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One Year In, REBNY’s RLS Syndication A Success
September 26, 2018
Technology continues to shape our daily lives in every possible way. We communicate and consume news on the go. We shop, travel, and make purchases with one click. Business transactions that once were in person are now handled via mobile device. Our industry is no exception to this reality, and at the Real Estate Board of New York (REBNY) we are aligning, our services with the tools our members need to succeed in today’s real estate landscape. That is why we are celebrating the first anniversary of a major milestone for our Residential Listing Service.
The launch of Syndication at the end of last summer empowered REBNY brokers and salespersons to send residential listings via the RLS to a growing network of local, national, and international consumer websites, centralizing listing data through a single feed. This was a transformation compared to the way listings were disseminated before Syndication. The process involved sending hundreds of listings through multiple individual feeds – a redundant, inefficient and time-consuming practice.
It’s clear from the data that Syndication has been a success. Today we have close to 600 residential brokerage firms participating in the RLS, and 98 percent of them have adopted Syndication. Major consumer websites like Realtor.com, Homes.com, Apartments.com, and the New York Times are a part of a network of more than 100 sites. We have also added new listing websites such as Freele and The Real Deal, and look forward to welcoming more players entering the NYC market.
The biggest winner of this program, though, has been the consumer. The inefficiency and difficulty of the previous industry practice resulted in fragmented, inconsistent, and potentially outdated information displayed before interested buyers and renters.
But that has now changed. There are more listings across a wider network and those listings are all consistent thanks to the new consolidated process. That means that there are not only more options, but also accurate information that helps consumers make the most informed decisions.
It has long been a goal of REBNY’s to provide New York City’s real estate community with effective tools for open and transparent listing distribution. As the trade association for the industry, we are deeply committed to treating listing data with the highest standards. There is no better way to ensure that businesses can thrive, and consumers are able to make informed decisions than by ensuring that real estate listings are accurate and distributed by an organization that keeps the interests of NYC’s residential brokerage community at heart.
The success of RLS Syndication would not be possible without our residential brokerage member firms and their ongoing support. I want to thank the Residential Brokerage Board of Directors Co-Chairs Diane Ramirez, Chairman and Chief Executive Officer of Halstead Real Estate, and Michael Bisordi, President of Tungsten Partners, as well as the RLS Board of Directors led by Co-Chairs Steven O. Goldschmidt, Senior Vice President and Managing Director of Warburg Marketing Group, and John N. Wollberg, Executive Vice President and Managing Director at Halstead Real Estate.
We are thrilled with the way Syndication has been received and we are excited to see it evolve. Real estate firms, brokers, salespersons, consumers, and listing websites have all benefited from Syndication and we have more milestones in the pipeline as we continue to meet the changing needs of the industry.
I am proud of the work we are doing to listen to our members and provide services for their businesses to thrive. New York will be better for it.