BrokerageIndustry News

Phase-in of Foxtons new model begins today

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Real estate discounter Foxtons today will begin to change its commission structure in three New Jersey counties. The move is part of a county-by-county phase-in of a new business model that will spread throughout all of Foxtons' U.S. operating areas in Connecticut, New Jersey, and New York by the end of the year, said Van Davis, Foxtons president and CEO. Foxtons, which has offered limited real estate services for as low as a 2 percent total commission in real estate transactions, is upping its commission structure to a minimum 3 percent while upgrading its real estate services. Davis, who took over in July, said that since his arrival he has worked to identify company strengths and weaknesses. "One glaring opportunity that really jumped out me. Although we have made significant inroads with 2 percent models, we have not been able to address all of our sellers' – and for that matter all of our buyers' requirements. American consumers really want a full-service real estate experi...