Saturday, January 15, 2005

The British are coming and charging a 2% commission

Foxtons is a London UK based real estate company that started in Notting Hill in 1981. This year Foxtons successfully opened café-style offices in Sloane Square, Muswell Hill and Shoreditch and added a further seven Surrey operations to the existing portfolio.

In March 2001, Foxtons made a $20 million investment in an innovative real estate start-up in New Jersey. This company has become the fastest growing real estate company in American history. Launched in New Jersey, in March 1999 to immediate consumer interest and industry outrage. The reason for the strong reaction surrounding America's newest real estate agent was the fact that they charged an unbelievably low commission of 2%. The industry norm in America being 6%.

There was lots of talk at Real Estate Connect/NYC about new brokerage business models. In the case of tri-state reduced fee upstart Foxtons, the talk also was about new models of automobiles, that is. Besides the fact that Foxtons agents are hired as employees and receive paid benefits, a host of technology tools and even a base salary to get them started, agents get a car, which serves as a mobile billboard for Foxtons.

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2 comments:

Anonymous said...

That's great but the best deal on Long Island is:

www.mlsisland.com

Forget Foxtons!

try MLS Island

HcoRealEstate said...
This comment has been removed by the author.