NYC flat fee MLS (Multiple Listing Service) listings are still very rare despite advances in technology and the city having the highest home prices and highest real estate commissions in the nation.
Is it because it the market is too profitable for NYC brokers to offer discounts? But why are discount services so rare when there are over 30,000 real estate agents in NYC alone and not enough listings?
NYC flat fee MLS (Multiple Listing Service) listings are rare for the following reasons:
NYC’s real estate industry is controlled by only a few major brokerage companies, creating an oligopoly for consumers
Aspiring real estate agents enforce the status quo, refuse to discount commissions and ‘dream big’
NYC doesn’t have a traditional MLS, so it’s more challenging to offer FSBO sellers a NYC flat fee MLS service