The Real Deal New York

Five brokerage giants team up on new East End listing platform

September 28, 2016 05:41PM

Think fast, OREX — there’s a new contender in town. The five biggest brokerages in the South Fork — Saunders & Associates, the Corcoran Group, Douglas Elliman, Brown Harris Stevens and Sotheby’s International Realty — are teaming up on a new listing exchange they say will boast richer data at lower prices than the current local go-to, Open RealNet Exchange, or OREX. Dubbed the East End Listing Exchange, the new platform will charge a four-tiered fee that starts at $25,000 for a company of 10 or fewer agents and caps at $55,000 for companies with more than 100, according to 27East. Each agent must also pay an annual fee of $800. [27E] — Cathaleen Chen