Frequently Asked Questions – Buyer Rebates
1. What do you mean by a buyers rebate?
Simply put we pay you a portion of our commission just for being one of our clients. In the state of Illinois it is legal for real estate agents to share all or part of their commission with clients. I f a New Market Realty agent represents you on the purchase of your next home they are paid, on average, a commission of 2.5% of the purchase price. So, for example, if a New Market Realty agent helps you purchase a $300,000 property and is paid $7,500, then the New Market Realty agent keeps $3,000 and rebates you $4,500. This applies to homes priced for $0 to $300,000. That’s 1.5% of the homes purchase price. On homes priced over $300,000 our rebate works like this. If a New Market Realty agent is paid any amount above $3000 the home buyer keeps the balance. If a New Market Realty agent is paid $10,000 they keep $3,000 and rebate you $7,000. It’s just that simple.
2. Will I get the cash back rebate on any home I buy?
Yes! You will receive a rebate on any home listed on the entire Multiple Listing Service (MLS). That includes homes listed by any other real estate company. This also includes New Home Builders. But you must use a New Market Realty, Inc. Realtor® as your buyer’s agent and New Market Realty must receive a 2.5% commission from the listing Broker or builder to qualify.
3. Where does my rebate money come from?
Your rebate comes from the commission that New Market Realty, Inc. earns acting as your buyer’s agent when you purchase a home. The seller (home owner) agrees to pay a commission to the agent that lists their home for sale (the listing agent). That listing agent then agrees to pay a commission to any agent that brings in the buyer of the home (the buyer’s agent).
4. Won’t I end up paying more for my home because of your rebate?
No! Your rebate comes out of the commission paid to New Market Realty, Inc. The home seller has agreed to pay a commission before ever placing their home on the market! The way the seller’s commission is split up has no bearing what so ever on the final selling price of the home! On new construction, most buyers think that if they do not use a Realtor® and if no commission is paid, that they will pay less for their new home. This is so untrue! Due to Federal Fair Housing laws, the builder’s published price list is the price a buyer will pay for that home, with or with out a Realtor® commission being paid! So, not only will you be paying less for your next home, you’ll be paying thousands less!
5. I have a friend who is a Realtor® and he said your rebate is illegal. Is this true?
No! Many real estate agents that do not offer buyer’s rebates, or that are not familiar with Illinois state rebate laws, will try and tell you that rebates are illegal in the state of Illinois. Rebates in the state of Illinois are completely legal! And they can mean a tremendous savings to any homebuyer who wishes to collect them! Please refer to Illinois State rebate laws.
(Illinois rebate laws click here)
6. What if I want to purchase a home in a builder’s new subdivision?
A new Market Realty, Inc. Realtor® can still represent you as a buyer’s agent, protect your interests, and still rebate you 1.5% or more of the home’s purchase price. Remember: be sure to register with the builder only when you are accompanied by a New Market Realty, Inc. Realtor®, or when other arrangements have been made prior to your visit to the new home builder. The cash back rebate is paid by New Market Realty, Inc., not the homebuilder, so again, don’t sign anything without your New Market Realty Realtor® present to represent your interests.
7. Why would I want a New Market Realty, Inc. Realtor® to be my buyer’s representative?
In most cases, the agent’s name that appears on that listing on Realtor.com, or on the “for sale” sign in the front yard represents the seller and the seller’s best interests. It’s in your best interest to have a New Market Realty Realtor® represent you to protect your interests and negotiate on your behalf. There is never a charge to the buyer for our services. Additionally, the buyer’s representation we provide you allows us to pay 1.5% or more back to you in the form of a buyer’s rebate!
8. I’ve always heard that if something is to good to be true, it probably is. So what's the catch?
When you buy a home using a New Market Realty, Inc. Realtor®, there is no catch! You get full-service, you pay no fees, and, better still, – WE PAY YOU!
9. I’ve seen other companies that offer rebates to homebuyers. They say theirs is larger. Is this true?
No! On a percentage basis the rebate from New Market Realty is the largest offered any where in the entire state of Illinois. If you find one that you think may be higher please let us know and we will explain it to you. But, new companies are beginning to offer rebate more and more every day. So if you do find one that offers more we will match that rebate dollar for dollar.
Frequently Asked Questions – Sellers
1. What is the commission to sell my house?
New Market Realty, Inc. will provide a full-service listing for only $599, plus 2.5% to accommodate buyer’s agents from your local MLS.
2. How is the commission calculated?
The commission is calculated on the homes final selling price. For example, if your home sold for $200,000, your commission expense would be $5,599.
The Math: $200,000 x 2.5% = $5,000 (plus our $599 fee) = $5,599.
Additionally, if you yourself find a buyer for your home, and no other real estate agent is involved, you pay only the $599 fee!
3. Your commission seems high. Can’t I save more?
Yes, you can. There are companies that will list your home for less. But, many of these companies will try to up-sell you on additional services that you may not need or want. Read the fine print and know your total cost before signing any listing contract. Also, many companies offer limited service from their agents. This leaves you to do most of the real real estate work!
4. If I list with New Market Realty can other Realtors from other companies show my home?
Yes they can, and they will! In fact, this is where the 2.5% commission comes into play. When we list your home on the MLS, the 2.5% commission is offered to attract other agents (buyer’s agents) into showing their clients your home!
5. What do you mean by full-service? What does this include?
Besides all the services we provide listed on our “Home Sellers Win” page, New Market Realty will treat you, and your listing, just like any other traditional, full-service real estate company would. We handle every aspect of the home selling process. Only we won’t charge you 5% to do it! Your New Market Realty, Inc. Realtor® will be there to help you every step of the way, from planting the sign in the yard all the way to closing.
6. At $599 plus 2.5% do I have to do my own paper work?
No, your New Market Realty Realtor® will handle all contracts and negotiations, working in the best interest of you, the seller.
7. How can you market and promote my home for only $599?
New Market Realty, Inc. promotes your home using a comprehensive marketing campaign. A campaign that works! A campaign that includes listing your home on the MLS, a proper listing price, strong Internet exposure, yard sign and color brochures, a professional virtual tour, and feed back from agents that have shown your home. Everything else is just a waste of time and a waste of your money. Money most often wasted in the form of a much higher listing commission!
