The affordability of buying an apartment in New York City may seem challenging due to high prices relative to the rest of the country. Luckily, that’s changing thanks to a real estate technology startup that offers cash back with a commission rebate in NYC.
Prevu, a NYC-based real estate technology platform on a mission to save homebuyers money, has created an online buying experience that guides you through your home buying journey, plus offers up to 2% of your purchase price cash back with its Smart Buyer commission rebate. That’s up to $30,000 cash back if you buy a $1.5 million apartment.
Smart buyers get more with a commission rebate
Prevu’s Smart Buyer Rebate is straightforward and consumer friendly. Prevu rebates a set two-thirds of the commission it receives for representing you, and the rebate amount is disclosed prior to making an offer. By combining technology and salaried agents, Prevu has created a buying experience that is more efficient, and as a result this allows the company to make real estate more affordable by passing on significant savings to New York homebuyers.
For example, if a homebuyer purchases an NYC apartment with Prevu for $1.5 million — the seller pays a 6% commission ($90,000) with 3% going to the seller’s broker ($45,000) and 3% to the buyer’s broker ($45,000). Prevu gives two-thirds of their buyer’s broker commission to the homebuyer – a Smart Buyer Rebate of $30,000. That sure beats the $0 a homebuyer receives working with a traditional real estate broker.
Seamless buying experience, no pushy agents
Prevu delivers a seamless experience start to finish similar to what homebuyers are accustomed to in other parts of their lives, such as e-commerce, travel, or hospitality.
The Smart Buyer platform allows you to find your apartment or home with a customized property feed that transparently shows your potential rebate. Schedule showings at the touch of a button, ask questions in convenient messaging with a local expert, and when you’ve found the one, make an offer online with the guidance of a licensed agent. That’s right – search on your terms and receive expert advice when you need it. Finally, no more pushy agents.
What will you be able to do with your commission rebate?
- Keep more money in your pocket
- Offset closing costs
- Renovate your new home
- Furnish your new home
- Replenish your savings
Are commission rebates legal?
The concept of buyer commission rebates is a positive for consumers, has been encouraged by the Department of Justice, and is currently legal in 40 US states.
In 2015, the Attorney General of the State of New York weighed in on the matter in a letter to the real estate industry encouraging the consumer benefits of commission rebates. “Rebating by real estate brokers can greatly reduce the costs of buying and selling property and even facilitate new and innovative business models,” said Attorney General Eric Schneiderman.
While some homebuyers may choose to go the traditional broker route, it’s important that homebuyers are aware that buyer commission rebates exist so they can make an informed decision when selecting a real estate broker.