Brooklyn FSBO sellers have long had the hardest time among NYC home owners figuring out how to sell their home “for sale by owner” without a traditional real estate broker.
Why? Because Brooklyn FSBO sellers have to figure out which inter-broker database and which websites are relevant to advertise their home on.
What MLS does Brooklyn use?
Fortunately, it’s become simpler in recent years as there as been major consolidation among the various Multiple Listing Systems (MLS) which brokers used in Brooklyn. In 2010 the last two major Multiple Listing Systems in Brooklyn merged to form the Brooklyn New York MLS.
However, many of NYC’s largest firms are not members of this MLS. That’s because firms like Elliman, Corcoran, Mont Sky, Town, Stribling, BHS are Manhattan based and already subscribe to the RLS (REBNY Listing Service).
Since many of the Manhattan based firms dominate “brownstone” Brooklyn, areas like Williamsburg, Park Slope and Brooklyn Heights, there’s no need for them to also subscribe to the BNYMLS because most of the listings on BNYMLS are in Southern Brooklyn.
Furthermore, joining an additional inter-broker database is expensive. For example, REBNY charges each additional licensed real estate salesperson $250 for the first year of REBNY membership. The cost for associate brokers and principal brokers is over $1000 per year.
As a result, it doesn’t make sense for many of NYC’s largest real estate brokerages to also pay to join BNYMLS because of the even higher cost of joining that organization. Member firms are required to buy equity in BNYMLS which is estimated to cost between $10,000 to $20,000. Additional, each licensed real estate salesperson must pay $160 to join.
So how do you get access to BNYMLS listings?
Fortunately, all BNYMLS listings now automatically syndicate to popular real estate search website StreetEasy just like all REBNY listings already do.
However, for REBNY agents looking at a BNYMLS on behalf of a buyer client, it’ll be advised that they confirm in writing the co-broke commission amount offered to buyers’ agents first before proceeding further.
Where should I list my home as a Brooklyn FSBO seller?
You will have to choose between a brokerage firm that will either belong to REBNY or BNYMLS. If you are in Northwestern Brooklyn or neighborhoods that are more accessible to Manhattan you should consider a REBNY firm. If you happen to be in deep Southern Brookyn you may want to consider a BNYMLS member.
With that said, if you had to choose, go with a REBNY member firm because they are undoubtedly the largest broker trade organization in the city. It is common cited that they have over 16,000 active members whereas the BNYMLS is reported to have around 3,000 members in Southern Brooklyn.
As a Brooklyn FSBO seller, you can also list with a REBNY Member Firm and access the RLS (REBNY Listing Service), which is the equivalent of the NYC MLS, without paying full commission. Through a “flat fee RLS listing” you can typically pay several hundred dollars to be listed in RLS plus a dozen other popular search websites.
Regardless of which broker you choose, your home will be listed in critical NYC specific search websites such as StreetEasy and BrownStoner as well as national websites such as Zillow and Trulia.
Good luck and please remember that home buyers can also save! Learn how by checking out the rest of my blog!
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