100% of all real estate commissions are paid by sellers in NYC, and home owners in NYC typically agree to pay the same total commission (most often 6%) regardless of whether the buyer is unrepresented or has a buyer’s broker. If a buyer is working with a buyer’s broker, the 6% commission is split equally between the listing agent and the buyer agent. If a buyer does not have a buyer’s agent, the entire 6% commission is pocketed by the listing agent.
What this means as a buyer is that your offer won’t be more attractive to a seller if you are ‘unrepresented.’ By submitting an offer directly to a listing agent, you won’t be able to negotiate a lower purchase price. The only impact of your decision to be unrepresented will be that the listing agent earns double commission.
By requesting a NYC real estate commission rebate, you will receive an automatic and discreet discount on your purchase at closing. A real estate commission rebate can help offset some of your other buyer closing costs (including the notorious 1% NYC Mansion Tax).