Despite a decade of low cost of on-line marketing, New York broker commissions have failed to decrease.
Room Real Estate was one of the first brokers in Manhattan to offer cash back to real estate buyers since it became legal in New York. For more information from the Department of Justice, see:
The buyer rebate, or cash back, works in such a way that the buyer’s broker gives some of the co-broker commission split to the buyer within ten days of closing. This was earlier considered an illegal kick back and the antitrust commission has now allowed it in order to protect consumers from high transaction costs.
Room Real Estate is the first company to offer a full 33% commission rebate for buyers. This rebate is part of the listing agent’s contractually pre-set fee that you as a buyer are now able to get back.
It has been a huge success for the firm. “There is no smarter way to buy an apartment, a home or a building in New York. Even some of the most independent clients who desperately refused to hire a buyer’s agent are coming to us just to get the kick back,” said Olof Tenghoff, president of Room Real Estate.
Room Real Estate is trying to optimize the transactions for its clients and DO business for them, instead of using client’s money for BUILDING its own business. This is the opposite strategy from many competitors, but the time has come for it here in New York, as it already has in many other states.
There are a million and one ways to explain to consumers why they should pay higher transaction costs. Room Real Estate believes that today’s educated consumer will ultimately prefer the lower cost, the same way that a lot of people left big banks and trade stocks at discount brokers nowadays. Mr. Tenghoff further commented: “We are glad that consumers can now get their hands on Money that rightfully belongs to them.”
Currently, all Room Real Estate franchises are in the United States; however, the company plans to expand internationally.
About Room Real Estate, LLC®
Room Real Estate is a Manhattan based discount luxury broker, selling luxury properties with low transaction costs. Read more at www.roomrealestate.com.
Contact: Olof Tenghoff . 212-202-5550, firstname.lastname@example.org or email@example.com
SOURCE Room Real Estate, LLC
Filed under: Real Estate