What is MLS of Manhattan in NYC?
Go Back To Previous PageWhen buying and selling a home, what is Manhattan MLS in real estate markets? What is an MLS listing NY or an MLS number? Where can I search to buy a home in Hudson Yards? How do I list my property?
What’s the difference between REBNY and MLS in NYC? In this post, we will answer all those questions and more.
The “place to be” for market real estate properties
The Manhattan Multi Listing Service tried to become one of NYC’s premier multiple listing services. It tried to become the place to market real estate listings.
But if you plan to list your home for sale on the Manhattan MLS databases today, you won’t be able to, and it no longer exists. Instead, your best bet would be to list on the RLS or OneKey. This article will make everything much more straightforward.
What is the Manhattan MLS?
The Manhattan Association of Realtors (MANAR) founded the Manhattan MLS as the only genuine multiple listing service exclusive to
Manhattan. A Multi Listing Service is a private database maintained and paid for by real estate professionals.
It is critical to share information on properties for sale, including the contact information of listing agents.
In 2016, the significantly larger Hudson Gateway Association of Realtors (HGAR), which operates the Hudson Gateway MLS, absorbed Manhattan MLS and MANAR.
The Manhattan MLS and Manhattan Association of Realtors members did their best to gain market share and keep it afloat, but they could not compete with more prominent and widely used competitors.
Most Manhattan real estate agents are members of REBNY
REBNY has continuously operated a quasi Multi Listing Service called the RLS. Other NYC area real estate agents and brokers maintain memberships in other MLS systems, including HGAR and MLSLI.
To be precise, MANAR was the only local Realtor organization in Manhattan. REBNY formally withdrew from the National Association of Realtors (NAR) in 1994. As a result, REBNY brokers and agents are not technically Realtors, and that word is a trademarked designation reserved for NAR members.
The REBNY RLS is not technically a Multi Listing Service (MLS) since this term traditionally refers to a broker database operated by the local Realtor association. REBNY is not a Realtor association.
What Happened to the Manhattan MLS?
A few years ago, the Manhattan Multi Listing Service and Manhattan Association of Realtors merged with the Hudson Gateway Association of
Realtors (HGAR). Even more recently, HGAR partnered with the Long Island Board of Realtors to make a new database for the NYC metro area called OneKey.
Now, on OneKey, you can find homes and listings from HGAR, MLSLI (Multiple Listings of Long Island), and the Manhattan MLS in one place.
Why did the Manhattan MLS fail to make it on its own and merge with Hudson Gateway?
Simply put, it comes down to money, and the funding needs to remain solid and consistent for the operation to continue.
The Manhattan Multi Listing Service started strong, and its creators hoped it would become an actual Manhattan-dedicated multiple listing service.
However, it could not get enough funding to keep it going because it couldn’t consistently draw more members. When REBNY was first created in 1896, it had a long history in New York City.
Fierce competition with REBNY
Manhattan MLS was trying to compete with the much more established REBNY’s RLS, a competition that it could not win. Manhattan’s most prominent brokerages and real estate firms saw no reason to pay membership dues and listing fees for two listing services.
They saw little to no advantage in leaving the Real Estate Board of New York to join the Manhattan MLS. After all, REBNY already provides the syndication most real estate listing agents and brokers need, so there was no reason to pay additional fees to join the smaller one.
Lack of Funding
The difference in member size and available funding for marketing and advertisements exacerbated this competition, preventing the Manhattan MLS from running advertising campaigns.
It tried to start recruiting high-level talent to join its cause but with no success. This led to the merger with the HGMLS, which left the Manhattan MLS’s future in HGAR’s hands.
Will the Manhattan MLS Make a Return?
As it was created to be a standalone multiple listing service in Manhattan, it’s unlikely that the Manhattan Multi Listing Service will return in that image.
But let’s not forget the merger between the Manhattan MLS and HGAR. Finally, with the MLSLI, a brand new regional MLS is formed to serve much of the NYC metro area.
OneKey is essentially a database covering much of Manhattan and includes the Manhattan MLS, the Hudson Gateway, and Long Island. This realtor association and accompanying Multi-Listing Service are now the largest in the country.
It may…
First, we think the Manhattan MLS is doing well as part of its new parent company and will continue to exist for years.
All that’s left now for total dominance in Manhattan real estate is for this new Multi Listing Service to merge with the Real Estate Board of New York. However, that seems unlikely as REBNY firms have always preferred to maintain their independence, and joining OneKey would diminish their influence.
Can I Still List My Home for Sale on the Manhattan MLS?
The first thing many will do is figure out how to search. Access to the MLS is the most accurate source of property listings
data in most parts of the country. However, a Manhattan MLS search is not the best way in NYC because it only has a fraction of the listings.
In other words, since the local MLS in Manhattan is no longer operational as an independent entity, you can’t list your home for sale using it.
However, you can get your home listed for sale using REBNY‘s RLS or the new OneKey MLS. Remember that in NYC, you’ll need to have a real estate broker representing you to list on the MLS. The Multi Listing Service rules do not allow for sale-by-owner listings.
Lastly, selling your Manhattan apartment is still easy when you list with a top real estate broker like NestApple. After all, we are both REBNY and HGAR members and will give your home the best exposure for an affordable 1% fee.
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.
