Industry NewsTechnology

Internet stock brokerage pioneers enter online real estate

BuySide Realty acts as online buyer's agent, offers rebates

Two brothers who paved the way for online stock brokerages in the late 1990s are now looking to revolutionize the real estate industry in a similar way by offering an online buyer's agent service with rebates to home buyers. Joseph and Avi Fox on Wednesday launched BuySide Realty, which gives home buyers access to property listings, licensed real estate agents and technology used to make and manage offers via the Internet, among other things. The company will give 75 percent of the buyer's agent commission back to buyers who close on a home using the BuySide service. "The Web for real estate until now has really been about information," said Joseph Fox, CEO of Chicago-based BuySide Inc. "But at the end of the day, if you are truly self-directed, maybe it's time to go to an online buyer's agent... and get some money back." BuySide has launched just as some real estate markets are starting to slow, tipping back to the buyer's favor and more brokerages are shifting focus back to buyers....