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From the archives: Reassessing REBNY
In 2011, The Real Deal looked at whether real estate pros were getting their money's worth for their membership
The more than 12,000 members of the Real Estate Board of New York will soon be reaching for their checkbooks to send their annual dues to the influential trade group. And there’s no doubt many will be engaging in a yearly cost-benefit analysis of the nonprofit’s value.
Members pay more than $6 million per year in dues — which are supposed to be in on Jan. 1 — and the group takes in several million more through its annual gala and other income that make up its approximately $9 million annual budget.
The 115-year-old organization is the undisputed top real estate organization in the city, and presents a powerful and unified public front. But there are rumblings of discontent, partly because it operates with a lopsided distribution of power. For example, building owners and residential firms are contributing roughly the same amount of money to the organization, but owners outnumber residential brokers on the board 10 to 1.