N
ew year, new rules for REBNY brokers. Starting January 13, agents representing buyers of resale and new development properties must have a buyer's broker agreement in place. This requirement is part of the Real Estate Board of New York's (REBNY) decision to opt into the National Association of Realtors' settlement under an option for non-Realtor MLSes.
While some national brokerages, like Compass and Douglas Elliman, have not required buyer agreements in the past, others, such as Elegran | Forbes Global Properties and Corcoran, began requiring them ahead of the deadline. REBNY has maintained that it provided resources to its members before the deadline, including emails, town halls, and training sessions.
However, some agents and brokerages have expressed frustration with the lack of support from REBNY. Jared Antin, managing director of Elegran | Forbes Global Properties, criticized the trade group for not providing enough communication and support to firms. He noted that some agents missed the email about the new requirement or misunderstood it.
REBNY has stated that it announced the requirement three months in advance and provided guidance through multiple channels. The trade group also emphasized that it will continue to serve as a resource on this issue for its membership.
The rollout of buyer agreements has been uneven, with some brokerages requiring them more than others. Larger firms have struggled to reach agents who may have checked out during the slow market, while boutique brokerages are "all over the map." Barbara Fox of Fox Residential questioned how compliant the city will be starting next week, suggesting that agents may not enforce the agreements.
The changes are part of a broader shift in the real estate industry, with REBNY decoupling commissions and removing buyer agent commission offers on its residential listing service. The National Association of Realtors' $418 million antitrust settlement has also led to practice changes that have irked some brokers.
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