REBNY sets co-brokerage rule

Real Estate Weekly, Feb 5, 2003

Beginning this year residential brokers who belong to the Real Estate Board of New York must offer to share their apartment listings within 72 hours of obtaining them--unless their client objects--with colleagues from other firms who are members of the board.

Since REBNY member brokers handle 99% of Manhattan apartment listings, the new "universal co-brokerage system" presents consumers with the maximum choice from apartments on the market. the policy was set by a resolution of the REBNY Residential Brokerage Division's Board of Directors and ratified by the organization's Board of Governors. REBNY president Steven Spinola pointed out that "Under the new REBNY 'universal co-brokerage system,' many more brokers and, therefore, many more potential buyers and renters will be made aware of an apartment's availability. As a result, owners' properties will have far greater exposure to the market."

Spinola emphasized that using a REBNY residential broker is the only guarantee of having such service.