1% Buyer Rebate Program
Las Vegas & Henderson 1% Buyer Rebate Program Information:
What is a buyer rebate?
When I represent a buyer on their purchase of a home, I get paid a commission by the seller. While that commission can vary from 2% to 3%, I feel that my buyers should also benefit from that and I will rebate 1% of the purchase price back to the buyer. It’s that simple!
Why do I do it?
I feel that to stay competitive in this market, I must offer an incentive to my buyers. There are many Real Estate Brokerages offering to list a home for a reduced commission so why not offer my buyers a discount as well. It’s a win-win for both the buyer and myself. You get top-notch representation and I have a new client to work with. Also, since I own the company, I do not have to worry about splitting my commission with the owner as many other Real Estate Agents must do. I keep my overhead low so I can offer this rebate to all my buyers. In my 15 years of Real Estate experience, I have saved my client’s thousands of dollars.
How much do I get back?
It’s a simple formula. You get back 1% of the purchase price of the home. The average home sale in the Las Vegas and Henderson area is currently $225,000 so you would receive $2,250.00 back at the close of escrow. Of course, if your home is purchased for a higher price, you would receive more back. There is no limit to the 1% rebate. Many times, the rebate can be used for closing costs, appraisal, home inspection, repairs or almost anything else. Sometimes a lender will restrict how that money is used and other times we simply have a check written to you for the full rebate amount. Each situation is different and I will discuss those details with you and your lender. Please keep in mind that a rebate cannot be used for your down payment.
What is the catch?
Some other buyer rebate companies have restrictions on purchase price, total commission paid by the seller, amount of homes they will show the buyer and other “small print” details that can hurt the buyer. Sometimes they will ask you the buyer to search online for homes without the assistance of the agent. I do not have any of those restrictions. I will rebate 1% of the purchase price regardless of the number of homes I show you, the value of the home, the amount of time it takes to find you the perfect home or the amount I am paid by the seller. No complicated charts or conditions, you simply get 1% back at closing!
Are my services different from a Real Estate Agent that does not offer a rebate?
Absolutely Not! You might hear from other Real Estate Agents that when a Brokerage gives a discount, you will get less than full service. Or that the Brokerage must not have great negotiating skills. Sometimes these comments are made because these other agents are greedy and do not want to lose out on their commission. Other times an agent can be personally offended when a home buyer asks them for a rebate of their commission. But what a buyer rebate does do is create competition with other Real Estate Brokerages which is always a positive for the buyer. More competition simply creates savings for buyers. Other Brokerages are simply trying to keep the old way of doing business by preserving their full commission without helping the home buyer.
Are buyer rebates legal?
100% legal and endorsed by the United States Department of Justice. There have been a lot of misconceptions about rebates and their legality. The Department of Justice discusses Buyer Rebates on their website. I encourage all buyers to visit the Department of Justice website. https://www.justice.gov/atr/rebates-make-buying-home-less-expensive .
What I ask of you.
It is necessary to obtain a pre-approval from a lender before you start looking at properties. This ensures that you the buyer are fully prepared to move forward with your home purchase. It also indicates to me that you are ready to buy so we do not take up each other’s time unnecessarily. I believe this is a fair request and only benefits everyone involved. I take my buyer’s very seriously and commit a tremendous amount of time and energy to each and every one. It is only fair that I ask my buyers to be prepared as well.
Blog Archive2019-06-27 11:29:38
1% Buyer Rebate Program