American Real Estate Association Debuts Local Chapter in NY

The upstart trade group designed to rival the National Association of Realtors has locked in a local chapter in New York in its bid for expansion.

The New York Residential Agent Continuum, a New York City trade group, is integrating into the American Real Estate Association. NYRAC will operate under the American REA umbrella after the deal, terms for which were not reported and included no money changing hands, AREA co-founder and Compass agent Jason Haber told Inman.

NYRAC was created in 2018 by a handful of residential agents as a means to advocate for both real estate agents and consumers. It has since ballooned to nearly 200 members.

American REA said in a statement members of “both organizations can anticipate enhanced resources, expanded networking opportunities, and a stronger collective voice in the real estate industry.”

NYRAC members will not be required to become members of American REA, though they will be encouraged to join. The two groups will host a town hall meeting in February featuring a local public official to discuss the impact of “City of Yes” on the industry.

American REA, co-founded by Haber and The Agency boss Mauricio Umansky, is setting its sights on local chapters across the country. There are more than 5,000 members nationwide, including roughly 800 units from R New York, which joined the association last year.

Haber and Umansky launched the trade group a year ago in response to the pressure and turmoil facing the industry’s leading entity, NAR. Their aim is to supplant the trade group as a leader for real estate agents, plotting to come up with an alternative to the Multiple Listings Services that boost NAR’s position in the industry.