With so many people joining the NYC apartment hunt this season, now seems like the perfect time to introduce a new concept in apartment buying to help you save on your purchase: buyer commission rebates.
Prevu, a tech-enabled real estate brokerage in NYC, was designed to make the home buying process easier and more affordable. The company does this in a few different ways; most notably, by giving money back to the buyer after closing.
“In metropolitan cities like New York, the ability to afford a home or apartment purchase has become more challenging for the newest generation of home buyers,” says Chase Marsh, Co-Founder of Prevu. “As a result, buyers are seeking ways to save when they buy a NYC apartment, and commission rebates make that possible.”
Rebates Save Buyers Money in NYC
Though they aren’t commonly offered by most real estate brokerages, buyer commission rebates are legal in New York, as well as 39 other US states. Real estate agents are allowed to split their sales commissions with the buyers they represent on a home purchase.
In a typical NYC real estate transaction, the listing agent charges the seller a commission of 6% of the sale price. If a buyer’s agent is brought in to represent the homebuyer, the listing agent will evenly split that commission, with 3% going to listing agent and 3% going to the buyer’s agent.
Prevu offers a unique benefit by giving two-thirds of that buyer-side commission (in this example, 2% of the purchase price) directly back to the buyer in the form of a buyer commission rebate. On average, New Yorkers have saved about $23,000 per transaction with Prevu’s Smart Buyer Rebate.
A Seamless Online Experience, from Start to Finish
Unlike traditional brokerage experiences where buyers would have to find a buyer’s agent, review their listings, manually schedule showings, call to submit offers, and then scan and email pre-approvals and other documents, Prevu improves the process by bringing it all together in one seamless, digital platform.
NYC apartment buyers can easily create a free Prevu account to browse listings, receive property and open house alerts, schedule showings with the click of a button, submit offers online, and securely upload all supporting documents.
Prevu’s platform provides NYC buyers with the control and transparency they have become accustomed to from online experiences, while delivering an elevated level of collaboration and expert agent advice throughout the process.
Once a buyer in NYC creates a profile, they can set their budget and preferences to find properties that fit their needs and hone in on specific neighborhoods, filtering apartments based on desired amenities. Prevu alerts buyers to new apartments on the market, upcoming open houses, and other educational information that can help in their buying process.
Buying on the Upper East Side of Manhattan
As of the time of this writing, there are more than 1,500 active property listings for sale on the Upper East Side. Homes range from under $300,000 for a cozy studio, to nearly $80M for a palatial estate with 20,000 square feet of interior space. There truly is something to fit any budget and style in this historic neighborhood.
Ready to start your apartment search? Browse listings on Prevu and begin scheduling tours of apartments that catch your eye from the convenience of your phone or computer.