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Latest from the DOJ

Following up on my earlier post, here is the link to the Department of Justice website outlining their thoughts on competition in the Real Estate Industry.  The Burkhardt Group is building a great reputation among NYC buyers embracing what is viewed by the government as a positive force for competition and ultimately a benefit to the consumer.

Here's a sample:

Other options available to consumers

In many parts of the country, the traditional full-service real estate broker now faces competition from a variety of real estate brokerage models, many of which use the Internet to reduce costs:

Fee-for-Service Arrangements

Brokers willing to sell a subset of real estate brokerage services, often called fee-for-service brokers, have emerged throughout the country. Fee-for-service brokers “unbundle” the package of real estate services typically offered by traditional full-service real estate brokers and charge a set or hourly fee for specific services, such as listing the house in the MLS, negotiating or closing contracts, and pricing the home. These brokerage models typically enable consumers to save thousands of dollars by allowing them to purchase only those services they want.

Learn more: Fee-for-Service Brokers

Rebates and Inducements

Some real estate brokers have increasingly begun to compete for customers by offering cash rebates or other inducements to home buyers and sellers. Rebates that go directly to buyers or sellers lower costs on both sides of the transaction.Cash rebates are usually calculated as some fraction of the broker's commission and can result in thousands of dollars being returned to the consumer.

New business models can save consumers money

Most consumers want to make as much money as possible on the sale of their home and spend no more than necessary when purchasing a home. In many cases, the standard broker’s commission can offset a portion of the equity value that has been building up in a seller’s home or push the price of a home beyond a buyer’s purchasing power. Consumers who want to perform some of the steps involved in selling a home can reap significant financial savings by purchasing only those real estate brokerage services they actually want.

Just as the Internet has made it easier for consumers to save money by directly purchasing plane tickets and stocks, it is now making it feasible for home sellers and buyers to do more of the work themselves and pocket the savings.

Learn more: The Internet’s Role in Real Estate Brokerage