Utah Commission Rebate Agent
Utah Commission Rebate Agent
Dean Smith Utah Real Estate Agent Offering Commission Rebates to Home Buyers
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Dean Smith Utah Real Estate Agent

Offering Commission Rebates to Home Buyers

SERVICES

DID YOU KNOW? Most sellers will pay their real estate agent a 6% commission, and usually half of that is shared with the buyer’s agent. Interestingly, if the buyer doesn’t have an agent, the seller’s agent can often keep the entire 6% commission.

MY OPINION… if the buyer doesn’t have an agent (avoiding the need to pay a commission to a buyer’s agent), the seller’s agent should be paid a 3% commission, and the purchase price should be reduced by 3% - after all, the seller will net the same amount for the house, and the seller’s agent will still get the 3% commission he or she was expecting. Obviously, buying a house is very significant, and the decision to do it without an agent should be made carefully. Among other things, you’ll want to be sure you have a good feel for home values in the current market so you don’t end up paying more than you need to.

A RECOMMENDATION: If you find a house on your own (without a real estate agent, as more and more buyers do), and the seller is represented by a real estate agent, try to negotiate a lower purchase price based on the saved commission as discussed above. If the seller or seller’s agent is unwilling to reduce the price, consider the alternative approach outlined below. Part of the 6% commission that the seller has already agreed to pay can, and should, end up in your pocket – after all, you performed the search and found the house. I can represent you as your real estate agent, provide expert assistance from contract to closing, and then rebate all but 1% of the buyer’s agent commission to you. By taking this approach a significant cash rebate can be paid to you promptly after closing on the purchase of your house.

HERE’S HOW IT WORKS:

1. You hire me as your buyer’s agent. I’m a licensed real estate agent with Logical Move LLC, a Utah real estate brokerage. I have 15 years of experience with real estate transactions and I’ve helped hundreds of clients buy and sell property.

2. I provide the following limited services to you (to be clear, I’m not a full-service agent and therefore I won’t be the right fit for everyone).

a) Real Estate Purchase Contract. Discuss transaction terms, strategy and recommendations with you and prepare all necessary contract documents (offers, counter-offers, addenda, etc.) between you and the seller in accordance with your objectives. Monitor compliance with contractual obligations.

b) Title Insurance. Coordinate with the title company to open an escrow account, hold the earnest money deposit, and provide the title commitment. Review the title report and list of exceptions and consult with you regarding any title concerns or issues that need to be resolved before closing.

c) Settlement and Closing. Review the closing costs and settlement statement for accuracy, review the warranty deed and escrow closing documents and coordinate with the title company to ensure that all closing requirements are completed.

d) Consultation. Discuss the purchase process with you, keep track of relevant dates and deadlines, provide advice, answer your questions and provide guidance until the transaction is complete.

3. When the transaction closes and the buyer’s agent commission is paid, I keep one percent (1%) and rebate the rest of it to you. As noted above, in most transactions the buyer’s agent commission is 3% of the purchase price. This means that if you buy a house for $400,000, I keep $4,000 (1%) and rebate $8,000 (2%) to you. Again, my 1% commission and your 2% rebate are both paid for by the seller.

 

Client Reviews

Dean did a great job advising us, reviewing the contracts and assisting with the purchase of our home, and his commission rebate program was just what we were looking for. We had found the house we wanted to buy on our own, but the owner and his agent wouldn’t lower the price, so we used Dean instead, and received a 2% rebate when we closed. We were impressed with Dean’s expertise and certainly recommend him to other buyers.
— Rich and Petrina Youhan
In today’s age there are many options to buying and selling a house other than just using a realtor. My wife and I did a lot of research online (Homie, individual real estate lawyers, ½ commission realtors, and a conventional realtor) about what process we wanted to move forward with and ultimately we decided to move forward with Dean and his services. We could not be more pleased with our decision. We initially engaged in an agreement with Dean to help us sell our property in Park City. Dean helped us review offers, draft counter offers, and provided great insight around the contract language. Dean was extremely efficient and responsive. After we negotiated a price with the potential buyer Dean assisted with providing all of the necessary paperwork, organizing deadlines with title, and provided a clear overview of each step. We were so happy with Dean’s services with the sale of our house we asked him to help us purchase our next home, and again, we could not be more pleased with our decision. We were purchasing a home in a very aggressive real estate market and Dean was extremely helpful with providing offers and counter offers in a timely manner, organizing all of the required documents, and working with us to make sure the purchase got to the finish line. You do need to invest a little more of your personal time than you would with a conventional realtor, however, the amount of time investment vs the amount of money we saved, Dean is by far the best possible option. Dean saved us tens of thousands of dollars utilizing his services and we recommend him without any reservation.
— Mike Mirza
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