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New York City has had a long standing tradition of a closed real estate market. Yes, listings are expected to be shared within 72 hours, but the business is cut throat and individual real estate agencies work hard and invest millions to dominate their markets.

The Real Estate Board of New York has announced that they will create a website to promote all of the exclusive listings in the city on one site. The portal yet to be named will offer one stop shopping for real estate in Manhattan’s 319 brokers.

Currently, brokers with member firms must share information with one another about their exclusive listings within 72 hours, and about 10,000 to 15,000 sales and rental listings are available to brokers from member firms. The new portal, to be released early next year with the fanfare of a seven-figure advertising budget, would offer these listings online to the public.
Potential buyers can now find most apartment listings online, scattered on a variety of Web sites that belong to the firms, or in paid-for classifieds. In the proposed Web portal, the most comprehensive list available would be on one site. When a potential buyer clicks a listing, the buyer would be linked to the listing firm’s Web site.
The president of the Real Estate Board of New York, Steven Spinola, said the system would make apartment shopping easier for potential buyers and give another marketing tool to brokers. via The New York Sun.

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