(To read more on the multifamily market, click here.)
NEW YORK CITY-The Real Estate Board of New York plans to open its REBNY Listing Service to the public by the end of the first quarter 2007, allowing non-real estate professionals access to condominiums and apartments for sale or lease. The board will do so through the creation of a 'comprehensive' website that allows anyone to search properties and locate listings.
REBNY' s 319 members were informed Wednesday of the impending feature and the company hopes to have an RFP issued by Monday, according to REBNY President Steven Spinola, who introduced the concept during a press conference this week.
To get the word out, REBNY plans to spend more than $1 million dollars on an advertising campaign to alert the local real estate and residential communities. The board will also spend at least half a million dollars to create and maintain the site.
"It is basically a multi-million Dollar commitment we are going to make to better service the public who are interested in buying and selling their apartments," Spinola says.
When the website first launches it will most like list properties in two or three boroughs, Spinola says. By the end of 2007 he predicts the site will feature condos in all five boroughs. "I am convinced we will be in at least four of the five burrows soon after we launch," he says. The current RLS has properties in both Manhattan and Brooklyn.
REBNY's current RLS has between 10,000 and 15,000 listings daily, a size Spinola hopes will grow significantly over the year but declined to project the number of members he hopes to have in a year's time.
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