Buy, Rent New York Property Minus Brokers’ Fee

By Anuradha Kher, Online News EditorNew York–, New York’s first “For Sale By Owner” (FSBO) Web site, has launched recently. The Web site features real estate listings from sellers, allowing buyers to look for property without paying the broker’s fee.It offers people a place to market their home and buy homes via the FSBO model within the five boroughs of New York City. “FSBO is a trend growing around the nation,” Reggie Grayson, founder and CEO of the Web site, tells MHN.Grayson was inspired to start this venture when he was trying to sell his own co-op back in 2000. “I realized that prices in the city are sometimes inflated due to the broker’s fees. Unfortunately, there was no real option to a broker. My hope with this site is to give people a viable option to buying or selling a home,” says Grayson.The first hundred sellers to register on the site will get the first three months free and then pay only $29 per month. For others, the standard fee is $379 for the first three months and then $29 per month. “Compared to the thousands of dollars people pay brokers, this is a small amount,” says Grayson.The average sales price in Manhattan is $1.4 million, which typically translates into an $84,000 broker’s fee.Sellers who want to register on this site can either create their own profile through a template, or email the details of the condo/co-op to the company. The company will put up the listing for the seller. Grayson launched the site in December 2007, but hasn’t yet actively publicized it. “We are keeping it low-key for now, but by late Spring, people should start seeing more advertisements,” he says.The site offers a search function, a homebuyer’s guide, tools for negotiation and answers to the complicated issues arising from the co-op market, financing or maintenance fees.