A New Approach to Brokerage Means Cash Back at the Closing

Sponsored By MyFeeSimple

MyFeeSimple is a NYC-based real estate firm that gives 50 percent of its
broker commission to its clients.

Created By BlankSlate

Real estate transactions in New York City have worked the same way for a long time.

Periodically, new players introduce new ways of doing things. The latest entrant into that category is MyFeeSimple, a buy-side brokerage with a twist.

How does it work? You, the buyer, with support from MyFeeSimple, find the apartment you’d like to buy; at the close of the sale, you’re rewarded for the effort with a rebate.

MyFeeSimple performs the traditional brokerage tasks: helping you do searches, find comparables, negotiate, complete board packages, and refer lawyers and inspectors — everything but accompanying you to open houses — but they partner with you and share the wealth.

After performing a typical search, and then contacting MyFeeSimple, you get a discount on the price of a home because the buyer broker commissions will be split with them.

Could this kind of service make sense for you?

If you’re a buyer looking in the market for a home under $10 million, probably, since you’re more likely to take an active role in searching online by reviewing listings (in New York City, you can review all available listings without the aid of a broker).

Let’s break down the numbers.

When a property is sold in New York City, a gross 6 percent commission is generally paid by the seller and divided between the seller’s broker and the buyer’s broker.

Traditionally, when you show up without a broker on your behalf, the listing broker keeps the entire commission. If you bring MyFeeSimple to the table, you’ll take home 50 percent of the buy-side commission, or 1.5 percent of the gross commission.

That means a $15,000 lump sum check waiting for you at closing on a $1 million apartment.

For those who are willing to put in a little bit more work to reap the rewards, MyFeeSimple’s modern twist on the home buying process is an enticing option.

Get in touch with MyFeeSimple today to learn more.