Penelope Moore
Licensed Associate Real Estate Broker
(631) 749-5801
  • Email
  • Facebook
  • Instagram
  • Twitter
  • Home
  • Search
    • Residential Listings
    • Land Listings
    • Rental Listings
    • Sold Listings
    • Shelter Island Sold Properties
  • Neighborhoods
  • Buyers
  • Sellers
  • Blog
  • About
    • About
    • Shelter Island Town Information
    • Testimonials
    • Penelope in the News
    • Standard Operating Procedures
    • Support
  • Contact
Home > How Brokers Work Together

How Brokers Work Together

July 14, 2016 Leave a Comment

One of the questions both sellers and buyers often ask is: how do 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 and indeed throughout the country.

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, presents the nuances of a property to other brokers, and among other duties, negotiates offers and guides the post-accepted offer process to closing.

On the East End, there are several types of listings that are unusual in the industry:

  • “Co-Exclusives,” which came on the scene in the late 1990s, are a result
    of sellers not being able to decide on a broker with whom to list. These
    are listings that have two different agents from two different brokerages
    marketing and negotiating offers for one seller. In a perfect world, this
    approach would work, however more often than not, agents being
    individuals with their own methodology and recipe for success, do not
    work the same way. Frequently either one agent winds up taking the
    lead or the agents communicate different strategies that can sometimes
    confuse the seller.
  • “Open Listings” are those given to every agency on a non-exclusive basis.
    Most sellers who choose this route believe that every broker will get a
    fair chance at achieving the sale. Many agencies will focus on the listing,
    when the property criteria matches the requirement of a customer they
    are working with.

Cooperating Brokerage:

“Co-Brokes” are exclusive listings that are shared by the listing agency with other brokers to show and sell. The listing agent works with “cooperating brokers” to help him or her sell the property to the cooperating broker’s customers.

On the South Fork and Shelter Island, the OREX or Open Real Estate Exchange is the predominant multiple listing service or “MLS” that most agencies use to share their exclusive listings with over 40 real estate agencies. The agencies subscribing to this system do not necessarily need to be members of the National Association of Realtors, a trade association–members of which are called “Realtors.” Through OREX, information is also shared to other non-OREX agencies so that the latter may send updated information to their customers.

On the North Fork and west of the Shinnecock Canal, the Long Island Board of Realtors is the predominant multiple listing service or “MLS”. As with OREX, the listing is shared so that other brokers may introduce a property to their customers. Agencies subscribing to this service are required to be members of the National Association of Realtors and information is not shared with other agencies who are not a part of the Long Island Board of Realtors.

Prior to an automated multiple listing service on the East End, exclusives were shared via “co-broke agreements,” which were then physically handed to agents who attended a broker’s open house for their exclusive listing.

On Shelter Island, agencies share listings in a variety of methods: Two agencies provide each agent with their own access to OREX multiple listing service. Another agency is on Long Island’s MLS and has one user on OREX to update listings. The balance of Shelter Island agencies share their exclusives the old-fashioned way. Saunders & Associates is on OREX, NY State MLS and a member of the Long Island Board of Realtors.

With so many methods, it is incumbent on a real estate agent to stay in touch with those agencies that do not work electronically for price updates and modifications to the listing. For listing brokers who are not a part of a multiple listing service, it is equally important to keep others in the loop with their exclusives.

The majority of real estate agencies on Shelter Island are not members of the National Association of Realtors, but work under the laws of New York State, as all NY real estate agents and brokers do.

To the seller, sharing listings with other real estate agencies is crucial for the exposure and sale of the property. To the buyer, having up-to-date information is 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.

Filed Under: Real Estate News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ContactMe

  • Any questions?
  • I'm happy to help!
Contact

What's YourHome Worth?

Find Out

Categories

  • General
  • Home Buying Tips
  • Home Selling Tips
  • Housing Market Conditions
  • Mortgage Tips
  • Penelope In the News
  • Real Estate News
  • Shelter Island Living
  • Shelter Island Market Reports
  • Shelter Island Rentals

Client Testimonials

"Penelope listened carefully to what it was we were looking for in a home and respected our budget. Using her extensive knowledge of the area she was able... continued"
- Recommendation from K.H. New York, NY
View All

Contact Me

Lets Chat! Contact me with any questions!
Contact

Stay Connected

  • Email
  • Facebook
  • Instagram
  • Twitter
Penelope Moore

Penelope Moore

Since 1998, Penelope has been the driving force and leader in the Shelter Island real estate market, and is the go-to real estate broker for discerning buyers and sellers. She has experienced record-breaking sales in multiple categories over successive years, and her success has been distinguished not just by benchmark sales, but by volume in all categories.

Meet Penelope

Penelope Moore, Licensed Associate Real Estate Broker

9 Grand Avenue, PO Box 100
Shelter Island Heights, NY 11965-0100

(631) 749-5801
(917) 208-5519 Mobile

Contact Penelope

CRS logo
Saunders Realty logo

© 2023 All Rights Reserved  •  Privacy Policy  •  Accessibility Statement