Industry News

Discount firm to go full-service

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Foxtons, a discounter that shocked the industry with a business model and ad campaign boasting 2 percent real estate commissions for limited real estate services, has reportedly tweaked its plans and will now phase-in a 3 percent commission rate for fuller services.   The New Jersey Star-Ledger newspaper and other media in Foxtons' East Coast market area have reported that Foxtons will be transitioning into a more traditional, full-service brokerage that will post home listings on multiple listing services. Under its original business model, Foxtons would market its own listings and would not post the listings on an MLS. Foxtons operates in New Jersey, New York and Connecticut.   Glenn Cohen, founder of YourHomeDirect, which was the predecessor to the discount brokerage now known as Foxtons, said Monday he could not comment on the change. Cohen's interests in the company were purchased in March by London-based Foxtons, which had earlier injected $20 million into the U.S. ope...