FSBO Madison
| Company type | Private |
|---|---|
| Industry | Real estate |
| Founded | 1998 |
| Headquarters | Madison, Wisconsin, United States |
Key people | Christie Miller, Mary Clare Murphy |
FSBO Madison is a real estate company based in Madison, Wisconsin. It pioneered the use of the internet as an alternative to the realtor-backed Multiple Listing Service (MLS) system. The company is considered the largest for-sale-by-owner website in the United States.[citation needed] FSBO (pronounced FIZZ-bo) refers to the common abbreviation of 'For Sale By Owner' used by homeowners selling their homes without the assistance of a realtor.[1]
The company was started by Christie Miller and Mary Clare Murphy as an off-hand idea to help Murphy sell her home. They contacted local homeowners with homes listed as for-sale-by-owner and the website was started on February 28, 1998 with eight listings.
FSBO Madison reportedly represents 25% of the residential home sales in the Madison area. In 2002 they reported approximately 2,000 home listings. In September 2007 FSBO Madison was the subject of a study conducted by three economists from Northwestern University and the University of Wisconsin.[2] They reviewed the strengths and weaknesses of using a realtor and found that homes utilizing a realtor typically sold faster, but for-sale-by-owner sellers came out ahead financially.[3] The costs comparison was dramatic between the typical percentage of the home sale charged by a realtor and the $150.00 charged by FSBO Madison for a six-month listing.[4]
References
[edit]- ^ Bailey, Jeff. "Owners' Web Site Gives Realtors Run for Money", New York Times, 2006-01-03. Retrieved on April 30, 2009.
- ^ Hendel, Igal; Nevo, Aviv; Ortalo-Magne, Francois. "The Relative Performance of Real Estate Marketing Platforms: MLS Versus FSBOMadison.Com ", 2007-09-01. Retrieved on April 30, 2009.
- ^ Bailey, Jeff. "One City's Home Sellers Do Better on Their Own", New York Times, 2007-06-08. Retrieved on April 30, 2009.
- ^ Curry, Sheree. "How to Get an Even Better Deal on a Home Archived 2011-06-06 at the Wayback Machine", TheStreet.com, 2007-12-18. Retrieved on May 7, 2009.