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

TRD 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.

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