Message from the CEO of Bronx-Manhattan North Association of Realtors: What a Team! - by Eliezer Rodriguez

Recently, a member expressed interest in creating a real estate team and wanted to know more about how to proceed. Our conversation led to this writing for those who may be interested in forming a team. A real estate team is defined as a group of two or more real estate licensees who work together to provide real estate services. They are engaged in some continuing enterprise that is not limited to a single project or series of projects. The team is usually identified by a team name and they hold themselves out to the public as a member of a team. 

As a general rule, all of the team members must work for the same brokerage. The relationship with a brokerage is crucial as the agency relationship is created with the brokerage. The team is not an independent entity, and the members of the team are working for the brokerage, so there can be no agency relationship created solely with the team. Dual agency with members of the same team may be allowed, provided both parties consent.

In recent years, “teams” have become a popular business model for real estate professionals. As a team, one member of the team might handle showings, another may work on staging and open houses, while another may take care of obtaining and handling new listings, etc. This differs from the standard practice where an individual broker/salesperson will handle the entire transaction from listing to closing. The team model offers great benefits to the public and is a consumer-friendly method of handling the real estate transaction. 

Based on the increased popularity and use of teams in New York, the revised real estate advertising guidelines approved by the State Board of Real Estate in April 2013, have addressed and recognized advertising by real estate teams through state regulation. However, New York Real Property Law does not yet define “teams” like it does real estate broker, salesperson, associate broker etc. 

The New York State Association of Realtors strongly supports legislation to amend the real property law to recognize and define real estate “Teams.” Providing a clear statutory definition will benefit both real estate licensees and consumers. The intent is to bridge the gap and create continuity between agency regulation and law by defining what a real estate “team” is under Real Property Law. 

Speaking about teams, The Bronx Manhattan North Association of Realtor (BMNAR) is offering a great incentive for brokerages in upper Manhattan to join the “home team” and become members of BMNAR. Note, you may only call yourself a Realtor if you are a member of a local Realtor association. 

BMNAR offers many services to our members, plus eight networking events yearly to help you grow your business. In fact, on August 7th, we are hosting our annual “A Night with the Mets.” You are invited to network with the “who’s who” in the real estate world while you watch the Mets whip the Cincinnati Reds from our reserved center-field M&M Sweet Seats. Included with your ticket is all the hotdogs, burgers, and chicken tenders you can eat in 1½ hours. Refreshments and beer service begins an hour before the first pitch and continues two hours into the game. If you are interested in attending the game or want more information on becoming a member of BMNAR team, contact me at 718-892-3000. It’s all about the Bronx and Upper Manhattan! 

Eliezer Rodriguez, Esq. is the chief executive officer of The Bronx-Manhattan North Association of Realtors, Bronx, N.Y.