WATCH: The Real Deal discusses why brokers are up in arms over StreetEasy’s newest feature

Hiten Samtani and Katherine Clarke explain what's behind the brouhaha

New York /
Feb.February 23, 2017 07:30 AM

Earlier this week, The Real Deal broke the news that StreetEasy’s latest initiative will connect prospective homebuyers with agents who buy advertising on the platform’s listing pages — and brokers aren’t too happy about it.

Under this new format, buyers will click on a contact form on the listing page for more information. They will then be automatically directed to a “premier agent” who will have paid for the concession — though the buyer will have the option to change over to the listing broker if desired.

Sources told The Real Deal that a number of major New York brokerages are concerned about the new feature, which is slated for rollout on March 1. These brokers are worried that those who hold the exclusive listing on the property will be bypassed and forced to split their commissions with the so-called “premier agents.”

While the heads of some firms are suggesting an all-out boycott of the platform, others are pushing for a new multiple listing service funded by the Real Estate Board of New York to become a consumer-facing alternative to StreetEasy.

TRD‘s managing web editor Hiten Samtani sat down with senior reporter Katherine Clarke to discuss the story.

For more videos, visit The Real Deal’s YouTube page.


Related Articles

arrow_forward_ios
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Placeholder image
Zillow to pay $50M for StreetEasy
Zillow to pay $50M for StreetEasy
Zillow's Rich Barton, Allen Parker (Zillow Group, Getty)
Zillow brushes off Citysnap threat, says agent advertising will fall
Zillow brushes off Citysnap threat, says agent advertising will fall
Zillow's Rich Barton and Opendoor's Eric Wu (Zillow Group, LinikedIn, Getty)
After iBuying debacle, Zillow partners with Opendoor
After iBuying debacle, Zillow partners with Opendoor
CoStar's Andy Florance and REBNY's James Whelan (Getty Images, CoStar, REBNY)
Oh, Citysnap! CoStar-backed platform hopes to unseat StreetEasy
Oh, Citysnap! CoStar-backed platform hopes to unseat StreetEasy
An illustration of sad homebuyers (iStock)
Housing affordability drops to 15-year low: Zillow
Housing affordability drops to 15-year low: Zillow
Top dog-friendly cities
All dogs go to Antioch
All dogs go to Antioch
Offerpad's Brian Bair and Opendoor's Eric Wu (LinkedIn, Twitter, iStock)
iBuyers backed off in first quarter: report
iBuyers backed off in first quarter: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...