Buyer Rebate Program
How to buy your next property & earn a rebate at closing!
The idea of getting a rebate at closing is not new. This is the natural progression of the industry due to the internet and your ability to find homes without a Realtor. The concept is that buying and selling real estate is simply a transaction. While the real estate transaction can be complex and full of emotions, it is none the less a transaction.
Isn’t going direct to the listing agent the best option? NO! This is actually the worst thing you can do! The listing agent has a fiduciary to the seller and fully represents the seller! A listing agent can never really have your best intentions in mind. Going direct to the listing agent is a sure way to overpay for a property! The listing agent will end up making the full 6% commission. So DO NOT contact the listing agent yourself!
If you as a buyer are willing to do the majority of the work you should be compensated for it. The less time we spend showing homes the more money we can give you back.
EARNING YOUR REBATE IS THIS SIMPLE
Steps to earn your rebate
1. Make sure you are pre-approved with a lender: Realtors don’t like to waste time showing homes to people that cannot get a mortgage so it is essential you get preapproved AND have the preapproval certificate with you when you view homes.
Mink Realty does not show homes to buyers. There are 2 ways buyers can view the home. Do NOT call the listing agent yourself!!!
1. An Open House is a great way for you to see the home. NOTE: IT is illegal for a listing agent to give you a lockbox code to get into a vacant home. If they allow this it is wrong!
2. I will call the listing agent and ask if they would show the home to you in my abscence. Most of the time they are agreeable if their schedule allows, because they want to sell the house. In some cases if the listing agent does not agree to show the home I may have to offer them a “Showing Incentive Fee” of 5% of the buyer’s side commission if they show the house for me. I only do this if I have to.
Here’s the math: If the sales price $300,000 and the commission is 6% or $18,000, Our half on the buy side is 3% or $9,000. WE OFFER OUR SHOWING INCENTIVE FEE OF 5% OR $450 TO THE LISTING AGENT IF THEY SHOW YOU THE HOME. So, at closing, $9,000 - $450 = $8,550. Then you and I split that in half (agent gets $4,275) and (buyer get $4,275)! This works very well.
Don’t let the rebate fool you. You are fully represented. I bring over 15 years of experience and hundreds of closing to the table. As your buyer’s agent, I am committed to getting you the lowest price and best terms on your next home!