New REBNY 24 Hour Rule - Duh - It’s About Time
September 30, 2007
According to the Real Deal, at the ResidentialNYC.com press conference on Thursday, REBNY announced that exclusive real estate listings must be shared with co-operating real estate brokerages within 24 hours as opposed to the previous 72 hour rule. Personally, the sooner listings are shared amongst brokerages the better it is for consumers and the Manhattan real estate brokerage community. Is this big news, no, not really. Just thought you should know.
So why did the 72 hour rule exist? It gave the exclusive listing broker an opportunity to sell the listing in-house. This usually meant that if they had a buyer, they could quite possibly get both sides of the commission. Some refer to it as double dipping. However, after 72 hours of receiving an executed exclusive right to sell contract with a home seller, the brokerage was required to share the listing with the brokerage community. I say, the sooner the better.
There are lots of issues with this rule to begin with. Regardless of whether it’s 72 or 24 hours. Is it in the sellers best interest to withhold the listing data from the open marketplace for any amount of time? I don’t think so. The open market place sets the price. An in-house buyer may pay a lower price or be less qualified than a potential buyer on the open market. Is that in the best interest of the seller? I don’t think so.
Our fiduciary duty is to our seller clients. It is our job to market the property to the fullest. This includes finding the most qualified buyer, at the highest price in the shortest amount of time. If we already have a ready willing and able buyer standing by after the ink has dried, then great. Gather their information and present it to the seller for review. But please don’t hog the listing from the rest of us. The best candidate will eventually get the apartment, regardless if it’s sold in-house or not. This mentality of trying to sell an apartment without co-brokering is just plain greedy and not in the sellers best interest. Gee-sh, did I say sellers best interest enough. Ok, I’ll say it again. As the exclusive listing broker, it’s our fiduciary duty to represent our seller clients best interest.
Note: The 24 hour rule takes effect on October 15, 2007 - so hog away until then if you so desire.
Technorati Tags: REBNY, 24 hour rule, NYC Real Estate, Co-brokering, Fiduciary Duty, Manhattan Real Estate, Kiosk Realty
Posted by Rudolph D. Bachraty III | Filed Under NYC News
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