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On a purchase that size, you can find a realtor with about 70% cashback, so roughly $26k back to you on a 1.5m purchase. They should still offer full service despite the cash back, so no limited showings or anything. You won’t find the big names that are willing to do this due to their reputation and pride, but you don’t need one of those guys.
Here’s what you need to do, go to RedFlagDeals and find the cashback realtor thread. Post there and you’ll get about ~10 DMs from realtors willing to help.
No matter what realtor or cash back agreement you have, you need to look out for yourself. So do your research, check the comparables yourself, and educate yourself from resources in addition to your realtor.
I got over 15 messages on RFD for full time Realtors with a tonne of reviews and references offering anywhere from 50-90% back. That's income that would never come to them from me otherwise.
It shouldn't be hard to find! Literally everyone I know who bought a property in the past few years got cashback. I bought a pre-construction condo and weren't aware of the cashback norm at the time. I later found out about it and asked my realtor for cashback (1% of the purchase price). And I got it. They won't tell you about it. Just gotta ask!
Precon is different, no real showings, just basically signing of an agreement which the builder rep usually takes care of too!
If your using a realtor that offers a significant kickback your guaranteed to be overpaying for your real estate transactions. I know realtors that willingly know a property should sell for 50K less and pressures their client to close the deal. It is usually an emotional purchase for the buyer so if they can afford it they usually overpay. Try to find an honest, hardworking realtor that will genuinely in your corner.
In todays market, buying or selling agents never work hard.
My wife and I are realtors and the challenge in doing cash back is getting approvals from the brokerage which is not an easy step. Most of the times, it is not under the agents control and depends on the brokerage..most brokerages i know wont do this. There are some out there but the service is shady from what I’ve seen. Good luck.
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