The New York Times will soon feature exclusive New York City residential listings in its Real Estate section on NYTimes.com through a collaboration with Real Estate Board of New York’s (REBNY) Residential Listing Service.
The New York City listings from REBNY posted on the NYT's site will be free for brokers, a significant shift in the newspaper’s traditional approach to charge brokers who wish to list properties in the Times’ Real Estate section.
When asked why the NYT is willing to put up free listings in addition to its paid listings, Brendan Walsh, executive advertising director of The New York Times, told Publishers Daily the benefits outweigh the revenue it may be giving up.
“A comprehensive set of listings will provide us with a greater market share and lead to more opportunities in display advertising. Our clients would rather spend their advertising dollars in innovative native display, branded content and social influencer programs,” Walsh said.
The NYT will use the REBNY's Residential Listing Service syndication feed to display all of its listings on NYTimes.com. The feed currently represents listings from 595 firms and more than 9,000 participating real-estate agents.
“Today’s New York City renters and home buyers will benefit from expanded access to the most accurate listing information powered by this natural and significant partnership,” stated John Banks, president of REBNY.
An exclusive listing in this sense means a deal a broker has made with the property’s seller to represent that listing.
Vivian Toy, editor of real estate news at The New York Times, stated the service “complements the newsroom's goal of providing comprehensive coverage and guidance on how to navigate an often bewildering real-estate landscape."
REBNY’s listings on NYTimes.com’s Real Estate section will go live in a few weeks.