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CBS Launches Residential Real Estate Site

CBS is getting in the real estate business. CBS Television is backing a new residential real estate site dubbed CBS Real Estate Market, in a joint venture with LMG digitalMedia. The effort is being led by Simon Mills, CEO of LMG.

CBS has been looking for ways to monetize its New York online audience of 3 million unique visitors. Currently the real estate site boasts more than 25,000 apartment listings for sale or rent. The goal is to roll the site out to the 13 markets that CBS Television serves across the nation.

CBS Real Estate Market plans to make money through co-brokering fees. When a buyer is interested in a property they see online, they will contact one of the 30 brokers from Property Strategies Group, a residential brokerage LMG founded a year ago. LMG will share its revenue with CBS.

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Read the whole story at Crain’s New York »

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