New York City’s increasingly complex market dynamics, business regulations and political challenges make it unlike any other real estate market in the world. Even amid national economic uncertainty, the City continues to present incredible opportunities for residential agents and commercial brokers.
According to top agents, brokers and thousands of industry professionals across New York City, their continued success all comes back to the value of their membership with the Real Estate Board of New York (REBNY).
The Real Deal spoke with industry leaders to learn more about how they are utilizing REBNY’s network and services to keep building their business.
“You can’t maximize your market presence in New York City without active involvement in REBNY.”
Developing and maintaining a strong professional network over time can be especially challenging while also engaging clients on a day-to-day basis. Bob Knakal, Head of JLL’s New York Private Capital Group, highlighted this as a central issue for industry professionals at any stage of their career.
“I see people coming up in the industry, and I think it’s important that they learn certain things about the New York City market as quickly as possible,” said Knakal. “In this market, it’s not about who you know. It’s about who knows you.”
To that end, REBNY’s highly exclusive networking events and wide range of industry-led committees have been cited as helping industry professionals build name recognition and position themselves for long-term career growth.
“You can’t maximize your market presence in New York City without active involvement in REBNY,” said Knakal.
Corcoran’s Julia Boland, one of the city’s top agents, also noted that REBNY delivers a wide array of professional development courses, which include options tailored specifically to residential agents or commercial brokers across a variety of subjects.
In addition to education courses that fulfill licensing requirements, REBNY’s professional development network helps agents and brokers explore new ideas and strategies to collaborate on deals, generate leads, discuss market trends and share best practices.
“REBNY is a valuable tool for getting deals done,” said Boland. “Agents need resources at the tip of their fingers, and REBNY provides direct benefits along with advanced professional development courses to keep agents at the top of their game.”
“REBNY helped to strike down the rental cap and protect commissions …their guidance and support through the process was invaluable.”
Year after year, new policies are put up for consideration in City and State government – including flawed proposals that undermine New York’s economy, making it harder for the real estate industry to operate.
REBNY serves as a strong policy advocate for agents and brokers, offering resources, strategy and expertise to promote their interests in the halls of government.
“The New York City rental commission cap, which was thankfully defeated, was not only detrimental to hardworking agents but also tenants who would have likely incurred rent increases if the measure had passed,” said Bess Freedman, CEO of Brown Harris Stevens. “REBNY helped to strike down the rental cap and protect commissions while keeping agents informed every step of the way. Their guidance and support through the whole process was invaluable.”
Detrimental like a commission cap, lawmakers have previously sought to impose commercial rent control. To prevent harm to New York City retail and other economic activity, REBNY took action by bringing commercial brokers and other stakeholders together to speak out, which successfully stopped the bill from gaining momentum.
“REBNY is a tireless advocate for the commercial brokerage industry,” said Steven Soutendijk, Executive Managing Director at Cushman & Wakefield. “Their team is at the forefront of efforts to oppose public policy that would have a detrimental effect on members, and they are a fervent proponent of policy that will benefit brokers, the industry and New York City’s economy as a whole.”
“It’s an opportunity that newcomers to the industry don’t often get elsewhere.”
Building meaningful connections among a group of peers can help new agents and brokers fast track results in their real estate careers. More young professionals today are taking advantage of REBNY’s resources to raise their profile, meet industry leaders and shape the conversation about the industry’s future.
“REBNY networking events are incredibly valuable for young professionals,” said Will Conrad, Senior Director at Cushman & Wakefield and Chairman of the Young Men’s/Women’s Real Estate Association of New York. “Being in the same room with so many real estate leaders and prominent firms is an opportunity that industry newcomers don’t often get elsewhere.”
Technology allows agents to work together, reach consumers and build their personal brand. Without unified direction and consensus from the residential real estate community, agents would not have a centralized system to do business. REBNY’s Residential Listing Service (RLS) is the source of truth for sales and rentals as it powers the internal listings sites of over 500 member firms. Ultimately, the inventory that residential agents access at their brokerage firm is consolidated, regulated, and provided by REBNY. Since 2022, what New York City consumers see on Citysnap is also powered by REBNY.
“REBNY has been working to keep our industry at the cutting edge of technology by empowering agents to embrace new tools that make agents better real estate advisors,” added Kirsten Jordan of Douglas Elliman.
“Our team receives and quickly responds to a high volume of consultations daily across the industry.”
Making it in the New York City market is also about navigating industry standards and complex legal regulations that impact how agents and brokers can operate. REBNY is the go-to resource for agents and brokers on these issues.
Through the Universal Co-Brokerage Agreement committee, REBNY gathers members to discuss how rules for interactions between members can be made clearer and how the RLS can operate more efficiently under changing market conditions. REBNY offers on-demand legal resources where members can email or call REBNY’s Legal Line seven days per week for live, expert legal guidance from Neil B. Garfinkel, REBNY’s Broker Counsel and Managing Partner of AGMB. In addition to hosting the Legal Line, Garfinkel publishes two weekly columns exclusively for REBNY members (the “REBNY Legal Line Question of the Week” and “Fair Housing Fridays”).
“In New York, where countless laws, regulations and rules impacting real estate come out or change regularly, you can never have enough legal guidance,” said Garfinkel. “Our team receives and quickly responds to a high volume of consultations daily across the industry, which gives us a background of knowledge and experience, which is unrivaled.”