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For example, the widespread use of sophisticated real-estate search websites now allows buyer-side brokers to offer more limited-service, lower-fee models, under which clients do more of their own legwork when searching for properties.
One reason my office helped initiate this legislative change was because we were concerned that confusion over the legality of rebating may be hindering efforts of real estate brokers to employ more innovative, consumer-friendly business models.Anyone that has purchased real estate before knows that not to be the case.Keep more money in your pocket.Luckily, thats changing thanks to a real estate technology startup that offers cash back with a commission rebate in NYC.What will you be able to do with your commission rebate?Sure, just like you, brokers would prefer to make more money than less but why else arent more buyers collecting a commission rebate?They know what the broker oakley radar discount actually does and recognize the absurdity of a 30,000 commission.The affordability of buying an apartment in New York City may seem challenging due to high prices relative to the rest of the country.They assume they need the best and the most expensive must be the best.
His letter also emphasizes that his office will investigate any allegations of discrimination against brokers engaged in rebating.
Ten years ago, when selling your average Manhattan apartment you would have paid your listing broker about 40,000 (and a total commission of 80,000).
The largest brokerage, Douglas Elliman, has less than 7 of Manhattans agents3.
Brokers adopting such models can offer lower commissions (by rebating) and, in principle, may also be able to serve a larger number of clients.
Amazons lack of stores dramatically lowers their cost structure and allows them to pass those savings on to you.
The legislation was sponsored by Senator Zeldin and Assembly Member Lavine.
Smart buyers get more with a commission rebate.If a broker is not given a reason to rebate, they wont.However its understandable if a first time buyer thinks theyre making some sort of concession with a commission rebate.A full copy of the letter is available below.Prevus, smart Buyer Rebate is straightforward and consumer friendly.