REBNY introduces commercial listing exchange

REBNY began 2005 by announcing a new program that it said would enhance the way commercial brokerage firms and major property owners gather information about exclusive property listings.

The Commercial Listing Exchange (CLE), for the first time, enable firms to share exclusive listings electronically on a weekly basis. Some of the leading brokerage firms and commercial property owners in New York now participate.

Through the system brokerage firms and owners can obtain new property listings more efficiently without having to rely on time-consuming methods of finding space, such as phone calls and site visits. The CLE is intended to supplement their existing methods of collecting listings.

The exchange of information has opened up communication among firms in the industry and helped speed up transactions by creating open access to exclusives. It allows brokers to match available space with tenants more efficiently.

"By creating a standard medium for participants to share exclusive listings, brokers no longer have to spend time seeking out exclusives because they will have access to a comprehensive list of available space on the market," said Steven Spinola, REBNY President.

Charter members of the CLE include: Brookfield Properties, CB Richard Ellis, Cushman & Wakefield, The Durst Organization and Newmark.

Added Mr. Spinola, "Clearly, an open system of exchange makes the industry more efficient because brokers will spend less time looking for exclusive listings, and more time closing deals."

The CLE establishes a standard Excel format that each participating firm must use. This standardized format and a familiar data program make the CLE easy, efficient and accessible to all potential brokerage firms and owners who wish to join.

As a CLE participant, member firms send their exclusive commercial listing information to REBNY each Wednesday morning. REBNY then consolidates this information and sends the complete list of all available listings to each participant that afternoon.