A new online start-up is basing its marketing plan on rebating real estate agent commissions to buyers, and it’s planted the concept by launching the program in the Garden State. New Jersey home buyers can get up to $15,000 back as a rebate from real estate agents commissions.
www.HomeBuyerRebate.org was started as the pilot program offering services to New Jersey home buyers by Jim Contrini and his wife, Evelyn who is a real estate agent. Contrini has plans to take the program national, offering discount real estate agent services to home buyers in the 39 states that allow agents to refund part of their commission to buyers.
The law allowing agents in New Jersey to rebate commissions to home buyers just went into effect in January, and proceeds may not be credited to a buyer as part of a down payment or closing costs. Credits allowed to be used by home buyers during the real estate boom sent many new home owners into economic turmoil, resulting in a large volume of foreclosures.
Brokers and participating agents provide full service to home buyers under the program and specialize in cities where the buyer is making their purchase, offering step-by-step service and guidance during the buying process. “Our goal is to allow the full service broker to completely educate the home buyer, offer a streamlined process of finding a home, a stress free closing and best of all a check for the home buyer at closing direct from the broker,” said marketing director Jim Contrini.
The amount of the rebate is contingent upon the purchase price and may be obtained through the company’s website. “With the current economic conditions it is very important for home buyers to understand the home buying process and be represented by a full service agent,” said Contrini. “We provide the right tools on our site to assist them and they can connect with quality agents that offer a rebate of the commission.”
American Home Realty is the real estate brokerage that Evelyn is associated with. “We will be making this site a generic site and having Realtors enrolled nationwide after the idea catches on,” said Contrini.