3.75 Realty Group in NJ Revolutionizes Real Estate Commissions
Typically a real estate firm charges a 6% commission to list, market and sell a home. 3.75 Realty Group, headquartered in Cresskill NJ is providing full service to their homeowners and charging a 3.75% commission. Most transactions are a result of the listing broker and a participating MLS broker, 3.75 Realty Group strongly believes their philosophy works as a long term solution and grants 2% of the commissions on their listings to the participating brokers. They pay the participating firm more than what they keep for themselves.
They perform all the marketing traditional brokers do - they actually exceed most: They have open houses, printed brochures, do direct mail, traditional print advertising, place the home beautifully on the local MLS and syndicate their listings on over 36 web sites - they actually do more than most traditional brokerages and they're doing it for less. Their Bergen County and New Jersey listings are represented extraordinarily well.
"We know there's been a correction in real estate and also in most industries," obsrerved Renee Milliaressis, one of the investors in 3.75 Realty Group, who is also an advertising executive, "everyone is working harder for less, shouldn't Realtors do their part?"
Once you understand how technology has drastically reduced the expenses related to running a real estate firm the 3.75% model makes even more sense. The internet has saved Realtors an immeasurable amount of time. Once Realtors drove their clients to perspective properties, now they can be simply previewed online and easily eliminated or included for closer more personal inspection. Print advertising, once a huge portion of the marketing budget for Realtors is now much smaller and the internet allows for a far greater reach and a more targeted one - all at a fraction of the cost. The internet has also drastically cut the cost of mailing and general printing. "We've always had Realtors in our industry who aren't full time professionals. They could sell a home once a year, often a friend's home - and if it was a $2 million dollar property walk away with a tremendous commission. No one else can work so little and earn so much...why should we? We want to earn plenty of money, we just believe in working for it. This is why Realtors have a poor reputation, the public perception is they don't earn their salaries. We simply have a model that's more in line with how the rest of the world works," concluded Milliaressis.
Another advantage of the 3.75% commission comes at the negotiating table. The homeowner, when paying 3.75%, essentially is keeping more of their equity - as opposed to it going to a broker, so they have a bit more room to close the deal if necessary at the negotiating table. If the deal requires $5 or $10 thousand dollars it's not nearly as big a concession for the homeowner.
3.75 Realty Group in New Jersey will be leveraging technology and a carefully assembled team of proven Realtors who are dedicated to providing as much value as possible to each of their clients. Their goal is to to develop long term relationships.
Almost all real estate transactions and the Multiple Listing Service are based in cooperation between competitors. When one office lists a property for sale, more often than not, another firm brings the buyers that make a transaction. The two firms and thier agents divide the commission. 3.75 Realty Group will list their homes for much less than the traditional commission, then, in turn, pay the cooperating brokers a greater share of the commssion than they themselves take. "Our belief," explains Milliaressis, "is that incentivizing, motivating and treating our industry partners well is a major benefit to our homeonwers and will be a boon to our long term viability."
For more information on 3.75 Realty Group, located in Bergen County NJ, contact them at 201-266-8200 or visit their web site at www.375realtygroup.com.
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