One of the questions both sellers and buyers ask is how real estate brokers work together to sell properties.
The process on the East End of Long Island, and even more so on Shelter Island, is different from other areas in New York State. In New York State, most properties listed for sale are offered on an exclusive basis, where one agent at a brokerage works with a seller on marketing strategies, explains the nuances of a property to other brokers, and among other things, negotiates offers and guides the post-accepted offer process to closing.
On the East End, there are types of listings that are considered anomalies in the business.
- "Co-Exclusives", which came on the scene in the late 1990's, were a result of sellers not being able to decide who to list with. These are listings that have two different agents from two different brokerages working for one seller to market and negotiate offers. In a perfect world, it would work, but more often than not, agents being individuals with their own approach to handling their listings do not always work the same way, and frequently one agent winds up taking the lead on the listing.
- "Open Listings" are those given to every agency on a non-exclusive basis. Most sellers who go this route believe that every broker will get a fair chance at it, not realizing that agencies will generally not strategize with the sellers on how to market and sell it or focus much attention on it, but may show it when the property criteria matches a customer's requirement.
On the South Fork and Shelter Island, the OREX system is the predominant method that most agencies use to share their exclusive listings with other agencies. Checking off one box, an agent can instantly share their listing information, photos and directions on how to show the property with over 40 other agencies in the area. The agencies subscribing to this system do not necessarily need to be members of the National Board of Realtors, a trade association--members are called "Realtors"
On the North Fork and west of the Shinnecock Canal, MLS or "Multi-Listing Service" is the predominant method. As in the OREX, after information is input, the listing is shared for other brokers to utilize to share with their own customers. Agencies subscribing to this service are required to be members of the National Board of Realtors.
Prior to OREX and MLS on the East End, exclusives were shared by typing "co-broke agreements" and physically handing them to agents who attended a broker's open house for a particular property. The agreement would be signed by a broker in charge and sent back to the exclusive agency for counter signature. The advent of the fax machine made this process a little simpler, and more recently the use of email.
On Shelter Island, agencies share listings in a variety of methods. Two agencies are on the OREX service, two agencies are on MLS and everyone else shares their exclusives the old fashioned way. (Saunders & Associates is on both OREX and MLS).
With so many methods, it is incumbent on a real estate agent to stay in touch with other agencies who do not work electronically for price updates and modifications to the listing.
The majority of real estate agencies on Shelter Island are not members of the National Board of Realtors, and work under the aegis of the laws of NY State, which all real estate agents do.
To the seller, having listings shared with other real estate agencies is crucial for exposure and selling your property. To the buyer, having up to date information is also important for use of time and knowledge of the market. When real estate brokers work together in harmony it's a "win-win" situation for everyone.
Penelope Moore, Licensed Associate Real Estate Broker - Saunders & Associates - 3 South Ferry Road, Shelter Island NY 11965-1034
(631) 749-5801 | (917) 208-5519
www.penelopemoore.com
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