Seller Rebate Program
“Rebating by real estate brokers can greatly reduce the costs of buying and selling property and even facilitate new and innovative business models,” said Attorney General Schneiderman. “I urge the real estate community to embrace this opportunity to be more competitive, and improve the choices available to New York homeowners.”
Press Release NY Attorney General Eric Schneiderman, April, 2015.
For decades CNY real estate brokers have followed the same traditional commission plan charging on average 6 to 7 percent total commission based on the purchase price agreed to through the Listing Contract. The listing broker then offers cooperation (generally 50% of the total commission) through the MLS to buyer agents. If the buyer does not have representation the listing broker would keep the entire total commission.
We feel it’s time for that to change. When you work with one of our agents, representing you as a sellers agent, we rebate a percentage (minimum of 10%) of the commission we receive at closing. We understand that there is no one size-fits-all transaction and so we evaluate the salient details of each sales transaction and present a tailored proposal considering a number of factors, including the home’s market value, saleability and how reasonable you are with your listing price.
How are we able to offer rebates? By using the latest real estate technologies, keeping our overhead low and deciding not to pay franchise fees to national marketing companies, that typically add 8-10% to the transaction. For details and information on our programs call today to schedule an appointment with one of our REALTORS®.
We are a local independent real estate company with over 50 years of combined residential real estate experience. We are members of the Greater Syracuse Association of REALTORS® (GSAR) and the National Association of REALTORS® (NAR). We utilize the same MLS, the same lockbox system, the same showing appointment service and the same syndication service to major real estate websites (Zillow, Trulia, realtor.com etc.) as the other companies. In addition we participate with the NYS MLS, a state wide MLS, serving over 35,000 NY real estate professionals.
Seller Rebate Disclosures:
Subject to the following limitations the Listing Company of CNY, Inc. (LCCNY) Seller Rebate will be paid within 5 business days of closing and receipt of all commissions due and payable to LCCNY.
The payment of cash or offering an incentive to encourage a consumer to do business with a broker is permitted pursuant to Section 442 of the New York Real Property Law. The Listing Company of CNY, Inc. (LCCNY) rebate is subject to adjustment or cancellation if the commission received by LCCNY is 2.5% or less of the property sale price, the commission amount provided to LCCNY changes after the signing of a listing agreement or must be shared with additional parties or if the subject property is sold as a short sale. LCCNY will only issue a rebate to the person(s) listed on the recorded deed and Listing Contract.