HGAR, LIBOR in Talks to Create Regional MLS

John Jordan | February 2018

WHITE PLAINS—The leaderships of the Hudson Gateway Association of Realtors and the Long Island Board of Realtors, the two largest Realtor organizations in New York State, announced on Feb. 1 that the two Realtor groups are in negotiations to create a regional multiple listing service that would service approximately 36,000 subscribers.

When the Memorandum of Understanding is finalized into a formal agreement, the newly created regional multiple listing service would be the largest operating MLS in New York State.

The organizations began discussions in June 2017 and have agreed to a framework for the eventual formation of a new regional Multiple Listing Service to serve the New York metro area including: Westchester, Putnam, Rockland and Orange counties, as well as the Bronx, Manhattan, Brooklyn, Queens, Nassau and Suffolk counties. Chief officials of HGAR and LIBOR stated they are hopeful that a merger agreement could be finalized and approved by the respective HGAR and LIBOR Board of Directors in the next six months.

The combined MLS would include the current Multiple Listing Service of Long Island, Inc. (MLSLI), which is a computerized network of more than 2,300 cooperating real estate offices (MLSLI.com), located across the counties of Nassau, Suffolk, Queens and Brooklyn. MLSLI is a wholly owned subsidiary of the Long Island Board of Realtors, Inc. of West Babylon. LIBOR is a not-for-profit trade association consisting of 25,000 real estate professionals working in Nassau, Suffolk, Queens and Brooklyn.

The Hudson Gateway Multiple Listing Service, Inc. is a subsidiary of the Hudson Gateway Association of Realtors, Inc. of White Plains and services Westchester, Putnam, Rockland and Orange counties. HGAR is a not-for-profit trade association consisting of approximately 11,000 real estate professionals doing business in Westchester, Putnam, Rockland and Orange counties, as well as the Bronx and Manhattan. In January 2017 HGAR established a Manhattan Chapter.

HGAR and LIBOR agreed to explore a structure that would achieve several key goals prompted by evolving broker expectations mandating that MLSs change their strategies to satisfy member needs for more accurate and robust data across a larger geographic area. “A primary objective is to create a seamless flow of data for brokers and agents within the New York Metro area,” said HGAR CEO Richard Haggerty.

“The new MLS would improve services resulting in operational efficiencies, increased economies of scale, and enhanced technology, that will enable members to better serve the buying and selling public,” said LIBOR CEO Joseph Mottola added.

 

John Jordan
Editor, Real Estate In-Depth