REBNY Votes to Implement Internet Data Exchange (IDX) As Part of Listing Service

-- Widely used across the US; established web tool will increase transparency and empower consumers --

The Real Estate Board of New York (REBNY) announced Thursday that the Residential Board of Directors voted to implement IDX – Internet Data Exchange – for the REBNY Listing Service (RLS). This important action by REBNY’s Residential Board of Directors follows several months of study and evaluation by the RLS Board of Directors. The announcement was made by RLS Board of Directors Co-Chairs Steven O. Goldschmidt and Stephen Kotler in a letter to all REBNY Residential Agents.

IDX permits participating firms and their agents to display listings from other participating firms and their agents.  IDX makes it easier for the public to access large numbers of listings on the websites of participating firms, and will make it easier for RLS participants to share listings with the public and other RLS firms and agents.  Agents affiliated with RLS firms that participate in IDX will, with their firm’s permission, be able to add IDX to their individual websites. The system is a voluntary and reciprocal process.

"Drawing high fidelity information from the source is generally better for all parties involved in what is one of the most robust real estate markets globally, and IDX will allow for this," said Michael Bisordi, President of Tungsten Property and Co-Chair of REBNY’s Residential Board of Directors.

“As a member of REBNY’S Residential Board of Directors, I’m so pleased that an IDX is now going to become a reality. This decision comes after years of working to find better, simpler, and more transparent ways for the consumer to access all listings in the city of New York,” said Barbara S. Fox, President of Fox Residential Group.

“I am delighted to co-chair the Residential Board which has voted to initiate the institution of IDX into our community,” said Frederick Warburg Peters, President of Warburg Realty. “This technology, widely used across the country, will simplify consumer searches by giving them a larger number of venues from which to search properties. And what eases the process for the consumer can only be good business for us.”

Diane M. Ramirez, CEO of Halstead Property, said, “I am excited by the decision to implement this important new tool that has the potential of transforming the consumer search experience for anyone buying, selling, or renting New York City real estate.”

IDX is widely used by brokers, agents and consumers across the United States, and last Fall’s successful transition to the new RETS compliant RLS database now allows this established national marketing tool to be introduced to RLS firms and agents, and to the general public.

There is a significant difference between IDX and the current REBNY RLS “VOW” (Virtual Office Website) that has been in effect for several years:  buyers searching on IDX websites will not have to “register” before being given access to IDX listings, and can conduct their searches anonymously.

The RLS Board of Directors will be working with Stratus Data Systems who operates the RLS’ data transmission engine, potential IDX vendors, and participating brokerages, brokers and agents, with the goal of full implementation during the fourth quarter of 2014. 

About The Real Estate Board of New York

The Real Estate Board of New York is the city’s leading real estate trade association with more than 15,000 members.  REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city’s real estate.  REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation.  In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com.

Follow us on Twitter | Become a Fan on Facebook

 

# # #