Multiple Listing Service Comes to NYC, Finally

The Corcoran Group, Douglas Elliman and the Halstead Property Co., which together control about half of the Manhattan residential real estate listings, are joining to form a multiple-listing service. Approximately $2 million will be invested in developing a database that will allow members to find out information about properties their competitors are offering for sale.

Such services are common around the rest of the country, but were never adopted in Manhattan. That has made it difficult for those hunting for an apartment, condo, co-op or townhouse to survey all the available properties without contacting a long list of brokers. Pam Liebman, CEO of Corcoran Group, headed by founder Barbara Corcoran, told GlobeSt.com that, “It’s really a revolutionary change for the market because for the first time ever both consumers and brokers have a one-stop shopping opportunity. Until now it’s been difficult for buyers to feel confident they’re getting exposure to the whole market by working with one broker.”