More Bay Area real estate brokerages are realizing they don’t need to be paid $50,000 to help Bay Area home buyers buy their home. And Bay Area home buyers are calculating how much an agent makes off their deal, and are seeking ways to ‘earn’ that commission for themselves (we have a lot of clients tell us they were thinking of getting their real estate license so they could earn the 2.5% when they bought).
, we think it’s time rethink agent commissions, particularly for tech-savvy Bay Area home buyers. That’s why we’ve added the 1.5% cash back rebate into our Buyer Concierge service as a standard offering. We are not the only ones offering a cash back rebate.
Here are some other Bay Area brokerages that do the same: Redfin
: Established in 2002 in Seattle, WA, Redfin is one of the oldest brokerages that offers cash back to their buyers. Redfin agents provide all of the services of a traditional real estate agent, and offer the buyer 0.4% cash back. For a $2,000,000 Bay Area single-family home, that would represent a $8,000 commission rebate. OpenListings
: OpenListings offers buyers 50% of the commission as a cash back incentive. For most Bay Area listings which offer the buying agent 2.5% commission, that means a 1.25% rebate to the buyer. For a $2,000,000 Bay Area single-family home, that would represent a $25,000 commission rebate. As of 2018, OpenListings was acquired by OpenDoor. Faira
: Started in 2015, Faira offers Bay Area homebuyers a 1.5% commission rebate. However, Faira states that they offer less of the services than a traditional real estate agent (“home buyers find the home they want to buy on their own, without the help of an agent”). For a $2,000,000 Bay Area single-family home, that would represent a $30,000 commission rebate. As of January 2022, it looks like Faira is no longer in business. Unlocked
: Unlocked offers that biggest buying agent rebate for Bay Area homebuyers. With Unlocked, buyers get all of the services of a traditional real estate agent
, and get 1.5% of your purchase price cash back. For a $2,000,000 Bay Area single-family home, that would represent a $40,000 commission rebate.