RLS Update: IDX and “Days on Market” Calculation

TO:         REBNY RESIDENTIAL AGENTS

FROM:   STEVE GOLDSCHMIDT, CO-CHAIR RLS
            SENIOR VICE PRESIDENT, WARBURG REALTY

            STEPHEN KOTLER, CO-CHAIR RLS
            CHIEF OPERATING OFFICER, DOUGLAS ELLIMAN


RE:         Important RLS Update: IDX and “Days on Market” Calculation

We are pleased to advise you that following a series of recommendations by the RLS Board of Directors, REBNY’s Residential Board of Directors has unanimously adopted two important new initiatives:

  1. RLS IDX:   REBNY’s Board of Directors has adopted an Internet Data Exchange (commonly known as IDX) policy for participating member firms.

    IDX – already widely used by brokerage firms and realtors throughout the United States – is a program of broker reciprocity that allows selected information on exclusive RLS listings to be displayed publicly on the websites of other RLS brokerages and agents. Unlike the Virtual Office Website (or VOW) used by many firms, which requires registration before a search can be initiated, IDX does not require users to register on the website.

    In order to implement IDX,  your company must contract with an  IDX vendor that has executed an agreement with the RLS.  A list of firms that have signed agreements with RLS to provide IDX solutions for RLS firms has been provided to all brokerages. In addition,  your company must sign an RLS IDX authorization form that must be sent to and reviewed by REBNY. Please check with your firm’s management on its plans to participate in this exciting and innovative initiative by REBNY/RLS.
  2. “Days on Market” Calculation:  An important new REBNY/RLS policy concerning the way in which “days on market” may be displayed on exclusive sales and rental listings will go into effect as of September 3, 2014. The new policy is designed to address issues that have arisen especially when listing agents attempt to reposition an existing listing as a “new listing”.  The new “days on market” policy, which will be reflected as an amendment to the REBNY Universal Co-Brokerage Agreement is as follows:

    “Days On Market” Calculation
    The calculation of the “days on market” for an Exclusive Listing shall commence on the date that the Exclusive Listing is transmitted by the Exclusive Broker over the RLS to all RLS Participants. The calculation of “days on market” shall be reset to zero (0) should an Exclusive Listing (a) be sold or (b) taken off the market for ninety (90) consecutive days (emphasis added).

    As noted, this new policy will go into effect as of September 3, 2014.  A number of third party websites have already agreed to modify their systems to cooperate with REBNY/RLS and comply with this new rule.

 

If you have any questions, please feel free to contact us, or contact RLS Director Freddy Sarabia at fsarabia@rebny.com