If you’re ready to invest in real estate, the MLS, or Multiple Service Listings, can be your best friend. The MLS can help you find the property you want, often at better than market price. If you’re looking to invest in real estate in New York, however, things can get a little tricky, so read on.
The MLS the RLS and REBNY
The outer boroughs of New York City, (The Bronx, Brooklyn, Queen and Staten Island) as well as Long Island, have an MLS that Realtors can use to help you find your property. Manhattan does not. Manhattan works with the RLS. The RLS is the REBNY Listing Service. REBNY, the Real Estate Board of New York, manages real estate affairs throughout Manhattan. If you are looking to buy real estate in Manhattan, you will tend to be much more successful if you use a Realtor who is a member of REBNY.
Using the RLS Listings to Invest in Real Estate in New York
The RLS provides all the available real estate in Manhattan that has been listed through a REBNY-affiliated broker. When using a Realtor with access to the RLS, you avail yourself of the widest variety of properties from which to choose.
What does this mean? It means when you tell your describe what kind of property you are looking for and what you are willing to pay, your Realtor has the best chance of helping you find it. Furthermore, since he knows how many properties are available, he has the best chance to get the lowest price. Buying low is a big part of a strong investment plan.
Not Using the RLS Listings to Invest in Real Estate in New York
Not using the RLS, or the MLS if outside Manhattan, will not make it impossible for you to successfully invest in New York real estate. However, given the high price of New York real estate and the volatility of the housing market, attempting to make New York real investments on your own or with a non-affiliated broker will not generally be a wise investment strategy.
