Across the Association - May/June 2024

Across the Association

MAY/JUN 2024

Lobby Day Recap

NAR Settlement Myths

Value of the MLS

We keep deals M O V I N G

SERVICES

Purchase, sale, and leasing of residential and commercial properties

Drafting and reviewing residential and commercial contracts

Title examination and title insurance

Chain of title disputes

Boundary line and survey issues

Zoning and Planning Board applications and appeals

Shalini Natesan, Esq. Partner & Leading Real Estate Attorney

shalini natesan@townelaw com

TLF represents buyers, sellers, businesses, banks, and commercial & residential lenders.

Our dedicated team of attorneys are quick, efficient, and responsive - everything you need to close deals faster.

Streamline the closing process for your clients; we handle all aspects of title inhouse.

Laura Burns, CEO

OFFICERS

Kathleen Sullivan, President

Melissa Woodcock, President-Elect

Kirsten Blanchard, Secretary-Treasurer

DIRECTORS

Felton McLaughlin

Jennifer Mentiply

Lorenzo Murray

Suzanne Prezio

Michelle Poccia

Dan Shepard

Kathie Spangler

Linda Yetto

The Greater Capital Association of REALTORS® is a professional trade association which provides its members with programs and services which enhance the members‘ ability to successfully conduct their businesses in a competent and ethical manner, promotes cooperation among its members, and promotes the public‘s right to own, use and transfer real property.

The Greater Capital Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy of the information contained herein. The opinions expressed in articles are not necessarily the opinions of the Greater Capital Association of REALTORS®.

The Greater Capital Association of REALTORS® does not necessarily endorse the companies products or services advertised in the newsletter unless specifically stated.

the cover: GCAR members met with Senator Neil Breslin during Lobby Day on March 26th. L to R: Daina Green, Cathy Griffin, Marisa Multari, Senator Breslin, Kirsten Blanchard, Karen Wentz, Kathleen Sullivan, Felton McLaughlin, Brooke Stack, Amanda LaForte, and Melissa Woodcock.

NAVIGATING THE NAR SETTLEMENT

As you are aware, the National Association of REALTORS® (NAR) has made a significant announcement regarding the end of litigation of claims brought by home sellers related to broker commissions. It’s crucial for you to know that GCAR Leadership has been actively monitoring this situation and preparing for potential outcomes. Our commitment to advocating for your interests remains steadfast, and we are ready to face any challenges that may arise. We are in this together, and your involvement is key to our success.

On April 23rd, the court granted preliminary approval of the settlement. As a result, settlement class members are now prohibited from filing complaints or pursuing claims related to broker commissions against NAR or other released parties. MLSs and brokerages seeking release under the settlement agreement must take action by June 18th. Our Global MLS operations committee is actively working to implement the necessary changes in Flexmls.

Remember that the general membership meeting is scheduled for June 20th at The Gideon Putnam. This meeting will be crucial as we discuss the upcoming changes

stemming from the NAR settlement, so I encourage you all to attend.

Despite media misreports regarding NAR, MLS, members’ practices, and settlement provisions, we appreciate NAR’s efforts to reach a viable resolution.

In other news, remember that the NAR Code of Ethics course requirement deadline is December 31st. Details on this requirement and how to check your status can be found on page 15.

Mark your calendars for the GCAR Trade Show on October 10th at the Crowne Plaza Albany - Desmond Hotel. We have an exciting keynote speaker lined up—Maura Neil will present “Negotiation with Style and Strategy.”

Thank you for your dedication to our association and the real estate profession. Together, we will overcome this challenging time and emerge even stronger.

Kathleen Sullivan 2024 GCAR President

GCAR TRADE SHOW

All successful REALTORS® attribute NETWORKING as the number one reason for hitting their income mark! The Trade Show is GCAR's biggest networking event of the year.

Keynote Presentation

Community Relations Committee is Keeping Busy This Spring

Free Food Fridge

Regional Food Bank

GCAR’s Community Relations Committee members met at the Regional Food Bank on Friday, March 29th, to help sort and package food items for those in need.

Many thanks to Kathleen Schnitzer, Jonie Civill, Community Relations Committee Chair Diane Sluus, Brenda Larkin and her grandson Noah Larkin, and Dave Lavoie and Dom Indelicato in the back row for taking time out of their busy schedules to help the community.

On April 10th, Community Relations Committee members purchased and delivered food to several of the community fridges in the area.

Many thanks to Danielle Hoke, Diane Sluus,  Melissa Petalas, Ginny O’Brien, Jonie Civill, and Brenda Larkin (not all are pictured) for their time and generosity!

Jack’s Place

Interfaith Partnership for the Homeless Skylin Baestlein, Development Operations Manager, Interfaith Partnership for the Homeless, gratefully accepted a substantial $2,500.00 donation from GCAR’s Community Outreach Funds on April 29th.  Pictured left to right:  Marisa Multari, Diane Sluus, Chair, Community Relations Committee, Skylin Baestlein, Laura Burns, CEO, Greater Capital Association of REALTORS® and Kathleen Sullivan, President, GCAR.

The goal of Jack’s Place in Schenectady is to provide a “home” for the families of out-of-town patients of Ellis Medicine and Sunnyview Rehabilitation Hospital while their loved ones are rehabilitating.

Many thanks to Diane Sluus, Ginny O’Brien, Danielle Hoke, Judy Kaiser, Brenda Larkin, Kathleen Schnitzer, and Dave Lavoie for donating food items and preparing lasagna and stuffed shells for the current family members staying at Jack’s Place.

GENERAL MEMBERSHIP MEETING

The Broker-Owner-Manager Council is working hard to plan a timely and informative briefing.

June 20, 2024

Breakfast 9:00 am

Meeting 9:30 am

The Gideon Putnam 24 Putnam Road Saratoga Springs, NY 12866

Sympathies are extended to...

The friends and family of GCAR member Robin Carlson of Howard Hanna upon the passing of her mother-in-law, Virginia Leary on March 11, 2024. Virginia was a former member of GCAR and worked with RE/MAX for many years.

DATES TO REMEMBER

May 23

Bowling for RPAC Kingpins Alley Latham

May 27

Memorial Day

GCAR & Global MLS offices are closed

June 19

Juneteenth

GCAR & Global MLS offices are closed

June 20

GCAR General Membership Meeting The Gideon Putnam

October 10

GCAR Trade Show

Crowne Plaza Albany – Desmond Hotel

October 16

Global MLS Annual Meeting

For additional information, visit GCAR.com/events

STATE LEGISLATURE PASSES $237 BILLION FY 2025 BUDGET

By Connor Gillis Government Affairs Rep, NYSAR

State Legislature Passes Fiscal Year 2025 State Budget

The State Legislature has approved the FY 2025 State Budget. The $237 billion budget includes hundreds of new initiatives that will help fight crime, fix the state’s mental health system, and build more housing.

The budget includes several housingrelated initiatives, including:

Housing Statewide

• Creation of a statewide tax incentive for multi-family housing.

• $650 million in discretionary funds for municipalities designated as “ProHousing Communities.”

• Provides incentives for communities to allow accessory dwelling units (ADUs).

• $500 million towards developing up to 15,000 housing units on state-owned land.

• Protecting homeowners from deed theft.

“Good Cause” Eviction parameters

• Expires in 2034.

• Applies to New York City with the option for cities, towns, and villages to adopt.

• Excludes “squatters” and non-paying roommates from the definition of a “tenant.”

• Rent-stabilized units, condos, and coops are exempt.

• Provides a 30-year exemption for new construction, beginning with buildings built in 2009.

• Landlords with a portfolio of 10 units or less and owner-occupied buildings with 10 units or fewer are exempt.

• Apartments that are 245 percent or more of fair market rent are exempt.

• Caps annual rent increases at 5 percent plus CPI, not to exceed 10 percent, and would not apply at vacancy.

• Provides additional reasons for evictions (in addition to those included in S.305/A.4454) including “good faith” removal from the market and “good faith” substantial rehab of the apartment.

New York City Specific Real Estate Issues

• Created a new 485x tax abatement to construct affordable housing (421a replacement).

• Extended the expired 421a incentive for vested projects already in the pipeline for six years.

• Made it easier to convert unused office space into affordable housing.

• Raising the residential floor area ratio (FAR) cap to increase density (current law is 12:1)

• Raising the cap on rent increases for individual apartment improvements (IAIs) for vacant units in rent-regulated buildings (current law caps IAIs at $15,000 over 15 years or approximately $83/month)

The final enacted budget did not include any version of the NY HEAT Act, which NYSAR is opposed to. For more information on the state budget, visit nysar.com

Bills Introduced to Address Squatters’ Issue

State lawmakers this week introduced legislation to help address New York’s growing issue with squatters. State Senators Jessica Scarcella-Spanton and John Liu each have bills (S.8995 and S.8996) seeking to change state law to clarify that a squatter is not entitled to tenant protections and can be evicted.

RPAC REPORT

RPAC is the only professional organization in the country organized for REALTORS®, run by REALTORS®, and exists to promote issues important to REALTORS®. RPAC provides financial support to lawmakers and candidates who understand and support private-property rights and the real estate industry.

BOWLING FOR RPAC | MAY 23

Special thanks go out to Arnoff Moving & Storage, Jay Christiana, Jean Maloney, and Suzanne Prezio for their generous sponsorship of the upcoming bowling fundraiser for RPAC. Their contributions have earned Jay and Jean spots in the Presidents Club, while elevating Suzanne to the esteemed status of a Sterling R major investor.

MAJOR INVESTORS

Sterling R

Suzanne Prezio

Presidents Club

Jay Christiana

Alicia Everett

Jean Maloney

Victoria Romeo

Susan Sommers

(as of May 8, 2024)

Capitol Club

Nina Amadon

Kendal Baker

Ira Bethea

Kirsten Blanchard

Laura Burns

Rob Grundman

Judy Kaiser

Felton McLaughlin

Joanna Rockwood

Cory Tyksinski

Melissa Woodcock

$83,246

$54,732 (65%)

1,368

967 (70%)

99 Club

Gregory Bern

Shue Chen

Evan Comilloni

Lynn Kingsbury

Ravi Modasra

Gilah Moses

Tosseia Myers

Lorraine Schindler

Megan Worden

$15 - $98

Club: $99 - $249

Club: $250 - $499

Club: $500 - $999

R: $1,000 - $2,499

Lobby Day Recap An Inside Look at Legislative Meetings

By Felton McLaughlin REALTOR®, NAI Platform

REALTORS® from across the state converged on the Empire State Plaza on March 26th for Lobby Day. This event serves as a direct line of communication between industry professionals and lawmakers. This year’s assembly was particularly significant, as attendees championed various issues, from housing reform to telemarketing regulations.

Our group had the privilege of engaging with esteemed legislators, including Senator Neil Breslin and Assemblymembers Pat Fahy and Phil Steck. Despite the complexities of the political landscape, we found ourselves in meaningful discussions with these key figures. Senator Breslin, in particular, emerged as a powerful ally, expressing his willingness to cosponsor several bills that are crucial to our industry.

In the realm of housing affordability, the conversation revolved around the First-Time Homebuyer Savings Account initiative. Senator Breslin, who has a personal connection to the bill’s main sponsor, showed promise in lending support. Similarly, the offices of Fahy and Steck indicated positive inclinations toward this vital measure.

However, not all issues found such easy traction. Good Cause Eviction, a contentious topic, faced a mixed reception. While Senator Breslin acknowledged the concerns raised, doubts lingered about the bill’s viability. Assemblymember Fahy’s stance against it posed a potential hurdle, although her team remained receptive to dialogue. Likewise, Assemblymember Steck’s office showed openness to discussion,

indicating a willingness to reconsider.

Meanwhile, proposals such as Increased Experience Required for a Broker’s License found favor with Senator Breslin, hinting at future support. Assemblymember Steck’s office also signaled potential backing, underscoring the importance of continued dialogue.

The New York Heat Act took center stage, with its potential impact echoing throughout the Capitol. Senator Breslin’s openness to exploring adjustments to subsidy caps demonstrated a nuanced approach. Assemblymember Fahy’s team delved into the complexities of infrastructure and implementation, signaling a need for further deliberation. In contrast, Assemblymember Steck’s office remained steadfast, emphasizing the Act’s long-term vision and potential to reshape our industry.

As the echoes of Lobby Day fade, the impact reverberates throughout the real estate industry. The collaboration between REALTORS® and legislators underscores the power of advocacy in shaping policy. While challenges persist, the spirit of dialogue and engagement remains undaunted, paving the way for a future where housing issues are met with understanding and action.

Photo courtesy of NYSAR

“This was my first Lobby Day, and after attending, I realized the importance of having a presence. The lawmakers are hit with thousands of bills; without our presence there and explaining them, they would merely be another piece of paper. I look forward to continuing to represent the real estate industry’s interest going forward at Lobby Day!” - Linda Cusma, Berkshire Hathaway HomeServices

“This was my first time attending Lobby Day, and I have to say I was pleasantly surprised! It was well put together; it was nice to see familiar faces and meet new people, and of course, it felt good to advocate not only for our profession but for topics that would impact the public. I felt meeting lawmakers face to face greatly increases the chance of them understanding our position. Sharing stories and laughter is so much more effective than reading a dry proposal on paper. The day was fun and valuable!”-

Haleh Struzinksy, HS Capital Realty

Photo courtesy of NYSAR

Photo courtesy of NYSAR

Photo courtesy of NYSAR

Photo courtesy of NYSAR

Dispelling 7 Myths About NAR’s Proposed Settlement

You can help correct the record about the association’s proposed settlement to resolve nationwide claims brought by home sellers.

National Association of REALTORS® leaders have been talking to reporters and members full-time over the past month to correct the record about the association’s decision to resolve nationwide claims brought by home sellers. You can help by challenging inaccurate information that you see appearing in social media posts, news articles or elsewhere.

Myth 1: The proposed settlement covers only a fraction of members.

FACT: Nearly every real estate professional who is a REALTOR®, a member of NAR, is covered by the release that NAR negotiated in the settlement. The agreement would release NAR; more than 1 million NAR members; all state, territorial and local REALTOR® associations; all association-owned MLSs; and all brokerages with an NAR member as principal whose residential transaction volume in 2022 was $2 billion or below from liability for the types of claims brought in these cases on behalf of home sellers related to broker commissions.

To be clear, NAR members are covered by the settlement unless:

• They are affiliated with HomeServices of America or one of its affiliates, or

• They are employees of a defendant in the remaining Gibson/ Umpa lawsuits in Missouri. (Note: All independent contractors affiliated with these defendants are covered.)

Myth 2: NAR left large corporate brokerages and affiliated agents to fend for themselves.

FACT: NAR fought to include as many people and companies in the release as possible and achieved a release for everyone it could. Well over 1 million members are covered, as are tens of thousands of businesses operated by REALTORS®. But, despite NAR’s efforts, the plaintiffs did not agree to include everybody. Those that are not released — the largest companies in our industry — are no worse off now than they were before the settlement. In fact, many are better off, as thousands of their independent contractor real estate agents are released by the settlement. Additionally, NAR’s settlement provides an avenue for most large corporate brokerages with an NAR member as principal and more than $2 billion in residential volume in 2022 that were not included in the settlement to pursue inclusion in the release. But the settlement does not obligate them to opt into the settlement. These brokerages will have 60 days after plaintiffs file the motion for preliminary approval of the settlement to complete Appendix C of the settlement agreement, which is required to opt into the settlement if they choose to do so. (See the estimated timeline and download the settlement and its appendices at facts.realtor.)

Myth 3: NAR requires a standard 6% commission.

FACT: You know this is untrue, but it’s a myth that has persisted in the media. NAR does not set commissions — they are negotiable. The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. That offer can be any amount, including zero. And other rules throughout the MLS Handbook and NAR policy expressly prohibit MLSs, associations and brokers from setting or suggesting any such amount that should be included in that field.

Myth 4: NAR will raise dues to fund the settlement.

FACT: NAR will not change membership dues for 2024 or 2025 because of this settlement.

Myth 5: Brokers representing buyers now have to work for free.

FACT: Under the proposed settlement, the types of compensation available for brokers working with buyers would continue to take multiple forms, including but not limited to a fixed-fee commission paid directly by consumers; concessions from the seller (as long as such concessions are not conditioned on the retention of or payment to a cooperating broker, buyer broker, or other buyer representative); or a portion of the listing broker’s compensation. NAR has long believed that it is in the interest of the sellers, buyers, and their brokers to make offers of compensation; however, using the MLS to communicate offers of compensation will no longer be an option. Compensation will continue to be negotiable and should always be negotiated between agents and the consumers they represent.

Myth 6: The practice change will do away with offers of compensation to brokers representing buyers.

FACT: Offers of compensation are an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. The settlement also expressly provides that sellers may communicate seller concessions — such as buyer closing costs — via the MLS, provided that such concessions are not conditioned on the use of or payment to a buyer broker.

Myth 7: NAR settled because the plaintiffs’ allegations are true. FACT: As the settlement makes clear, NAR denies any wrongdoing in connection with the MLS cooperative compensation model rule. Cooperative compensation arrangements facilitate the process of selling a home and help ensure equal opportunity for buyers. It has always been NAR’s goal to resolve this litigation in a way that preserves consumer choice and protects our members to the greatest extent possible. This settlement achieves both of those goals and provides a path forward for the industry and the association.

*At press time on April 10, in addition to HomeServices of America and its related companies, the remaining defendants not covered by NAR’s settlement are: At World Properties, LLC; Douglas Elliman, Inc.; Douglas Elliman Realty, LLC; eXp Realty, LLC; eXp World Holdings, Inc.; Hanna Holdings, Inc.; HomeSmart International, LLC; Howard Hanna Real Estate Services; Realty ONE Group, Inc.; Redfin Corporation; United Real Estate; and Weichert, REALTORS®.

Reprinted from REALTOR® Magazine by permission of the National Association of REALTORS®. Copyright 2024. All rights reserved.

R stands for REALTOR®. REALTORS® are members of the National Association of REALTORS®.

NAR’s consumer ad campaign tells the REALTOR® story— who REALTORS® are and the value you bring to clients and communities.

Leverage award-winning campaign assets on NAR’s Photofy app and at ThatsWhoWeR.realtor

SHOW COMMITMENT AND VALUE TO YOUR BUYER-CLIENTS

Become an Accredited Buyer’s Representative (ABR®) Today

With the Accredited Buyer’s Representative (ABR®) designation, agents can hone their craft in representing the needs of homebuyers. ABR® designees are empowered to maintain their superior skills and develop business opportunities by providing exclusive member benefits.

STEPS FOR EARNING YOUR ABR®

ABR Designation Course

Take the FREE two-day ABR® designation course online or in a classroom setting. Online course takers must receive an 80% or higher on the final exam.

Additional Education

In addition to the ABR Designation Course, complete one qualifying elective course online or in person. Some courses may also apply to different designations or certifications.

Pricing Strategy Advisor

September 11 - 12 9:00 am - 1:00 pm

Virtual CE Credit: 6

Enhance your skills by providing clients with property pricing guidance, creating CMAs, working with appraisers, and educating clients on potential misconceptions about home values.

Register at GCAR.com/calendar

Confirmed Transactions

Apply for a NYSREEF Scholarship

Eligible REALTORS® may apply for any REALTORfamily national designation or certification course.

Any REALTOR® actively engaged in real estate, who holds primary REALTOR® membership in New York State and who has been licensed in New York State for at least one full year is, eligible to apply.

Learn more at nysreef.org

Finalize five transactions solely as a buyer’s representative (no dual agency). This can include up to two leases. These transactions do not need to fall within a specific period of time.

1 2 3 4

Active Status

Maintain active and good membership status with the Center for REALTOR® Development (CRD) and the National Association of REALTORS® (NAR).

The first year of ABR® membership is included with the ABR® Designation Course, the second year is prorated, the third and following years are $110 per year.

DEADLINE APPROACHING

December 31, 2024, is the deadline for completing cycle 7 of the National Association of REALTORS® code of ethics course requirement.

REALTORS® are required to complete an ethics course of not less than 2 hours 30 minutes of instruction time with or without continuing education (CE) credit. The ethics course must meet specific learning objectives and criteria established by the National Association of REALTORS®.

Failure to complete training during any cycle will lead to suspension of membership for January and February immediately following the cycle deadline, with termination of membership starting March 1 after the cycle deadline.

GCAR will submit evidence to NAR indicating member compliance if members took their ethics course at GCAR or through The CE Shop. However, if members took their ethics course elsewhere, they must send their course completion certificate to aaddor@gcar.com, which will be sent to NAR.

GCAR will offer multiple course opportunities throughout 2024; check the GCAR Education Calendar for the most up-to-date class schedule.

Does GCAR have proof of my ethics course?

If a member took their ethics course through GCAR or our online partner, The CE Shop, then YES, we have your certificate of completion, and no work is required.

If you are uncertain of your status, visit GCAR.com and click ‘GCAR LOGIN’ to access member services. Choose ‘Member Education History’ then choose ‘Personal Education Tracking.’ Under ‘Category,’ you will see ‘Cycle 7 2022-2024 Ethics Req’; the ‘status’ field will say ‘completed’ if we have your certificate.

If the status field says pending, we either do not have your ethics form or have not yet sent it to NAR. GCAR pushes information to NAR monthly. As 2024 unfolds, we expect to receive many ethics certificates. Therefore, check your status the month following your submission to GCAR. If members have questions regarding this process, please call the office at 518-464-0191.

How to Fulfill the Requirement

C2EX

NAR’s free Commitment to Excellence (C2EX) program fulfills the Code of Ethics Training Requirement for existing members. Begin here: www.c2ex.realtor

NAR Code of Ethics Course

Specialized content for residential, commercial, and appraiser practitioners. No final exam, members must pass module quizzes. Learn more: www.nar. realtor/code-of-ethics-training

The CE Shop

GCAR education partner, The CE Shop, also offers several options to fulfill your ethics requirement. Learn more: gcar.theceshop.com/nar-ethicsrequirement

Upcoming GCAR Ethics Courses

MAY 20 | 9am – 5pm Professional Standards, Grievance Process, and Arbitration

JUNE 17 | 9am – 12:30pm Your Side of the Fence

JULY 1-12 | 9am – 12:45pm Commercial & Investment Real Estate Certification

DECEMBER 20 | 9am – 12pm Ethical Business Practices

TO REGISTER, VISIT GCAR.COM/CALENDAR

Defining and Communicating the Value of the Multiple Listing Service

By Sam DeBord CEO, Real Estate Standards Organization (RESO)

Every professional involved in the real estate industry should understand and be able to talk fluently about the MLS’s true purpose and value.

What is an MLS? On the surface, the answer seems simple. A multiple listing service is a marketplace where brokers and agents help consumers buy, sell and rent homes.

But the real estate marketplace isn’t simple. Often, high profile trends absorb the industry’s focus and obscure the image of the MLS. Powerful technology companies use MLS outputs to drive attention-grabbing products and services. News headlines highlight organizations challenging traditional MLS practices in data sharing and compensation.

In light of this uncertain, ever-changing environment, a casual observer might ask, “What is the existential value of an MLS?” The truth is, the MLS has provided an abundance of value over the past century that explains its broad appeal and its continued relevance.

Being able to succinctly communicate the many benefits of the MLS in a modern environment—with historical context, and even from an international perspective— is critical for brokers and MLS leaders to ensure that transparent, liquid marketplaces continue to serve their communities. In fact, any professional who’s involved in the real estate profession should be prepared to describe the value of the MLS.

What an MLS Is Not

It’s often helpful to begin defining something by identifying what it isn’t. Oversimplified descriptions of the MLS are common. The MLS is not:

• A database

• A website or app

• A network for commission payments

• A REALTOR® association

While all of these things can exist adjacent to an MLS, or as features of it, they are inaccurate descriptions of

the organization. Twenty years ago, former National Association of REALTORS® CEO Terry McDermott challenged association and MLS leaders to clearly understand the MLS with words that ring true today: “They have to make sure their members fully understand the MLS system and how it operates—that it’s not just a collection of electronic listings. ... If we keep cheapening the MLS system and commoditizing the MLS by saying it’s just an aggregation of listings, we’re going to inherit a very negative end result.”

The MLS Cooperative

At its core, an MLS is a broker cooperative: an organization in which multiple competitive companies agree to abide by shared rules. This cooperation agreement empowers MLS participants to provide superior professional services and access to inventory for their clients.

Three core components of an MLS are central to its definition:

1. Multiple licensed brokerage organizations

2. Exclusive listing agreements between brokerages and their clients

3. An organization that establishes the rules and compliance mechanisms that ensure brokers and their customers and clients cooperate efficiently within its environment

MLSs provide many offerings. The most valuable services are those that are grounded in the cooperative rules of the MLS. MLS rules have benefits similar to those of a stock market. Rules for a stock market regulate who can broker products, what they can sell, and what information must be provided about the products. The outcome of compliance with these rules is a market that buyers and sellers can trust: transparent, timely, accurate information about broadly aggregated inventory.

Rules-Based Services of an MLS Rules for securities markets are set by government agencies, as are many of those for licensed real estate brokers. Industry organizations such as NAR, local REALTOR® associations and MLSs create additional rules through their subject matter expertise in the day-to-day business, further enhancing consumer marketplaces. Among the rules set:

• Solicitation of listings

• Forms and disclosures

• Listing input and updates

• Signs, advertising and open houses

• Usage of MLS-wide data (IDX, VOW, BBO)

• Marketing of property information

• Access via electronic keys and keyboxes

• Property showings and offer submission

• Earnest money distribution

• Closing of listings and transactions

• Compensation between parties

• Dispute resolution

• Penalties and fines for noncompliance

This list is just the services you might find defined in an MLS’s rule set. There are many other features of an MLS that brokers access regularly, such as:

• Tax records

• CMAs

• Listing alerts

• Statistical reporting

• Training and education

• Safety programs

• Industry news

• Political and regulatory advocacy

So although headlines about changes in data and compensation rules may bring some uncertainty about

the MLS’s place in the industry, the plethora and importance of services that it brings to the market ensures its continuity. Being able to express the stability these services will continue to provide to markets should be a priority for every professional involved in communicating the value of an organized real estate industry.

The MLS, Defined From a Historical Perspective

The NAR library and archives team recently completed a history of the MLS. There are records, starting in 1885, of MLSs in San Diego, Cleveland, Cincinnati and Chicago.

The first national focus on the MLS was in 1912 when the immediate past president of the National Association of Real Estate Exchanges (NAR’s original name), Samuel Thorpe, called on all local boards to take part in the “exclusive agency and multiple listing plan.” Thorpe called it “the only modern, sane and effective method of selling real estate both in the interest of the broker and of the owner and purchaser.”

In 1916, the association’s name changed to the National Association of Real Estate Boards, and by 1924, NAREB had published “The Organization and Administration of a Multiple Listing System.” It defined the MLS as:

• A method of exchanging exclusive contracts for the sale of property between brokers

• An assurance that the listing broker retains the exclusive listing contract

• An effort to make all real estate a more liquid commodity

Those core values are a mirror of today’s MLS. They solve the same two primary marketplace problems.

1. Sellers’ and buyers’ exposure to each other is limited without an agreement by brokers to cooperate in selling listings.

2. Without rules to regulate interactions in the marketplace, consumers are unprotected from unethical practices that could harm them financially.

The MLS was created alongside REALTOR® professional associations to improve not just the business environment for brokers but also consumer protections for buyers and sellers.

Behind the Scenes of the MLS’s Success

The benefits of an MLS are largely dependent upon its members’ adherence to rules. An MLS’s ability to enforce its participants’ rule set defines its success.

While this is one of its least publicized values, the MLS’s compliance practices can be compared to a nation’s enforcement of laws—just as critical to an orderly society as they are to a working marketplace.

Consistency in information, services and participant experience is directly reliant upon this conformance with rules. Compliance processes to ensure that the cooperative’s regulations are followed are a key element in defining an MLS.

Variations on MLS Definitions

Many organizations have their own specialized definitions of an MLS. NAR’s policy definitions of an MLS have evolved over time alongside national policy updates. Current NAR MLS definitions include references to orderly accumulation and dissemination of information, offers of compensation, and contributions to a common database

for the purposes of sales, appraisals, analyses and valuations.

The Real Estate Standards Organization (RESO) tracks MLSs by the way they identify their unique technology systems and publishes a list of REALTOR® association–operated and independent MLSs. These MLSs have their data systems certified on RESO’s Data Dictionary and Web API standards, which allows their brokers to operate more efficiently in cross-market data partnerships and technology collaborations.

The most popular web portals all have their own technology-focused definitions of an MLS—and these are definitions that consumers are likely reading. Being aware of the different ways that MLSs are described can help a professional understand the customer’s viewpoint and deliver a nuanced explanation of what information is accurate and what might need more context.

A Global Perspective on MLS

In the U.S. and Canada, there are more than 500 MLS organizations. While they have some differing elements in their business models, they generally operate on the same core principles. Outside of North America, though, these core concepts of the MLS are literally foreign to most marketplaces.

It’s assumed in the U.S. that the word “listing” in “MLS” signifies an exclusive listing agreement. But in many countries, exclusive agency and exclusive listings are rare or nonexistent. In these markets, what is called an MLS usually looks more like a web portal. These entities are often just websites full of advertisements— their accuracy and timeliness is largely unregulated—and they

include only a fraction of the available properties for sale. Global real estate practitioners who’ve worked in these environments consistently express their desire for the stability that a true MLS brings.

The 2023 International MLS Forum was evidence of this desire. The event attracted representatives from 33 countries and five continents. The content’s primary focus was on technology improvements through data standards and MLS systems. RESO and the Council of Multiple Listing Services led the discussions on creating liquid, trusted markets through rules and transparency.

The overwhelming consensus of the forum was that these countries’ practitioners want the core elements of the MLS to bring consistency and certainty to their markets. Brokers and trade organization leaders stressed the benefits that ring true, no matter the country of origin:

• Transactions are faster and more efficient.

• Data is more accurate, timely and reliable.

• Outputs become more informative and lead to better decision-making.

• Professionals and consumers experience a market that promotes transparency and fairness and offers a broad array of services.

The value of an MLS to national and cross-border transactions was echoed by not only international real estate industry stakeholders but also banking, legal, investment and government representatives. Despite disputes on specific elements of the MLS in North America, the general model is viewed by the world as a monumental benefit to markets.

MLS in the Future

Just as the services, policies and definitions of the MLS have shifted over the past century, they will continue to change. The real estate industry is moving through some dynamic phases of technology, law and practice. The way brokers advertise homes, interact with clients, get paid for their work and develop new business will all likely change over time.

If you’ve ever sold anything in an online marketplace, you know that trust is a critical element. With something as large and complex as the selling and buying real estate, the professional guidance, representation and cooperation provided through MLS is essential.

Leaders of MLSs, associations and brokerage organizations have the opportunity to face inevitable changes head-on. Communicating the many strengths of the MLS that have endured through an everchanging industry adds clarity and confidence for all participants in the MLS ecosystem. It strengthens the industry’s professionals and the services they provide to consumers.

What is an MLS? It’s much more than a popular technology tool or a passing business trend. The MLS is what makes the market work.

Reprinted from REALTOR® Magazine by permission of the National Association of REALTORS®. Copyright 2024. All rights reserved.

GCAR AFFILIATE MEMBERS

Use this directory as a resource for products and services. Affiliates join monthly, so check each issue for updates. You can also search the online Affiliate directory by visiting GCAR.com/affiliate-members.

10 One Productions

518-487-9497

www.10oneproductions.com

Aaron@10oneproductions.com

1st National Bank of Scotia 201 Mohawk Ave Scotia, NY 12302

518-370-7117

www.firstscotia.com japoulin@firstscotia.com

32 Mile Production – Filmworks

331 Round Lake Rd

Ballston Lake, NY 12019

845-597-4804

filmworks109.com chuck.fernandez@32mile.com

Arnoff Moving & Storage

10 Stonebreak Rd Malta, NY 12020

518-463-5525

www.arnoff.com dfeldman@arnoff.com

Assured Partners

2880 US Highway 9

Valatie, NY 12184

518-783-8801

www.assuredpartners.com/valatie ryan.page@assuredpartners.com

Ballston Spa National Bank

990 State Route 67

Ballston Spa, NY 12020

518-363-8110

bsnb.mymortgage-online.com nancy.koval@bsnb.com

Bhumio PO Box 3872

Albany, NY 12203

518-429-7484

bhumio.com victoria@bhumio.com

Carey Home Inspection PO Box 1061

Averill Park, NY 12018

518-956-1078

www.careyhomeinspection.com don@careyhomeinspection.com

Clean Isle Home Inspections

350 Northern Blvd, Ste 324 Albany, NY 12204

518-914-8700

www.cleanisles.com mark.connal@cleanisles.com

Clearpath Mortgage Solutions

43 British American Blvd Latham, NY 12110

518-389-7070

clearpathmortgages.com mike.rankin@clearpathmortgages.com

Community Bank NA 4781 State Highway 30 Amsterdam, NY 12010 518-380-3620 www.cbna.com toni.zidich@cbna.com

Crosscountry Mortgage 105 Lake Hill Rd, Suite 4

Burnt Hills, NY 12027 518-469-1200 crosscountrymortgage.com/Robert-Tuttle robert.tuttle@myccmortgage.com

Cutco Closing Gifts 21 Cliff St Hastings on Hudson, NY 10706 518-755-5701 www.cutcoclosinggifts.com asahr09@yahoo.com

Deangelus Goralczyk PLLC 3 Corporate Drive, STE 204 Clifton Park, NY 12065 518-631-6400 x101 www.dglawny.com/ karen@dglawny.com

Debut Property Staging PO Box 547

Slingerlands, NY 12159 518-313-0975 debutpropertystaging.com eileen@debutpropertystaging.com

DogWatch by Top Dog Pet Fence 410 Troy Schenectady Rd Ste 204 Latham, NY 12110 518-783-5678 x1 www.topdogpetfence.com ed@topdogpetfence.com

Dryer Vent Wizard

8 Napa Court

Niskayuna, NY 12309

518-901-3694

www.saratogadryervent.com jcatino@dryerventwizard.com

Edgeco Environmental

136 Columbia St

Cohoes, NY 12047

518-235-5687

www.edgecoenvironmental.com edgecoenv1@gmail.com

GoRascal, Inc.

376 Broadway, Ste 17

Saratoga Springs, NY 12866 518-791-4595

team.gorascal.com/heidi heidi@gorascal.com

Haus Capital Corporation

10 Blacksmith Dr, Ste 3 Ballston Spa, NY 12020

518-366-8608

www.hauscapitalcorp.com bryan@hauscapitalcorp.com

Hinman, Howard & Kattell

10 Airline Dr, Ste 205 Albany, NY 12205

518-869-5552

www.hhk.com

jprout@hhk.com

Homestead Funding Corp.

8 Airline Drive Albany, NY 12205

518-464-1100 x392 homesteadfunding.com mholmes@homesteadfunding.com

In-House Media

5 Autumn Court

Gansevoort, NY 12832

518-350-4991

www.mhfphoto.com hello@mhfphoto.com

J Squared Home Inspections

518-669-1574

www.jsquaredhomeinspections.com

Jordan@jsquaredhomeinspections.com

Key Bank

66 South Pearl St Albany, NY 518-257-8602

www.key.com

harjit_m_earnest@keybank.com

La Voie Insurance

440 3rd Ave

Watervliet, NY 12189

518-526-8043

lavoieinsurance.com

dlavoie@lavoieinsurance.com

M&T Bank

313 Ushers Rd

Ballston Lake, NY 12019

518-221-1145

www.mtb.com lmurphy2@mtb.com

Maple Tree Funding 1202 Troy Schenectady Rd, Bldg 3 Latham, NY 12110

518-782-1202

www.mapletreefunding.com slatza@mapletreefunding.com

Meri Light Photography, Inc.

227 Kingsley Rd Burnt Hills, NY 12027

518-754-1077

merilightphotography.com Meri@Merilightphotography.com

Metzwood Insurance

300 Great Oaks Blvd, Suite 300 Albany, NY 12203 518-392-5161

www.metzwood.com matt@metzwood.com

Movement Mortgage

120 West Ave, Ste 206 Saratoga Springs, NY 12866

518-368-4404

www.theannasmithteam.com anna.smith@movement.com

Navy Federal Credit Union

24 Sailfish Dr Groton, CT 06340

www.navyfederal.org brienne_ramos-dupuis@navyfederal.org

NBT Bank

52 Broad St Norwich, NY 13815 315-505-6572

ww.nbtbank.com aleo@nbtbank.com

GCAR AFFILIATE MEMBERS

NEST Environmental, LLC

863 Route 212

Saugerties, NY 12477

845-853-4840

www.nestpp.com jslater@celticiaq.com

Saratoga National Bank & Trust Co.

171 Broadway

Saratoga Springs, NY 12866

518-745-1000 x2921

www.saratgonational.com joy.rodriguez@arrowbank.com

SEFCU Mortgage Services

700 Patroon Creek Blvd. Ste 301

Albany, NY 12206

Northern Living 1849 State Route 9 Lake George, NY 12845 518-685-6569

www.northernlivingny.com info@northernlivingny.com

Premium Mortgage 931 New Loudon Rd Latham, NY 12110

201-638-9804

premiummortgage.com kkamber@premiummortgage.com

RE Tech Academy

517-214-3333 retechacademy.com todd@retechacademy.com

Salerno Law, PC 16 Round Lake Rd

Ballston Lake, NY 12019 518-309-3404 salernolawny.com kim@salernolawny.com

Saratoga Community Federal Credit Union 23 Division Street Saratoga Springs, NY 12866 518-583-2323 x123 www.saratogafcu.org lmccoy@saratogafcu.org

518-369-4815

www.sefcu.com mmoolick@sefcu.com

SMPR Title Agency, Inc.

50 Chapel Street Albany, NY 12207

518-867-7524

www.smprtitle.com beverly@smprtitle.com

Sunmark Credit Union

1187 Troy Schenectady Rd Latham, NY 12110

518-730-9070

www.sunmark.org eloisa.behnke@sunmark.org

The Dust Busters PO Box 4521

Clifton Park, NY 12065

518-728-7394

paula.dustbusters@gmail.com

The Mortgage Place

646 Plank Road, Suite 102

Clifton Park, NY 12065

518-982-0480 x102

www.themortgageplaceinc.com jrussell@themortgageplaceinc.com

The Reis Group 8 Stanley Circle, Suite #4 Latham, NY 12110 518-266-9966

reisinsurance.com cgranger@reisinsurance.com

The Towne Law Firm, P.C. 500 New Karner Rd Albany, NY 12205 518-452-1800

www.townelaw.com shalini.natesan@townelaw.com

Trustco Bank

518-374-4056

www.trustcobank.com ddepasquale@trustcobank.com

Wallace Turner Law, LLP 134 Central Ave Albany, NY 12206 518-309-3404

www.wallaceturnerlaw.com rturner@wallaceturnerlaw.com

Wells Fargo Home Mortgage 43 N. Plank Rd Newburgh, NY 12550 845-440-2302 www.wellsfargo.com michael.waters@wellsfargo.com

WELCOME

NEW GCAR MEMBERS

REALTOR® PRINCIPAL BROKER

Rooted Property Group LLC

Jamie Brayton

REALTOR® NON-PRINCIPAL

All in 1 Realty LLC

Edward Lichorat

Erica Tibbs

Stephen Drew

Armida Rose Realty Group

Robert Schmitz

Barnbrook Realty

Maureen White Kirkby

Berkshire Hathaway

HomeServices Blake

Jamie Trombley

Giuliana Cianfarani

Brass Tacs Real Estate Company

Yvonne Harbers

Ariel Pigliavento

Bryce Real Estate, Inc.

Karin Montesano

Cartier Real Estate Group LLC

Lara Nikolaidis

Clancy Real Estate

Liam Marshall

CM Fox, LLC

Taysha Squires

Coldwell Banker Prime Prop

John Kearney

Hasija Glavic

Christopher Serra

Kenan Kaltak

Ethan Bonk

Hope LaFreniere

Nestor Sosa

Core Real Estate Team

Katelyn Rodier

Penny Rochon

eRealty Advisors, Inc

Joel Walter

eXp Realty

Joe Durand

Glenn Harris

Joseph Flatley

Flanagan Realty

Thomas Flanagan, III

Gabler Realty, LLC

Kristen Cusano

Gage Realty

Michael Terry

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Emily Munson

Harring Properties, LLC

Beth Harring

Howard Hanna

Ka Fai Wong

Paul Heffern

Erin Marie OMeally

Alexander Bublak

Jennifer Post

Howard Hanna Capital Inc.

Kassidy Palmateer

Cynthia Hennessy

Addison Westfield

Hunt ERA

Riley Evans

James Farah

Inglenook Realty Inc

Taylor Fancher

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Stacey Loya

Keller Williams Capital Dist

Steeve Tankeu

Vince Nappo

Anthony Liuzzi

Heidi Keeney

Robert Liotta

Iris Tonks

Luis Alberto Nava Jimenez

Karla Silva

Michael Penticuff

Kenneth Bouchard

Jill Flaherty

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LandQuest Inc

Scott VanRoy

Miranda Real Estate Group Inc

Ryan Gocool

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Elizabeth Connors

NAI Platform LLC

Imam Hussain

Northern Living Properties LLC

Alicia Fritts

Oxford Property Group USA

Danielle Mitchell

Paul Bott

Red Door Realty NY Inc

Autumn Countermine

Redway Realty LLC

Wendy Towers

April Strider

REMAX Solutions

Paul Rogan

Renovo Real Estate

Brianna Prince

Romeo Team Realty

BradQuan Copeland

Kenneth Smith

Rooted Property Group LLC

Cristian Cedacero

Saratoga Real Property, Inc.

Dana Flinton

Sterling Real Estate Group

Alexander Rebic

The People’s Real Estate Group

Haroon Arif

The Rosenblum Companies

Sara McDonnell Waldbillig

Thompson Real Estate Team

Soraya Inman

Rebecca Boodhoo

Wayne L. Miller Appraisal

Julia DiBernardo

Weichert Realtors Fontaine & Associates

Mary-Helen Griffin

Greater Capital Association of REALTORS® 449 New Karner Road

Albany, New York 12205

Helping New Yorkers Become Homeowners

NYSAR Housing Opportunities Foundation, Inc. helps families and individuals in New York State overcome the obstacles to homeownership as well as promoting safe, decent and affordable housing.

The NYSAR Housing Opportunities Foundation has helped more than 400 families across New York State become homeowners by awarding first-time homebuyer grants. These grants help defray ever-rising closing costs and the down payment expenditure.

Learn more about our first-time homebuyer grant program today!