Via our New York Condo Blog
March 23, 2010 – CondoDomain lands in New York City and introduces discounted real estate brokerage to a market that has been known to be against this type of innovation. The company aims to capitalize on the brand new REBNY VOW (Virtual Office Website) application by promoting access to New York’s closely guarded listing database.
CondoDomain and its Founder, Anthony Longo, hurried to New York last November as REBNY formally announced their new VOW opportunity. As the last standing city in the U.S. which does not have a formal MLS (Multiple Listing Service), Longo realized that the VOW would allow him to expand his brokerage into New York offering the company’s competitive services and products and do it all while charging a lot less than the traditional 6% commission fee.
CondoDomain.com, which was founded in 2005, has operated nationally as a web-based real estate brokerage charging anywhere from 20% – 75% in reduced commissions. The company has given back just under $1,000,000 in commission refunds over the previous two years. Headquartered out of Boston, MA, the firm is open in more than 20 cities across the U.S. and operates as a principle broker in 6 cities including: Boston, Chicago, Washington D.C., Baltimore, Virginia and now New York City.
“CondoDomain is a special business,” noted Longo. “It’s a unique power play of Internet engineers and professional real estate agents. Unlike our competitors, our agents only have one thing to do, and that is to provide outstanding customer service to the firm’s buyers and sellers. They don’t spend any time marketing or prospecting for leads or clients keeping them keenly focused on inventory and their clients needs.”
CondoDomain’s technology drives both its consumer oriented website and the entire backoffice including property listings, search capabilities, related content and information management. Most importantly, the company avoids many traditional brokerage expenses, including prime retail office space, as 100% of the business is generated through the Internet.”
Home buyers and sellers now searching for a New York condo or co-op, townhouse or apartment, studio or penthouse, can now access the entire REBNY database on CondoDomain, which has the most complete set of New York City’s listings including all of the listings from the major firms. With compliance rules and regulations mandating that all REBNY members input their listings into this database, this new VOW will help serve as a consumer-based MLS (multiple listing service), thus allowing consumers to become more informed with the realities of the local real estate market.
The Internet has transformed many business verticals and over the course of the previous two years, it has significantly impacted the real estate industry in cities that have a formal MLS system in place. While New York has been able to avoid this disruptive innovation, the REBNY VOW should allow for more competition, and an elevated level of service.
CondoDomain is a web-based real estate brokerage and one of the first nationwide firms to refund commissions back to the consumer. CondoDomain’s business model is half online and half personal, creating efficiencies to provide a better service while saving our clients time and money. Specializing in condominiums and urban properties, the Boston-based company is growing rapidly across the U.S. and Canada by partnering with the top real estate brokers in each of the company’s urban metro areas.
To learn more about CondoDomain and how commission refunds work or to meet one of our local real estate brokers, please visit www.CondoDomain.com or visit our corporate blog or twitter feed @CondoDomain.
City Vice President / NYC