NoFee.com Launches New York City's First Free No-Fee Web Site as Residential Rentals Move to Commission-Free Transactions.Business/Real Estate Editors NEW YORK--(BUSINESS WIRE)--June 26, 2000 NoFee.com launched the city's first free service for "no fee" apartments by bringing together renters and individual landlords online. NoFee.com, established in 1998, has the largest database of up-to-date residential listings and provides inside information on every neighborhood in Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). , a reference guide for apartment renters, and a roommate exchange with no subscription fees. NoFee.com's highly sophisticated search functionality enables users to search apartments by price range and number of rooms, in any of 36 different neighborhoods throughout New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . NoFee.com also boasts the most up-to-date listings on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , by automatically erasing entries after seven days. In addition to a time savings, NoFee.com allows renters to avoid broker commissions, which average between 15 and 20 percent. Renters using a broker to find a $2300 apartment are forced to pay an additional $4140 in commissions in the first year, or $345 a month. "Never before has a real estate company given New Yorkers the power of information and freedom," said NoFee.com CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Preston. "NoFee.com lets New Yorkers find apartments that they want to rent in seconds, gives them the ability to instantly act on them, and it's all free." NoFee.com's founders, brothers John, Barry and Mark Preston Mark Preston may refer to:
n in herbal medicine, used to describe plants that are commercially farmed rather than collected from the wild. deep relationships with landlords through their brick-and-mortar, apartment rental brokerage, Preston Properties, a member of the Better Business Bureau of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Prestons started one of the first services for no-fee apartments when they decided to share their knowledge and expertise by starting NoFee.com in 1998, making them one of the first brokers to transition their business online. They are now the first in New York City to offer this service for free, built on an advertising-based revenue model. "We had deep relationships with real estate professionals that were making us money as brokers, but we saw that landlords would soon be able to offer listings directly to renters," said NoFee.com's Preston. "We realized we had to change the way we were operating, because technology was changing the economies of the brokerage business." About NoFee.com Nofee.com (www.nofee.com) is New York City's first free listing site for no fee apartments, bringing together renters and individual landlords online and avoiding brokerage commissions. NoFee.com's robust database of no-fee apartments is the largest and most current in New York City, with listings self-deleting within seven days to ensure that results are always current. NoFee.com specializes in Manhattan apartments but will soon be in all five boroughs of New York City, and have listings from outlying out·ly·ing adj. Relatively distant or remote from a center or middle: outlying regions. outlying Adjective far away from the main area Adj. 1. areas as well. NoFee.com is also a reference information and community resource for apartment hunters in New York City. NoFee.com offers renter tips and message boards that allow renters to find apartment shares and bargains. NoFee.com was created in 1998 by brokers with over 25 years of experience in the New York City apartment rental market, and is dedicated to creating a service-driven, information-centric industry where the customer has more control of their housing search. |
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