What is a New York City Real Estate Commission Rebate? https://www.hauseit.com/nyc-broker-commission-rebate/
As a buyer in NYC, you may have heard that the services of a so called ‘buyer’s agent’ are free. But you may be asking – if my buyer’s agent is free, who pays the bill? And what is a New York City real estate commission rebate? How does a real estate rebate save me money?
To answer these questions, let’s take a step back and look at how a typical sale in NYC works:
How to Sell an Apartment in NYC: https://www.hauseit.com/how-to-sell-an-apartment-in-nyc/
Step 1: A seller hires a New York City listing agent and signs a 6% ‘exclusive right to sell’ listing agreement. In signing this contract, the seller agrees to pay a total of 6% commission when the property sells.
If you as the buyer are unrepresented and have no buyer’s agent, the seller pays the entire 6% commission to the listing agent. If you are working with a buyer’s agent, the seller pays 3% commission to the listing agent and 3% commission to your buyer’s agent.
The key takeaway here is that the seller pays the same amount of commission regardless of whether a buyer’s agent is involved in your deal alongside the listing agent.
Because the seller pays the commission bill for your buyer’s agent and you won’t achieve a lower sale price by being unrepresented, hiring a buyer’s agent is a no brainer.
What is the Typical Real Estate Commission in NYC? https://www.hauseit.com/whats-typical-real-estate-commission-in-nyc/
If you hired a traditional buyer’s agent who does not offer a rebate, your agent will collect his or her commission check at closing and walk away. On the other hand, if you requested a real estate commission rebate your buyer’s agent will write you a check at closing for a portion of the commission he or she earned on the deal.
Legality of NYC Real Estate Commission Rebates: https://www.hauseit.com/nyc-broker-commission-rebates-legal/
Taxability of NYC Real Estate Commission Rebates: https://www.hauseit.com/are-buyer-broker-commission-rebates-taxable-in-nyc/
So, how do you request a New York City real estate commission rebate?
Discretion is key when requesting an NYC real estate commission rebate. The last thing you want is for the listing agent and/or seller to hold a grudge against you because they know you are receiving a commission rebate.
At Hauseit, we’ve partnered with NYC’s most experienced and seasoned buyer’s agents who have agreed to discretely offer you an NYC real estate commission rebate at closing. As NYC’s largest FSBO and Buyer Agent Commission Rebate company, Hauseit’s reviews online are second to none.
Request a NYC Real Estate Commission Rebate: https://www.hauseit.com/nyc-broker-commission-rebate/
