Here's how the real estate rebate works: In most home sales, the buyer does not pay for the commission fees of the buyer's agent. The commission is offered by the seller, and can vary somewhat from one real estate transaction to the next. However, for the majority of properties in the greater Charlotte area, the commission is 3%. We offer up to one third of this fee back to you, the buyer - it comes directly off your total cost at closing.
For example, let's say you buy a home for $400,000 through us, and the commission offered to the buyer's agent is 3%. Most real estate agents keep all of this money and use part of it to pay for their overhead costs - franchise fees, administrative overhead, agent's salary, advertising, etc. We have some of these kinds of costs too - we just have a lot fewer of them than most agents. So we normally pass a good portion of the money back to you. In the example above of a $400,000 purchase, you'd typically get $4,000 back as a credit at closing - even before trying to negotiate any money off the price with the seller.
Sound too good to be true? It's not. We offer a commission rebate to Charlotte-Area Homebuyers: 1) because we have low overhead costs and can afford to do this, and 2) to be more attractive to homebuyers than our competitors.
Please note: not all properties that are listed offer buyer’s agents a commission of 3%. If the commission offered is less than 3%, then the rebate is lowered accordingly. We can tell you on any given property what the commission offered is before you see it. In addition, we extend the offer of up to a 1% commission rebate to buyers that are searching for properties priced at $300,000 and up. If you are looking for a property priced under $300,000, we can still offer you a rebate - but it would likely be a somewhat smaller one. Homes under $300,000 normally receive rebates on a sliding scale.
Assuming a 3% commission, examples of typical rebates at given price points are below:
|Example Price||Example Commission||Expected Buyer Rebate|
|$300,000 and up||3%||1%|