The Difference Between REBNY and Non-REBNY Agents

The high-stakes world of New York City real estate reveals a critical distinction between brokers: membership in the Real Estate Board of New York (REBNY). This storied institution, shaping the city’s property market since 1896, is pivotal for buyers and sellers navigating the competitive landscape—particularly in Manhattan. With the recent settlement between the National Association of Realtors (NAR) and the U.S. Department of Justice, the question arises: Is REBNY still relevant?

The Manhattan Connection

Access is everything in Manhattan, home to some of the world’s most coveted and high-value properties. Most of the city’s prominent brokerage firms—Douglas Elliman, Corcoran, Compass, and Brown Harris Stevens—are REBNY members. This affiliation becomes almost essential for brokers competing at the highest levels.

“Many of the most desirable listings in Manhattan are controlled by REBNY-member firms,” explained ELIKA Real Estate founder Gea Elika. “If you’re not affiliated, you’re often left out of the loop.” REBNY’s Listing Service (RLS) is a gatekeeper to this inventory, giving member brokers exclusive access to the latest listings before they hit public sites. This early access can be pivotal in a market where properties move within days—or even hours.

A Level Playing Field for Brokers

REBNY membership also standardizes broker practices, ensuring a level playing field regarding co-broking agreements. This uniformity fosters smoother transactions in Manhattan, where high-stakes deals frequently involve multiple agents representing buyers and sellers.

“REBNY’s rules require member brokers to co-broke listings with other members,” said Elika. “This ensures wider exposure for sellers and more options for buyers, creating a win-win scenario.” Non-affiliated brokers may struggle to gain access to these co-broked listings, limiting their ability to serve their clients fully.

The Limits of Independence

While non-REBNY brokers may succeed in niche markets or in the outer boroughs where local expertise can sometimes outweigh access to REBNY resources, they face a steeper challenge in Manhattan, as well as in prime areas of Brooklyn and Queens. Without access to the REBNY Listing Service (RLS), these brokers must rely on alternative listing services or personal networks, which can result in delays and missed opportunities for their clients.

Accessing Manhattan’s exclusive listings can be particularly difficult for non-REBNY brokers. Many sellers and larger firms prefer to work with REBNY-affiliated brokers, meaning these listings may not be visible to non-affiliated agents. This lack of exposure can limit the properties a buyer sees and the number of qualified buyers a seller can reach, potentially leading to slower sales or higher purchase prices.

Drawbacks of Working with a Non-REBNY Broker

The lack of access to the REBNY Listing Service (RLS) is just the tip of the iceberg for buyers and sellers working with non-affiliated brokers. Without the expansive network of co-broking relationships that REBNY brokers enjoy, non-REBNY agents may struggle to gain access to the best deals or listings in the most sought-after buildings.

Furthermore, non-REBNY brokers may not adhere to the same ethical guidelines or professional standards as their REBNY counterparts. While state regulations still bind them, the absence of REBNY’s code of ethics can leave clients with fewer recourse options if disputes arise. REBNY brokers, by contrast, are held accountable by their peers and the organization’s established protocols, providing an additional layer of oversight and transparency.

Lastly, REBNY-affiliated brokers have the advantage of comprehensive market data, tools, and continuing education that are often unavailable to independent agents. This helps them stay ahead of market trends, providing clients with the most up-to-date and accurate information. Non-affiliated brokers may not have the same resources at their disposal, which can put clients at a disadvantage in a rapidly changing market.

Credibility, Pricing, and Expertise

Working with a non-REBNY broker versus a REBNY member can significantly impact both credibility and the ability to secure the best price—whether buying or selling. REBNY brokers, with their extensive network and access to exclusive listings—including coming soon or off-market properties—can provide clients with a competitive edge. This access and experience often translate into getting buyers into the best properties before others, at the best price, or helping sellers maximize their sale price.

“Without the credibility and tools REBNY provides, a non-affiliated broker might miss opportunities to secure better pricing, especially in Manhattan’s competitive market,” said Elika. When working with an expert agent—particularly with REBNY affiliation—clients are more likely to benefit from a smoother, more lucrative transaction.

The Role of Professionalism in NYC Real Estate

Professionalism is a cornerstone of successful transactions in New York City real estate’s highly competitive and fast-paced world. REBNY-affiliated brokers are bound by a strict code of ethics that ensures they maintain the highest standards of practice. This code emphasizes transparency, fairness, and responsibility, which helps foster trust between brokers, clients, and colleagues.

“Professionalism in real estate goes beyond just getting a deal done—it’s about doing it the right way, with integrity and care,” said Elika. REBNY brokers undergo training reinforcing these values and are held accountable for any breaches. This accountability is crucial when navigating high-value transactions where every detail matters.

Non-REBNY brokers, while still regulated by state laws and professional guidelines, do not have the same structured oversight or ethical framework. While many independent brokers maintain high standards, the lack of a formalized, industry-wide code can lead to inconsistencies in practice. Clients working with non-affiliated brokers may not always have the same level of recourse if ethical issues arise, which can create potential risks in complex deals.

Ultimately, the professionalism associated with REBNY-affiliated brokers provides clients with a layer of security and peace of mind, entrusting agents with significant financial and personal decisions.

REBNY’s Continued Advocacy for Seller-Paid Commissions

Even after the NAR settlement, many REBNY-affiliated firms continue to advocate for the seller-paid buyer’s agent commission structure. This model, which has long been standard in New York City real estate, helps ensure that listings receive maximum exposure by incentivizing buyer’s agents to show properties to their clients.

“While commission structures are evolving, we show properties with or without a commission, but the seller-paid commission model remains a powerful tool for maximizing marketing in a low-affordability market,” said Elika. “Incentivizing brokers helps keep a listing competitive, ensuring that serious buyers are brought to the table, which benefits both buyers and sellers by facilitating smoother, more efficient transactions.”

Why It Matters to Buyers and Sellers

For buyers and sellers, particularly those focused on Manhattan, choosing a REBNY-affiliated broker can offer significant advantages. “It’s about access and leveraging relationships,” said a top Manhattan real estate attorney. “If you’re not working with a REBNY broker, you may not even know about certain listings until it’s too late.”

For sellers, the broad reach of REBNY brokers ensures maximum exposure, which can translate into higher offers and faster sales. For buyers, the ability to access the full scope of available properties—and to engage in seamless co-broking arrangements—can mean the difference between landing a dream home and walking away empty-handed.

The Bottom Line

In a market as competitive as Manhattan, REBNY affiliation isn’t just a credential—it’s a strategic advantage. While independent brokers can still offer personalized service and deep neighborhood knowledge, those seeking to navigate the city’s most prestigious and exclusive listings may be disadvantaged without a REBNY connection.

Some brokers may forgo REBNY membership due to membership fees, believing they can save on costs by operating independently. However, membership fees are tax-deductible, and by doing so, they miss out on critical access to exclusive listings, networking opportunities, and professional resources that would enhance their ability to serve clients effectively. Ultimately, while fees may deter some agents, the loss of these advantages can hinder their growth and success in the highly competitive Manhattan market.

Whether buying or selling, aligning with the right broker—REBNY-affiliated or not—can profoundly impact the outcome. But in Manhattan, where access is king, REBNY membership often opens the door to success.