As a buyer, what difference will I see between Pay Per Service and other large real estate companies?
That is a very good question! The good news is there is no difference in the quality and services we offer. We show appointments, create CMAs’ (comparative Market Analysis), We’ll negotiate your contract, etc! The difference is that with a full service real estate company, you automatically buy everything they offer. With us, you can pick the services you want and not pay for ones you don’t. That can save you thousands of dollars!
What is a commission rebate and how does it work?
When someone wants to sell their home, they offer the selling agent a percentage of the value of the home as an incentive to sell the home on their behalf. The seller agent then generally offer to split that commission with an agent that has buyers that can buy that home. A commission rebate is basically an offer to share his/her commission with the client.
Is giving me your commission legal?
This an often asked questions. Yes, it is. The Real Estate and Business Brokers Act (REBBA 2002) permits and endorses the rebating of commission to anyone that is a party to the real estate transaction, which as a buyer, you are!
Will the commission rebate affect negotiations?
Not in the least. The price the seller offered to pay for the sale of his home was established long before the home was even listed, so it was already factored in to the price.
Does every home qualify for a commission rebate?
Most of them do, including private sales not listed with an agent or the MLS. It depends on whether the person listing the home is paying a commission and what that commission is. If you have a question about a home, let us know and we’ll find out for you!
You must sacrifice service to offer me your commission rebate?
Marvelous question! That is what most people don’t understand. We offer the exact same services as most other real estate companies. The reality is NOT that you are under paying us, the problem is that you are over paying the other agencies!
Is Pay Per Service a license Real estate brokerage? Do you have experience working with traditional agents?
We are fully licensed to work in your area, and we maintain a mandatory Real Estate Trust account as per OREA requirements. Feel free to contact us with any questions you may have. And yes, we have plenty of experience working with traditional agents; we used to be one, after all!
As a buyer, why is it better to work with noncommissioned agents vs commissioned agents?
Today’s buyer is savvier than ever. There are tools to check out homes, neighborhoods, school districts, available for anyone to use. If you’ve done the work, driven around the city, found the home you want and just need help with negotiation, why should you pay extra to a commissioned agent for the same work you’ve already done! Fixed price agents like PPS helps only in what you need help with, potentially saving you thousands of dollars!
How does the PPS concept work?
It’s usually easier to understand with an example. Let’s assume you have done research on your own and have chosen to view 5 houses in the neighborhood. A PPS agent would only charge you $100 per showing which would total $500 for all showings. Now you decided to submit an offer on one of the 5 houses. Our PPS agent will run a CMA report for $200 and draft an offer to you to be submitted to the seller (this includes negotiation)for $1000. Let’s say that the offer is accepted. You need two more visits prior to the closing date. That’s another $200. You also want book an appointment for the home inspection which takes 1 hour for $100 ($100 per hour). In this case, the house you bid on was listed for $700,000. Let’s assume that the buyer agent commission is 2.5% of the selling price. The buying commission is $17,500. This amount will be paid back to you. Meanwhile you only spent $2000 plus applicable tax. So the net to you is $15,000. Nice house warming gift!
What do I do if I chose the PPS 100% commission back program, but later realized that it doesn’t have enough options for my particular situation?
Because our goal is to help you get your dream home, we offer a FLEX PLAN which basically allows you to switch from the PPS plan to the VIP Unlimited Service plan at anytime during the process of searching for your home without paying any further fees. We would refund all the PPS fees at closing and keep the remaining commission for ourselves.
Do I have to pay the PPS fees upfront?
Yes, it’s paid upfront and it’s non-refundable. Choose any of our economical packages to get started. If you choose to get upgrades later, you may pay for the upgrades up front, or for a $100 surcharge, you may either pay for them at closing or have them deducted from the Commission rebate.
What is the VIP Unlimited Service plan?
If you are more comfortable with a traditional way of buying a home, then this is your plan. This is just like a traditional real estate transaction. We do all the work, there would be no upfront cost and we would keep the commission. It’s simple and for those that don’t want to keep track of individual items you can buy, it works great. This plan offers unlimited service e.g. showings, offers, CMAs and others.
Does Pay Per Service Realty offer a customized rebate option?
Yes. We have a 50% cash back rebate plan, which basically return 50% of the offered buying commission at closing, and you pay nothing upfront. This service is limited to 20 showings and 4 offer presentations and CMAs.
Do we have to be locked into service agreement term with Pay per Service Realty?
Depends. The PPS 100% commission cash back plan doesn’t require any term and can be terminated within 24 hours. The 50% cash back rebate requires a month contract, and the VIP Unlimited Service requires a 3 months contract.