BrokerageIndustry News

Losses pile up for discount broker Webdigs

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Minneapolis-based discount real estate brokerage Webdigs Inc. has racked up a $2.7 million net loss since it was founded in the spring of 2007, but still plans to seek up to $6 million to expand into additional markets, the company said in a regulatory filing. Webdigs offers commission rebates of up to 50 percent to buyers and flat-fee entry in a multiple listing service in the Minneapolis-St.Paul market for $3,000. The company's Web site allows clients to schedule home visits, as well as make offers and monitor the offer and counteroffer process. With one part-time and seven full-time employees, Webdigs and its joint venture with Marketplace Home Mortgage currently offer services in Minnesota, Wisconsin and South Florida. In its annual report to investors, the company said it sees opportunities to expand in St. Louis, Dallas-Fort Worth, Las Vegas, Denver, Detroit, Boston, New York City, Atlanta, Philadelphia, Phoenix, Austin and Chicago, and parts of Canada, but has "...