BuySide agents rebate 3/4 of the buyer commission to the buyer. So on a 6% commission, where the buyer’s agent gets 3%, BuySide keeps only .75%.
On an $800K house, the 6% commission would be paid as follows:
$ 24,000 to listing agent
$ 18,000 back to buyer
$ 6,000 to BuySide agent.
The BuySide agent controls costs by never leaving the office. Buyers find and look at homes on their own, without being hand-held by their agent. Eliminating the taxi service is what drives down the cost. Amazing! I didn’t know we were paying so much just for the agent’s time in meeting us at homes.
As fellow forum participant hs stated before, she doesn’t need a buyers’ agent. She and others like her are fully capable of looking at houses themselves, and negotiating directly with the seller. An independent educated buyer like she only need an attorney to assist with paperwork, but can negotiate without a realtor.
I wonder if BuySide’s fees are similar to those of an attorney who draws up RE transaction paperwork.
