing broker/agent, meaning only that exclusive listing agent is allowed to market that property.

    Unlike in rentals, you cannot just market a property that you see online, that's already been posted by another agent. There are essentially no open listings in real estate sales in NYC because the REBNY RLS (the equivalent of the MLS broker database here) only allows exclusive listings in its database. As a result, you couldn't market non-exclusive listings at all per RLS rules anyway.

    Now with that said, if you have a buyer client, you are free to work on virtually any listing in the city, because all brokers cooperate with each other through the RLS. A listing agreement will typically compel a seller to pay 6% in commission if the property sells. The RLS requires equal co-broking, or splitting of commission on listings. So if you bring a buyer on any listing in the RLS, you'll get a 50% split of the total commission, or 3% in most situations.

    Definitely please check out
    https://www.hauseit.com/forum/forum/broker-to-broker-advice or post your question in the all agents chat if you have other good questions like this.

    Comment

    Working...
    X