REBNY tightens rules for listing syndication

Agents not in compliance will be fined starting March 2019

New York /
Nov.November 29, 2018 05:45 PM

From left: Michael Bisordi, John Banks, and Diane Ramirez (Credit: Getty Images)

After being accused by brokerage chiefs of not doing enough to enforce its own rules, the Real Estate Board of New York is rolling out new data-sharing procedures and will fine violators starting next year.

In an email to residential members on Thursday, REBNY said the new procedures are designed to “improve the speed and accuracy of listing data” and provide “an efficient way to manage listings and handle complaints.” The email, a copy of which was obtained by The Real Deal, was signed by Halstead CEO Diane Ramirez and Michael Bisordi, founder of Tungsten Partners, who are co-chairs of REBNY’s residential board of directors.

Although somewhat short on detail, the email announced revisions to the universal co-brokerage agreement (UCBA), the document that governs how listings are shared.

It also disclosed a new listings management tool for members of the residential listings service (RLS), so that agents can view, but not edit, their listings. (Previously, listings only appeared on the RLS’ back-end.)

And finally, the email confirmed REBNY will implement a new compliance monitoring system to ensure agents provide accurate and complete listings information.

For the first time, the email said, agents have mandatory fields to fill out; any listing that is incomplete will be rejected. Listings also must comply with fair housing rules and cannot contain the agent’s personal contact information; if an agent violates the rule, they will be fined.

The rules are set to take effect next month, but Ramirez and Bisordi said there will be a “grace period” and that agents would only be fined starting in March 2019. The email did not disclose how much agents will be charged but said that information would be released in the coming weeks.

Sources said the changes reflect REBNY’s attempt to syndicate clean data through the RLS. But the compliance program, in particular, also addresses concerns by some members that REBNY wasn’t doing enough to enforce industry rules.

Tempers flared at a meeting last month between brokerage chiefs and REBNY President John Banks. Douglas Elliman chief Howard Lorber reportedly stormed out of the meeting. Later, he accused REBNY of focusing too heavily on commercial members at the expense of residential firms, a claim that Banks rejected.


Related Articles

arrow_forward_ios
John Banks
High expectations: A look at John Banks’ 4 years at REBNY
High expectations: A look at John Banks’ 4 years at REBNY
John Banks
John Banks to step down as REBNY president
John Banks to step down as REBNY president
REBNY Awards
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
Compass CEO Robert Reffkin (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
How much Compass paid to scale up
How much Compass paid to scale up
Houston House at 298 East 2nd Street and Matt Lee (Houston House, LinkedIn)
Developer Matt Lee to auction off East Village condo
Developer Matt Lee to auction off East Village condo
Michael Stern and Walker Tower unit 15B (JDS, Google Maps)
Michael Stern’s Walker Tower pad sells for 24% under ask
Michael Stern’s Walker Tower pad sells for 24% under ask
Homebuilding is largely responsible for the increase in construction spending. (Getty / Photo Illustration for The Real Deal)
Construction spending hits new record in January
Construction spending hits new record in January
A Columbus Circle apartment once owned by Tom Brady and Gisele Bundchen  went into contract last week, helping the Manhattan luxury home market finish February on a high note. 551 West 21st Street on the right. (Photos via Compass, Getty, Foster and Partners)
Manhattan luxury market has best month in six years
Manhattan luxury market has best month in six years
arrow_forward_ios

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

Loading...