Forsalebyowner.com
Parent Rocket Homes Real Estate LLC | | |
Website | forsalebyowner |
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Forsalebyowner.com is the United States largest "
History
In 1999, Damon Giglio founded ForSaleByOwner.com in New York. Within five years, it became the country’s biggest commission-free real-estate bazaar. Between 1999 and 2010, ForSaleByOwner.com saved home sellers more than one billion dollars in brokers' commissions. In 2010 alone, ForSaleByOwner.com facilitated sales of $1.8 billion worth of residential real estate. Based on 6% commission fee structure, the saving translated into at least $72 million.[1]
In early 2000, California enacted laws that required websites that advertised properties for sale to obtain a broker’s license. In 2003, ForSaleByOwner.com challenged the California’s State Real Estate Licensing Laws in court as a violation of the First Amendment. On behalf of ForSaleByOwner.com, lead counsel Steve Simpson, from the non-profit "public interest" law firm the Institute for Justice, filed a federal lawsuit in Sacramento. In the lawsuit, For SaleByOwner.com v. Zinneman,[2] Steve Simpson challenged the state of California, stating the requirement for Internet advertising companies to be licensed real estate brokers violated the 1st Amendment. The Institute feels their client ForSaleByOwner.com "simply provides an advertising platform and information to homeowners for a flat fee, empowering individuals to sell and purchase homes on their own". As newspapers showed classified ads to advertise homes without being licensed by the state, ForSaleByOwner.com should not be required to obtain a broker's license to show homes online.[3] Finding the licensing requirement "wholly arbitrary", the Federal District Court granted summary judgment in favor of the ForSaleByOwner.com.[4]
ForSaleByOwner.com was acquired in 2006 by the
References
- ^ Abelson, Max (25 December 2005). "Midtown: The New Village". New York Observer. Retrieved 6 July 2005.
- ^ Soell, Andrew. "ForSaleByOwner.com v. Zinneman". Institute for Justice. Archived from the original on 2013-12-14. Retrieved 2013-11-14.
- ^ Evans, Blanche (26 May 2003). "Should Forsalebyowner.com Be Broker-licensed To Advertise FSBOs?". Reality Times.
- ^ FTC (28 November 2005). "Competition and Real Estate Workshop Comment, Project No. V050015" (PDF). FTC. Archived from the original (PDF) on 8 October 2012.
- ^ Weitman, Gary (26 May 2006). "Tribune Interactive Acquires ForSaleByOwner.com". Tribune Company. Archived from the original on 24 July 2011.
- ^ "Quicken Loans' sister company purchases ForSaleByOwner.com". Inman. Retrieved 2021-04-14.
- ^ King, R. J. (2018-09-10). "Detroit-based In-House Realty Changes Name to Rocket Homes, Debuts New Website". DBusiness Magazine. Retrieved 2020-03-10.