REX is changing the real estate industry by redefining how homes are sold. By going around the MLS, changing the commission structure, and selling homes in a more direct fashion, sellers are saving on average, $25,000 in fees. But, what about the buyers? How can REX provide customers with great representation? We get questions like these all the time, so here is a quick guide to understanding the benefits of buying with the help of REX.
Outside Agent vs. REX Agent – At REX, we always encourage home buyers to come to us directly. While we cooperate with outside agents, we don’t compensate them. Why not? Well, in the traditional real estate model, a seller’s agent will typically charge a 6% fee to the seller, with half of that commission going to the buyer’s agent at the close of sale. Sellers often times feel like they need to offset these exorbitant commissions by overpricing their home. Overpricing hurts both buyers and sellers. At REX, we charge the seller just 2%, so they are able to price their home more accurately and allow for a larger prospective buyer pool. When buyers come to REX without an outside agent, they do not go unrepresented, they are immediately assigned an independent REX Buyer’s Agent.
Understanding REX Buyer’s Agents – Isn’t there a conflict of interest when using a REX Buyer’s Agent? How can I be sure I am getting the best representation possible? These are fair questions that we hear often from potential buyers. What sets REX apart when it comes to representation, is commission. All REX agents, no matter who they represent, are salaried employees that are judged on the customer service they provide, not the commission they bring in. Our buyer’s and seller’s agents work independently of each other and only answer to the customers they represent. While negotiations in the REX office can sometimes get a little adversarial, it is only because every agent understands that it’s their duty to provide passionate representation on both sides of the transactions.
Buyer Rebate Program – So, you’ve now seen why REX buyer’s agents are always looking out for your best interest, but unfortunately, the home you want to buy isn’t one that REX selling. Don’t sweat it! REX helps represent buyers even when the home they want is being sold by a traditional real estate company. Even better, you get paid to use REX in that transaction! As we stated earlier, the buyer’s agent in a traditional transaction make about a 3% commission. That’s way too much! At REX, when you bring us the home you want to buy, we will represent you through the entire process, and at the end, we will cut you a check for 50% of the commission we make. That’s thousands of dollars in your pocket that you can use to fill up that new house.