3 minutes read
Learn how Joy, the AI agent, rebates 70% of her commission, helping buyers save thousands.
KB
10/10/2024
When buying a home, most people are unaware of how real estate commissions work or how they affect the overall cost of the transaction.
In this article, we'll break down the basics of real estate commissions, explain how they are typically structured, and introduce Joy, the AI-powered real estate Brokerage which rebates 70% of commission back to the home buyers.
Understanding how commissions work can save you a significant amount of money, especially when working with Joy.
Real estate commissions are fees paid to real estate agents or firms for the services they provide in helping to sell or buy a property. These commissions are usually a percentage of the sale price of the home.
While the commission is negotiable, it is often around 5% to 6% of the final sale price. This fee is typically paid by the seller but split between the listing agent (the agent representing the seller) and the buyer's agent (the agent representing the buyer).
For example, if a home is sold for $600,000 with a 6% commission agreement, the total commission amount would be $36,000. This amount is then split between the two agents or firms representing the buyer and seller.
In most real estate transactions, the total commission is split evenly between the listing agent and the buyer’s agent. This means that in our example of a $600,000 home sale with a 6% commission, both the listing firm and the buying firm would each receive $18,000 from the $36,000 total commission.
This split compensates both agents for the work they’ve done in facilitating the sale. The listing agent works to market the home and handle the seller's side of the transaction, while the buyer’s agent assists the buyer in finding and purchasing a home.
Now that we understand how traditional real estate commissions work, let's look at how Joy, the AI-powered real estate brokerage, is transforming the homebuying process by rebating 70% of commission back to home buyers.
When you work with Joy, the standard commission structure still applies. However, instead of keeping the entire commission that she receives, Joy rebates a substantial portion of it back to you, the buyer.
For instance, in the same example of a $600,000 home sale with a 6% commission, Joy would receive $18,000 as the buyer's agent. Instead of keeping the full amount, Joy rebates 70% of that commission back to you. In this case, you would receive a rebate of $12,600, which you could use to help cover closing costs, make home improvements, or save for future expenses.
Working with Joy provides several key benefits:
Real estate commissions are a standard part of buying or selling a home, but they don’t have to be a financial burden. By understanding how commissions work, you can make informed decisions during your home search.
Working with Joy, the AI-powered real estate agent, gives you the opportunity to save a significant portion of the commission through her 70% rebate program. In the example of a $600,000 home sale, that could mean a rebate of $12,600—money that goes back into your pocket.
Choosing Joy not only provides a modern, streamlined homebuying experience but also offers substantial savings, making it a smart choice for today’s homebuyers.
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