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We cut buying agent commission in half – saving our customers an average of $8,500 on every close.
A standard buying agent’s commission is 2.5%. Our streamlined platform makes their lives easier, too, so we’re able to cut that fee in half – lower than you’ll find anywhere else – and give you back the difference.
So, what’s the catch?
There is none. The truth is, traditional agents spend most of their time searching for new clients and marketing themselves. Our platform eliminates that need and also allows our agents to work more efficiently, so they can focus on your close. As a result, they can afford to take a lower commission, which is where your refund comes from.
How does the 50% commission refund work?
A buyer’s agent typically receives around 2.5% of a home’s sale price directly from the seller. Instead of keeping that full commission, we give you back half. Note that our refund is dependent on a minimum commission of $3,000 and lender approval, and that there may be restrictions with VA and FHA loans.
How do I get my refund?
There are two ways to get your commission refund: You can apply it to your closing costs as a credit, or have it mailed to you via check after closing on your new home. If you choose to go the first route and your refund is larger than your closing costs, we’ll send you a check for what’s left over.
Is the refund taxable?
Nope. According to the IRS, a refund represents an adjustment to a home’s purchase price and is therefore not taxable income for the recipient. We won’t send you a 1099 tax form for that reason. That being said, it’s always a good idea to consult your tax advisor about all financial aspects of buying a home, including your Open Listings refund.
So do I pay a commission fee or not?
Yes, you just won’t ever see the bill for it. The price of every home on the market includes a 5 or 6% markup to account for commission, which is split by your agent and the seller’s agent at close. It comes out of what you pay the seller, but it doesn’t actually cost them anything – they’ve already added it onto the value of their home. Read more here.
Is it really safe to upload my financial information to your platform?
In addition to saving you money and making the process of buying a home easier for everyone involved, your safety is our top priority. That’s why we store all of your files with ultra-secure 256-bit encryption – the same standard used by major financial institutions. We’ll also never share your personal information with third parties or sell your data to anyone.