NYC Real Estate Commission Rebate

Save $20,000 or More with a NYC Real Estate Commission Rebate

Buying a condo, co-op or townhouse in NYC? Save $20k or more by requesting a NYC real estate commission rebate.

Buyer agent commission rebates in NYC are a completely legal and automatic way to reduce your buyer closing costs in New York City. Better yet, real estate commission rebates in New York are generally considered to be non-taxable income. You can earn a NYC real estate commission rebate on virtually any listing in NYC.

Why Request a Commission Rebate?

Rebates are Legal – real estate commission rebates in NYC are completely legal and endorsed by New York’s Attorney General.

Rebates are Non-Taxable – real estate commission rebates in NYC are generally considered to be non-taxable income.

Rebates Reduce Closing Costs – requesting a rebate is an effective way to reduce your NYC home buyer closing costs.

Request a Discreet New York City Real Estate Commission Rebate

Save money by receiving a legal, tax-free commission rebate on your purchase

Why Request a Rebate Through Hauseit?

Discretion Matters – because our network of buyer’s agents do not openly discount like your typical ‘discount’ or ‘rebate’ broker, sellers and listing agents won’t have reason to think you are receiving a rebate and treat you differently.

Quality Matters – even though sellers pay all real estate commissions in NYC, the quality of buyer agents varies greatly in NYC. Hauseit affiliates are among the most experienced buyer’s brokers in the city.

Just remember, there’s no point in getting a rebate if everyone knows you’re getting one! Listing agents will be unhappy and sellers will automatically know you can pay more since you are receiving a rebate. All Hauseit affiliated buyer agents are full-service, traditional brokerage firms who do not openly or normally discount their services.

The rebate you receive will be a discreet and private arrangement between you and your buyer’s agent. This means that sellers and listing agents won’t have any reason to treat you differently.

Request a Discreet New York City Real Estate Commission Rebate

Save money by receiving a legal, tax-free commission rebate on your purchase

What is a NYC real estate commission rebate?

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).

Request a Discreet New York City Real Estate Commission Rebate

Save money by receiving a legal, tax-free commission rebate on your purchase

Are real estate commission rebates legal in NYC?

Real estate commission rebates are completely legal in New York (and New York City). They are actually encouraged by New York’s Attorney General as a means of reducing the real estate transaction costs for buyers in New York City.

New York’s Attorney General is so supportive of real estate commission rebates that he issued an open letter to the real estate community in April 2015 encouraging more buyer agents to offer commission rebates to their clients.

Despite the legality of real estate commission rebates in NYC, the reality is that only a handful of buyer agents openly offer them to buyers. The reason for this is simple: buyer agents in NYC are used to earning 3% on each deal, and by offering rebates their compensation per deal falls significantly.

To make matters worse, the only traditional way to receive a rebate has historically been to request one through an online ‘discount’ broker. Given how powerful the brokerage industry is in NYC, attempting to receive a rebate from an openly discounted brokerage puts you at risk of discrimination and mistreatment from traditional listing agents who envy agents that dare challenge the status quo of 6% commissions.

Because our network of buyer’s agents do not openly discount like your typical ‘discount’ or ‘rebate’ broker, sellers and listing agents won’t have reason to treat you differently because they think you are receiving a commission rebate.

Reduce Your Closing Costs by Requesting a Buyer Agent Commission Rebate

Save money by receiving a legal, tax-free commission rebate on your purchase

Are NYC real estate commission rebates taxable?

Real estate commission rebates in NYC are generally considered to be non-taxable income by the IRS. As a buyer, this means that every dollar you receive through a rebate will fully offset a dollar of buyer closing costs (such as the mansion tax and mortgage recording tax).

The IRS released a private letter ruling on the taxability of buyer agent commission rebates in 2007 in response to a petition for clarification from a national brokerage engaged in the provision of rebates.

Receiving a NYC real estate commission rebate is similar to receiving a rebate when buying/leasing a new car. In the case of buying a car, the IRS views the rebate as an adjustment to the purchase price of the car itself.

Request a Discreet New York City Real Estate Commission Rebate

Save money by receiving a legal, tax-free commission rebate on your purchase

How do I request a NYC real estate commission rebate?

You can request a New York City real estate commission rebate here. Virtually all listings in the city are eligible for a commission rebate, and you can even request a rebate if you’ve already viewed a property on your own.

Requesting a NYC real estate commission rebate is the single most effective way to save money when buying a condo, co-op or townhouse in NYC. Working with a seasoned buyer’s agent on your search also offers you a number of advantages outside of the rebate itself – such as board package assistance, negotiation and offer advice, as well as help in searching for and asking questions about listings and buildings.

Reduce Your Closing Costs by Requesting a Buyer Agent Commission Rebate

Save money by receiving a legal, tax-free commission rebate on your purchase

What are the advantages of working with a NYC buyer’s agent?

Working with a buyer’s agent on your NYC home search can streamline the process and increase your likelihood of negotiating a better deal.

Here are some advantages to working with a buyer’s broker in New York City:

  • Receive a Rebate – working with a buyer’s agent will allow you to save money on your purchase by requesting a real estate commission rebate.

  • Board Package Assistance – a seasoned buyer’s agent will help you prepare an impeccable co-op (or condo) board package, thereby maximizing your chances of board approval.

  • Negotiation Advice – having a credible and experienced intermediary negotiating on your behalf will increase your chances of a lower sale price and more attractive deal terms.

  • Learning About Listings – NYC buildings vary greatly in their financial requirements for buyers, sublet policies and house rules (among other things). A seasoned buyer’s agent can help you navigate these complexities and ensure that you focus on listings that are the right fit for you.

  • Avoid Dual Agency – negotiating directly with a listing agent under dual agency is risky. Avoid dual agency and receive a real estate commission rebate by working with a seasoned NYC buyer’s broker.

Request a Discreet New York City Real Estate Commission Rebate

Save money by receiving a legal, tax-free commission rebate on your purchase

Can I get a rebate on real estate commissions when I buy an apartment in NYC?

As a NYC home buyer, you can get a rebate on real estate commissions when buying an apartment in NYC. Requesting a real estate commission rebate from your buyer’s agent can save you $20k or more and help reduce your buyer closing costs. A real estate rebate is an automatic discount on your purchase price.

Despite their legality and effectiveness in helping buyers save money, real estate commission rebates in NYC are very difficult to find. Many buyers will go through their entire search not realizing or being told that they could have saved money by requesting a NYC real estate commission rebate.

Reduce Your Closing Costs by Requesting a Buyer Agent Commission Rebate

Save money by receiving a legal, tax-free commission rebate on your purchase

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