- In a strongly worded statement, Jonathan Lerner
, Managing Director of Engel & Völkers, said his company will no longer participate in the private listing service OREX (Open RealNet Exchange), and its public website HREO. Rather it will rely on it's own worldwide real estate listing service, Multiple Listing Service of Long Island (MLSLI), and has contracted with Street Easy - Manhattan to disseminate all its listing information on its public domain and share the same information with all agencies using their service.
Why the change? According to Lerner, "For years both buyers and sellers in the Hamptons have been at a disadvantage. Basic information such as home listings have not been shared. Sellers are being short-changed because they're not reaching all potential buyers. For buyers, it's a logistical nightmare trying to find the perfect home. We've had enough, and we're out."
Already several other major brokerages are following Engel & Völkers lead, including Agawam Realty which has also announced that it plans to follow suit.
The benefit of the MLS system is that an MLS subscriber may search the MLS system and get information about all homes for sale by all participating brokers. MLS systems contain hundreds of fields of information about the features of a property. These fields are determined by real estate professionals who are knowledgeable and experienced in that local marketplace. Whereas public real estate websites contain only a small subset of property information.
"It's easy to see that under the present OREX system, buyers and sellers simply aren't getting a fair shake. The only ones who end up benefiting are a small group of realtors who talk more amongst themselves, than to potential buyers and sellers," Lerner added. "Our company, along with others in the area, are out to set a higher level of service to our clients. That's simply what it's all about.
Engel & Völkers is a leading real estate firm with over 400 offices in approximately 35 countries. The company deals exclusively with homes and properties of distinction.
For more information go to www.engelvoelkers.com