You gotta love how they do things in the New York \/ New Jersey area.<\/p>\n
They don’t mess around.<\/p>\n
I called a very experienced agent in the NY\/NJ area yesterday to discuss her experience with one of her online service providers… as well as the usual real estate chit chat.<\/p>\n
During our conversation, I asked her if she has had any experiences with the Redfin type of buyer brokers… you know, the kind that rebate money to the buyer.<\/p>\n
According to her, the rebate is outlawed in New Jersey.<\/p>\n
It’s the next item that just killed me (hence the title):<\/p>\n
“Around here, if a buyer wants to see a house, they need to pay $150 and enter a buyer brokerage agreement. If and when they actually make a purchase, the $150 is given back to the buyer. It keeps the buyers from jumping from agent to agent,” she said.<\/p>\n
Now that’s a shock. What a concept!<\/p>\n
“And buyers go for it?” I asked, in disbelief.<\/p>\n
“They have to. Everyone does it. It helps to compensate you for running around – and keeps you from dealing with buyers who aren’t serious. Show ten houses in a month, and you have $1500 to pay some of your expenses,” she replied.<\/p>\n
I am not sure that I, as a seller, would approve of this…<\/p>\n
I know you guys will have an opinion on this. \ud83d\ude06<\/p>\n","protected":false},"excerpt":{"rendered":"
You gotta love how they do things in the New York \/ New Jersey area. They don’t mess around. I called a very experienced agent in the NY\/NJ area yesterday to discuss her experience with one of her online service providers… as well as the usual real estate chit chat. During our conversation, I asked […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-906","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1605,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1605\/moscow-on-the-delaware-who-precisely-are-the-thugs-wielding-the-guns-in-the-new-jersey-rebate-debate\/","url_meta":{"origin":906,"position":0},"title":"Moscow on the Delaware: Who, precisely, are the thugs wielding the guns in the New Jersey rebate debate?","author":"Greg Swann","date":"June 30, 2007","format":false,"excerpt":"Independence Day is upon us, and Cathy Jager reminds us what it is we seek independence from. The little question: Can a sleazy anti-rebate law be repealed? The big question: Is the NAR arming the opposition? A happier note: Linked below is a clip from Moscow on the Hudson. There\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":336,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/336\/ask-the-broker-what-compensation-does-a-buyers-agent-have-to-disclose\/","url_meta":{"origin":906,"position":1},"title":"Ask the Broker: What compensation does a buyer’s agent have to disclose . . . ?","author":"Greg Swann","date":"September 14, 2006","format":false,"excerpt":"This is an excellent question:Do buyer's agents have to disclose ALL compensation he receives from all sources to his client? It would be important to know who's filling his lunch sack. Example: Builder pays a bonus above the commission listed in the MLS to the buyer's agent if his client\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5446,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5446\/offering-more-service-to-buyers-for-a-bigger-slice-of-the-buyers-agents-commission-redfin-moves-closer-to-traditional-real-estate\/","url_meta":{"origin":906,"position":2},"title":"Offering more service to buyers for a bigger slice of the buyer’s agent’s commission, Redfin moves closer to traditional real estate","author":"Greg Swann","date":"November 6, 2008","format":false,"excerpt":"When I represent buyers, I see my biggest responsibility as taking the fear away. Yes, I need to find and show houses. Yes, I need to write contracts and supervise inspections. Yes, I need to husband everything through the lender and the title company. But the job of jobs is\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":569,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/569\/home-buyers-how-to-horsewhip-your-buyers-agent-to-get-to-a-reasonable-fee\/","url_meta":{"origin":906,"position":3},"title":"Home buyers: How to horsewhip your buyer’s agent to get to a reasonable fee . . .","author":"Greg Swann","date":"October 26, 2006","format":false,"excerpt":"Even though I have yet to persuade a home buyer to whipsaw sellers using my strategy, I thought I would pass along a tip for buyers on getting a better deal from your buyer's agent -- no matter where you might happen to be. I happens that I have a\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2917,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2917\/redfincom-wakes-up-smells-coffee-staples-galoshes-to-forehead-now-redfin-buyers-will-be-able-to-see-homes-in-an-almost-normal-way\/","url_meta":{"origin":906,"position":4},"title":"Redfin.com wakes up, smells coffee, staples galoshes to forehead: Now Redfin buyers will be able to see homes in an almost-normal way","author":"Greg Swann","date":"April 8, 2008","format":false,"excerpt":"The uncontested brilliance of the free market is that it is self-correcting. People like me have been bitching all along that Redfin.com's approach to buyer representation was misguided if not outright evil. Conceding some huge chunk of the buyer's agent's commission to the buyer was certainly consumer-friendly, but pushing the\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":403,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/403\/blogoff-post-26-if-the-buyer-has-no-agent-what-does-the-listing-agent-get-paid\/","url_meta":{"origin":906,"position":5},"title":"Blogoff Post #26: Ask the Broker: If the buyer has no agent, what does the listing agent get paid . . . ?","author":"Greg Swann","date":"September 26, 2006","format":false,"excerpt":"This question came in earlier today. It's actually pretty simple, if you're an insider, not so simple if not:I am selling my house with one agent and the buyer does not have any agent. My agent brings the buyer and they put in an offer. How much commission will I\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=906"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/906\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}