Saving Buyers Money with a Commission Rebate in NYC

Saving Buyers Money with a Commission Rebate in NYC

New York City apartment prices are expensive compared to the rest of the country and real estate commissions are extremely high compared to the rest of the world (2-3x more than most developed countries), but what if didn’t have to be this way. What if buying a condo or co-op in NYC could be made more affordable thanks to technology? Well, it can be now thanks to Prevu’s Smart Buyer™ platform and commission rebate in NYC.

In a recent episode of the "Real Estate Is Your Business" podcast, I had the opportunity to share Prevu’s mission of saving homebuyers money and discuss how tech-enabled brokerages like Prevu are modernizing the antiquated nature of the residential real estate industry in New York and overall in the United States.

Ordinarily, as the host of the “Real Estate Is Your Business” podcast, I am the one asking real estate technology founders, executives and thought leaders about key topics in the industry. However, this week the roles were reversed as Pavan Bahl, President of MouthMedia Network, invited me to sit down as a guest on the show and discuss how our team at Prevu is saving homebuyers tens of thousands of dollars per transaction with our industry-leading Smart Buyer™ platform and commission rebate in NYC.

 

Commission Rebates in NYC - How They Work

In a traditional residential real estate transaction, the seller of a condo or co-op pays 6% of the sale price in commission. If there’s a buyer’s broker involved in the transaction, 3% (or half) of the total commission is paid to the seller’s broker, and 3% (the remaining half) is paid to the buyer’s broker. The buyer shows up with all of the money and purchases the apartment.

For example, under the old way of doing things, if a NYC buyer purchases a $2,000,000 apartment, the seller of the apartment pays $120,000 in commission, the seller’s broker receives $60,000, the buyer’s broker receives $60,000, and the buyer receives only the apartment.

Thankfully, Prevu offers a modern approach that unlocks significant savings for homebuyers and it is simply a fairer deal. When you purchase an apartment with Prevu, not only do you buy your desired apartment, you also receive up to 2% of your purchase price cash back. For example, if you buy the same $2,000,000 apartment discussed above, you would also receive $40,000 in the form of a commission rebate. That’s a much better deal than the $0 buyers receive when you buying with a traditional agent.

Curious to hear more about how Prevu is able to offer the largest commission rebate in NYC? 

Listen to our conversation: “On a Mission to Save Homebuyers Money”

Prevu Episode - Real Estate Is Your Business Podcast

Categories: Buyer Prevu

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