For a limited time, buy a home with me and receive a cash rebate!
What is a commission or cashback rebate?
In short, a commission rebate (also known as cashback) is money that your real estate agent will refund to you at closing, usually a percentage of their commission earned.
How does a commission rebate work?
Let’s say you buy a home for $1,000,000. The seller would typically pay a total 5% commission, 2.5% to the listing agent and 2.5% to the buyer’s agent. A cash back real estate agent will then rebate the agreed upon percentage of commission to you (the buyer) in the form of a cheque after successful closing.
Why would a real estate agent offer a rebate/cashback?
The role of REALTORS® has been changing for years. Traditionally, REALTORS® had the key to finding properties and accessing information, nowadays most buyers start their home search online having access to more information than ever. As a result, the process of buying a home becomes a combined effort between the agent and buyer, so I believe it is only fair that the buyer get to keep a portion of the commission.
Do all real estate agents offer rebates?
Many agents offer cashback rebates, many others would never consider it. Above all, I am not competing with traditional agents, but rather offering an alternative service to a particular buyer.
How does the rebate help me as a buyer?
According to TRREB, as of July 2021 the average home price for all property types is a whopping $1,062,256 – extra cash helps! Buyers can use the extra cash to help with taxes, make improvements to their newly purchased home (how does a new kitchen sound?), and even splurge on a well deserved dream vacation.
When and how will I get the rebate?
Your rebate will be processed and issued by cheque within 20 days of the commission being paid out. That is to say, you can typically expect to have it within a few weeks of closing.
How do I find out the details of my rebate?
A rebate or cashback agreements should always be in writing. When you work with me, the full details of the rebate are recorded directly in the BRA (Buyer Representation Agreement).