CHOOSING A BROKER
Sunday, June 10, 2012. Vivian Toy’s “Who’s Got Your Back” on the cover of today’s NY Times Real Estate section advises home buyers and sellers how to choose a broker to help with a process that is high up on the stress meter because it’s full of challenges and involves what is arguably life’s largest and most important transaction.
The article provides a timely opportunity to endorse REBNY’s NYRS program and to recommend New York Residential Specialists to consumers. To the article’s 6-step Choosing A Broker outline, I would include the caveat to select a member of the Real Estate Board of New York and then add—among REBNY members, to hire a New York Residential Specialist (NYRS). Of the 13 agents featured in Ms. Toy’s piece, one has earned the NYRS credential thus far.
The NYRS program was started in 2007 as a way for brokers to distinguish themselves at the height of the market when the field was overcrowded with entry level real estate agents. Developed for brokers by brokers, it’s an educational program with qualifying criteria for applicants and a prescribed course of study that addresses the unique challenges of New York City’s residential market. The curriculum, updated regularly, reflects changing market conditions and emerging issues. Experts and industry leaders teach such classes as zoning, taxation, real estate law, development, negotiation, ethics and social media. Class size is kept small to encourage thoughtful participation and an open exchange of ideas.
With less than 60 agents graduating yearly, the NYRS network comprises 200 agents today. For the industry, the new designation is all about raising the bar and maintaining high standards of professionalism, ethics and leadership. For consumers, the credential is the industry’s quality control and veritable seal of approval.
According to online sources, today there are over 25,000 real estate Salespersons and Associate Brokers licensed by the New York State Department; of those, approximately 13,000 are Salespersons and 12,000 are Associate Brokers which is the next step up as it requires two years of Salesperson experience, 45 additional hours of State approved course work, and a pass grade on a State exam. Narrowing those numbers to our local market, in New York City, there are 7,183 residential Salespersons who are members of the Real Estate Board of New York, and 1,799 who are Associate Brokers.
Founded in 1896, The Real Estate Board of New York is the city’s real estate trade association. REBNY works to promote municipal and industry policy, lobbies to encourage development and offers guidelines for professional practices. Residential Brokerage is one of six separate divisions that it governs.
When choosing a broker, consumers should insist on REBNY membership, and then look for the NYRS insignia and hire a New York Residential Specialist who may be found at the soon to be released www.nyrs.net. These are the agents who are committed to professional excellence and advanced education. They can be counted on to deliver results with integrity. Together they form a powerful peer group whose influence is spreading.