Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
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 are going to answer all those questions and a lot more.
But if you plan to list your home for sale on the Manhattan MLS databases today, you won’t be able to. It no longer exists. Instead, your best bet would be to list on the RLS or OneKey. This article will make everything much clearer.
Founded by the Manhattan Association of Realtors (MANAR), the Manhattan MLS was 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 helps create a way to share and distribute listing information of 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.
Members of the Manhattan MLS and Manhattan Association of Realtors did their best to gain market share. They tried to keep it afloat but could not compete with more prominent and widely used competitors.
REBNY has continuously operated a quasi Multi Listing Service called the RLS. Other NYC area real estate agents maintain memberships in other MLS systems, including HGAR and MLSLI.
To be precise, MANAR was the only local Realtor organization in Manhattan. REBNY had withdrawn formally from the National Association of Realtors (NAR) in 1994. As a result, REBNY brokers and agents are not technically Realtors. That word is a trademarked designation reserved for NAR members.
The REBNY RLS is not technically a Multi Listing Service since this term traditionally refers to a broker database operated by the local Realtor association. And REBNY is not a Realtor association.
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 created a partnership with the Long Island Board of Realtors to make a new database for the NYC metro area called OneKey.
Now you can find listings from HGAR, MLSLI (Multiple Listings of Long Island), and the Manhattan MLS in one place on OneKey.
Simply put, it comes down to money. The funding needs to remain solid and consistent for the operation to continue. The Manhattan Multi Listing Service started strong. Its creators and users hoped that it would become an actual Manhattan-dedicated multiple listing service in NYC.
However, it could not get enough funding to keep it going since it couldn’t draw more members consistently. REBNY had had a long history in New York City when REBNY was first created in 1896.
Manhattan MLS was trying to compete with the much more established REBNY’s RLS. And this was a competition that it could not win. The most prominent brokerages and real estate firms in Manhattan saw no reason to pay membership dues and listing fees with two various listing services.
They saw little to no advantage in leaving the Real Estate Board of New York to join the Manhattan MLS. After all, the syndication most real estate listing agents and listing brokers need is already provided by REBNY, so there was no reason to pay additional fees to join the smaller one.
The difference in member size and available funding for marketing and advertisements exacerbated this competition. This prevented the Manhattan MLS from running advertising campaigns. It tried to start recruiting some high-level talent to join their cause but with no success. This led to the merger with the HGMLS and left the Manhattan MLS’s future in HGAR‘s arms.
As it was created to be a standalone multiple listing service in Manhattan, it’s unlikely that the Manhattan Multi Listing Service will make a return in that image.
But let’s not forget the merger between the Manhattan MLS and HGAR, and finally with the MLSLI to form a brand new regional MLS to serve much of the NYC metro area.
OneKey is essentially a super database covering much of Manhattan and includes the Manhattan MLS, the Hudson Gateway, and the Long Island. This realtor association and accompanying Multi Listing Service is now the largest anywhere in the country.
First, we think the Manhattan MLS is going strong as part of its new parent company and will continue to be around for years to come.
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. Joining OneKey would diminish their influence.
The first thing many folks will do is to figure out how to search. The local 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 listings.
In other words, since the Manhattan MLS itself is no longer operational as an independent entity, you can’t list your home for sale using it.
However, you can, of course, get your home listed for sale using REBNY’s RLS or the new OneKey MLS. Keep in mind that in NYC, you’ll need to have a real estate broker representing you to list on the MLS. This is since the Multi Listing Service rules do not allow for sale by owner listings.
Lastly, it’s still easy to sell your Manhattan apartment when you list with a top real estate broker like NestApple. After all, we are members of both REBNY and HGAR and will give your home the best exposure for an affordable 1% fee.