Property Management

Dot-com Realtors Dead? Hardly. YHD Realty Snags $20 Million

Foxton’s Real Estate, a leading London provider of real estate services, announced a $20 million investment in the New Jersey-based, Internet-backed Realtor, YHD Realty. In announcing the investment in and partnership with YHD Realty, Foxton’s CEO Jon Hunt said he reviewed the business models of hundreds of real estate companies and believes YHD Realty has the greatest potential for growth. Foxton’s is London’s leader in market share, selling one in every four homes (25% market share) in central London. In 2000, it was responsible for more than $3 billion in contracted home sales and also leased approximately 5,000 rental properties. Its affiliate mortgage company, AH!--Alexander Hall, originated more than $1.5 billion in home mortgages. Founded by Hunt 19 years ago, Foxton’s is known throughout its market as the company that focuses on “people not property.” Both Hunt and Cohen said the investment is about more than new operating capital, it is the beginning of a long relationship in which both companies will draw off the strengths of the other. YHD Realty, operating only in New Jersey so far, has listed nearly 2,700 homes, sold over 1,400 homes and currently has an inventory of nearly 1,300 homes in its first year of operation. In the last week alone, YHD Realty sold 71 homes and took 91 listings. In addition, its mortgage subsidiary, YHD Mortgage, took 65 pre-qualified mortgage applications within that same one-week period. YHD Realty serves clients with commission rates starting as low as 2 percent. To date, YHD Realty’s lower commission rates have helped home sellers save nearly $7.4 million in commissions*, according to company estimates.

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