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Our Pricing Model + How It Works
by Elizabeth
2024-08-25
2 mins
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The Pricing
At Bluesidy we believe that you, the home buyer, should come first. Seamless and reliable guidance through your home purchase process should be affordable.
Our pricing model is simple. We charge Bluesidy buyers 1% of their home purchase price in commission. We negotiate on your behalf with the aim of getting sellers to pay for this commission cost for you.
If a seller offers a commission amount greater than 1%, we rebate anything extra back to you. For example, if the seller pays Bluesidy a 3% commission, Bluesidy will collect the 3%, keep 1% and rebate 2% back to you. Median buyer’s broker commission in NYC is 2.5-3%, and given the high price points of homes in NYC, the rebate amount can be substantial. A 2% rebate on a $1.4M home (around the current median in Manhattan) is $28,000!
Any rebate will be sent via bank transfer or check to your address after the closing of your home purchase. Under the Bluesidy model, this rebate is completely tax-free to you per IRS guidance.
The Representation
Recent National Association of Realtors (NAR) rule changes (which the Real Estate Board of New York (REBNY) opted in to) took effect August 17, 2024, so REBNY-member licensed real estate brokerages (like Bluesidy) now need to sign representation agreements with their buyers.
These agreements must specify how much commission the brokerage will receive. In cases where the seller is not willing to cover the cost of the buyer’s broker commission, the buyer will be responsible for covering this cost directly. (We’ve noticed that a seller’s refusal to cover a reasonable buyers broker commission is still relatively rare, and we’re committed to working with our buyers to make sure Bluesidy’s assistance remains affordable to them in these cases.)
Our standard representation agreement specifies that Bluesidy will receive a 1% commission and any commission received above this 1% will be rebated back to you, the buyer.
You can access FAQ on this model HERE. Our team is also available to answer any additional questions at hello@bluesidy.com.
Thank you for choosing Bluesidy!