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.

nyc real estate
Condo. Price: $695,000. Commission Rebate: $10,425

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).

New york city real estate
Co-op. Price: $1.7 million. Commission rebate: $25,500

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.

NYC Real estate myfeesimple
Co-op. Price: $830,000. Commission Rebate: $12,450

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. 


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