One of the city’s bigger brokerages announced last week that it has established a Virtual Office Web site (VOW), which many see as a step toward a Multiple Listings Service (MLS) providing buyers with access to essentially all exclusive listings in the city.
Although the announcement by Halstead Property sounds like a voluntary initiative, the action results from a federal law that goes into effect this year. In fact, the toothless Real Estate Board of New York (REBNY) has instructed its member firms (of which mine is one) to comply with the law, according to a commenter on the Real Deal Web site, where I first saw the announcement.
The Corcoran Group has been silent on any of its VOW plans, but Prudential Douglas Elliman says it is in the game. Continue reading