Peace is at hand as MLS sides join together.

A united MLS? Yes!

The New York City real estate industry has joined the rest of the country in creating a listing service that will feature virtually every piece of Manhattan residential property that is being sold or rented.

Over 115 companies -- ranging in size from large firms that employ numerous brokers to one-person operations -- have agreed to participate in the service by posting 100 percent of their listings within 72 hours of receiving them. Another 40 to 50 firms have expressed interest in joining the service. The new entity will be governed a 17-member board of directors.

"I think it's one of those rare occasions where you can honestly say everybody wins," said Barbara Corcoran, chairwoman and founder of the Corcoran Group.

The Oct. 31 announcement of the new service ends a rift in the industry that began in August when three of the city's largest firms announced they were creating a listing service and invited other firms to join their initiative. Another group of firms, called the Manhattan MLS Joint Industry Task Force, denounced the initiative as divisive to the industry and said it was creating its own listing service. NYMLS.com, created by the task force, was unveiled Oct. 4.

NYMLS.com will be used for the new venture until the board of directors gives it a new name when it meets in a few weeks.

"Even though that's been the norm in the rest of the country for the past 25 years, it's almost like a miracle," said Corcoran, of the agreement.

Representatives from 17 firms will serve on the board for one year after which time a new board will be elected. A representative from the Real Estate Board of New York will serve on the board, but will be a nonvoting member.

Firms that will be represented on the board are Ashforth Warburg Associates, Bellmarc Realty, Brown Harris Stevens, Coldwell Banker Hunt Kennedy, the Corcoran Group, Douglas Elliman, Fox Residential Group, Goodstein Equities, Charles H. Greenthal, Gumley Haft Kleier, the Halstead Property Company, Independent Brokers Circle, William B. May Company Real Estate, Olshan Realty, the Prudential MLBKaye International Realty, Sotheby's International Realty, and Stribling & Associates.

"We're excited about the dynamic that brought this together -- cooperation in the industry," said Stuart Siegel, president and chief executive officer of Sotheby's International Realty.

Multiple listing systems are used throughout the country and are beneficial to buyers, who have access to the maximum number of listings, and sellers, who are assured the maximum number of customers. Although brokers in New York City share some information, through a practice called "co-brokering," the brokerage community has shown an historic reluctance to implementing an MLS.

When an MLS is established, a charter delineating rules and regulations of the service is generally put into place. Ownership of the MLS is also established prior to initiation of the service. Charter and ownership play an important role in decision-making regarding the MLS.

In the summer months when the two groups were moving forward with separate initiatives, ownership was one of the issues that seemed to be preventing the industry from uniting. That issue, however, has been resolved, said Steven Spinola, president of REBNY.

"This is a very important day for the industry and consumers. As everybody knows, there were some past issues, but we're looking forward to the future," Spinola said.

Firms will be charged for participating in the listing service based on the size and market share of the firm. Board representation is also determined in part by firm size and market share, with representatives from large-, medium- and small-sized firms.

Michele Kleier, president of Gumley Haft Kleier Inc., said since word of the pending agreement has gotten out, between 40 and 50 firms have contacted her to join the listing service. Kleier, who is chairman of the listing service membership committee, said she expects the total number of participating firms to grow to 200.

"We have had the most overwhelming response to this venture," Kleier said.

Brokers who participate in the listing service will be required to adhere to REBNY's code of ethics and to be governed by REBNY's arbitration policy on disputes between brokers.

"The industry has been able to better serve the public through its cooperative efforts lead by REBNY and the high professional standards the board demands of its members," said Alan Rogers, chairman and chief executive officer of Douglas Elliman.