It seems like I'm seeing more advertising for the various commission rebate programs vying for agent business. As far as I can tell, the idea was really born back in 2005 and received plenty of attention when it first started. I like to think I'm progressive and willing to consider new ideas - but I've never jumped aboard the rebate band wagon. Maybe because I feel like it puts the focus on the money I'm making rather than the house my client is looking for.
In a down market - everyone is looking for leads. That means more and more lead generation advertising. I really do believe different alternatives work for different agents. Regardless of what you and I think - THE US DEPARMENT OF JUSTICE IS ALL FOR REBATES. They even have a website Rebates Make Home Buying Less Expensive.
At first glance - the rebate issue seems like a simple for or against idea. Either you want to offer them to clients or you don't. But it's not just real estate agents that offer rebates. Builders offer them too. iNest.com (a subsidiary of Lending Tree) has been offering rebates to new construction home buyers for years. The Illinois Senate recently proposed legislation that would make Rebates by Illinois Real Estate Licensees illegal (Inman News). The Illinois Association of Realtors Came out against it saying it would put licensees at a disadvantage compared to non-licensees (builders & developers). According to an article at RedFin - that legislation was defeated back in March of this year.
That being said - here are some of the rebate programs I've found on the web. Plenty of agents will offer Rebates to their customers on their own. The list below contains referral networks you can join and be connected to customers looking for rebates or commission bids. I thought it would be an interesting exercise to see how many of these companies also had profiles on the various social network sites so I've included any of those links I could find.
- ePerks.com (AR Profile) (MySpace Page) (LinkedIn - 1 of 7 profiles)
- RebateReps.com (AR Profile) (LinkedIN)
- PayingAgents.com (AR Profile)
- RealtyBaron.com (AR Profile) (LinkedIN)
- SharpBuyers.com (AR Profile) (LinkedIN -previous co-founder, no longer with company)
Some states do not allow agents to offer commission rebates. For a complete list of states allowing agents to offer rebates, visit the Department of Justice Competition and Real Estate Rebate Page
All the resource related links in this post are available at the Blue60.com Directory of Resources for Real Estate Professionals. Blue60.com is a human edited diretory of links for real estate agents, loan officers & appraisers. If you're looking for anything related to the business of Real Estate - you'll find it at Blue60.com