Congratulations are in order for CondoDomain, they have officially commenced operations in New Jersey! CondoDomain will be focusing on the Jersey City and Hoboken market and what’s more, they will be the first to offer the real estate commission rebate. That’s a lot of important words in one small phrase, so let’s take a look at what real estate commission rebate actually means. In January 2010, a law was passed that allows for New Jersey real estate agents to offer rebates on their commission back to the buyer. This is a way for real estate companies to give refunds. This next part may take you back to high school math class, but bear with me.
As an Example:
X-Name Real Estate Company offers a 10% rebate of the buyer’s agent’s commission.
If I buy a $250,000 condo, with a 6% commission, this commission will be shared (let’s say 50/50) between the listing broker and the broker who represents me, the buyer.
$250,000 (cost of my condo) x .06 (commission %) = $15,000 total commission
$15,000 (total commission) x .5 (% to my agent) = $7,500 commission to my agent
$7,500 (commission to my agent) x .10 (% rebate) = $750 my rebate amount
So when all is said and done, I would receive $750 back from my agent’s commission, which is pretty nice. I can use that money to help furnish my lovely new condo.
Not everyone was in favor of the commission rebate law; in fact, it was opposed by the New Jersey Association of Realtors. They stated this law would deter buyers from focusing on the service of the real estate agent, and shift their priorities towards the possibility of discounts. However, online companies like CondoDomain can keep their costs low by focusing on their internet sites, in turn, allowing them the financial ability to offer rebates.
CondoDomain is an avid supporter of the rebate, so much so that last month they passed the million dollar point in commission rebates. They’re so serious about it that you can log on to their website and check out the rebate ticker in the upper right hand corner. For CondoDomain rebates aren’t a gimmick, they are a way to say thanks, and to give their clientele one more reason to keep coming back. Call 877-852-6636 to speak with a representative today!