New York joins states seeking to regulating private listing networks
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New York has introduced legislation to regulate private listing networks for residential real estate listings, requiring real estate professionals to publicly advertise properties. The bill aims to increase transparency and fairness in the real estate market, while also allowing sellers to opt out of public marketing under certain circumstances.
New York is considering legislation to govern private listing networks for residential real estate listings. The Fair and Transparent Real Estate Listings Act would require real estate professionals to publicly advertise properties. The bill defines private listing networks as platforms that restrict access to listing information. If passed, listing agents would have to publicly advertise properties within a day of the listing agreement. Sellers can opt out of public marketing if they provide informed, written direction. The bill is part of a growing trend of states regulating private listing networks, with similar laws recently passed in Washington and Wisconsin.
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