FREQUENTLY ASKED QUESTIONS

How do I find available listings?


Reach out to us and let us know what you're looking for. We'll get you started finding listings and open houses, and we'll set you up with alerts so you never miss out on new listings that come to the market. Most of our clients find that the easiest and most efficient way to conduct their search is to use a site like StreetEasy. It's solely focused on New York real estate and allows users to easily search for listings and open houses that meet their criteria.




Do I have to work exclusively with BRN?


No... but don't you want cash back? We're confident that we'll provide you with a smarter, more efficient home buying process and we want you to be happy working with us. If for any reason you decide BRN isn't a good fit for you, you're free to find another broker. We do request that if you've started working with us on a particular property that you continue to work with us on that property. The same applies if you've started working with another broker on a particular home.




What if I've already started working with another broker?


If you've already started working with another broker to buy a particular home (e.g., the broker attended the open house with you, worked on assessing the home's valuation, or has started negotiations with the seller), you should continue to work with that broker on the purchase of that home. If that purchase doesn't work out and you want to work with BRN on other opportunities to take advantage of our cash back rebate, we'd be happy to work with you. Contact us and we'll be in touch ASAP.




How do I get started?


Contact us! We're always happy to have a free, no-obligation discussion, answer any of your questions, and make sure you're on the right track. If you're just starting out, we can help you with your search and get you started pulling together some of the basic materials you'll need if you want to make an offer down the road. If you already have a property in mind, we're happy to analyze it, offer our views on valuation, and discuss if you'd like to move forward to make an offer. Wherever you are in the process, we'll be with you every step of the way to make sure you're getting the best home at the best price.




Can I attend open houses without a broker?


Absolutely -- and most of our clients prefer it that way, without any pressure from a broker. Be sure to list BRN as your broker on sign-in sheets when you attend open houses. Most of our clients use sites like StreetEasy to find open houses, and we encourage them to take their time at them to make sure they like the home and neighborhood. If you see a home you're interested in that doesn't have any upcoming open houses scheduled, let us know and we'll schedule a private viewing for you.




How is BRN different from a traditional buyer's broker?


We started BRN because we believe buyers deserve a better value. In New York, buyers' brokers almost always earn between 2.5% and 3% of the home purchase price -- that's a lot of money in the most expensive real estate market in the country! That's why we rebate up to 2% of the home purchase price back to our clients. We also leverage technology to provide each of our clients with the data insights and analytics they need so they can be sure they're getting the best home for the best price. Our clients always have the information they need to know exactly where the market is and how much a property is really worth. And we'll always be with you at every step of the home buying process -- from evaluating listings, preparing competitive offers, managing negotiations, and ensuring a smooth closing.




How much does it cost to work with BRN?


Absolutely nothing. We earn money from the commission the seller pays. In virtually all deals in New York, a buyer's broker earns a commission that ranges from 2.5% to 3% of the property's purchase price. And because we've created a smarter and more efficient home buying experience, we'll cut you a check at closing for up to 2% of your new home's purchase price.




How does BRN's service compare to other brokers?


We provide all of the services that traditional real estate brokers offer, but we do it smarter. With data-driven insights, analytics, and up to a 2% cash back rebate, you'll get the home buying experience every buyer in New York wants (and deserves). Some of our clients come to us with a clear idea of what they want to buy and how much they're willing to spend. Others are much earlier in their process and need advice on everything from location to budget to what they're looking for. Wherever you are in the process, one of our licensed agents will be with you every step of the way.





BUYING QUESTIONS

How are you able to offer so much cash back to buyers?


In New York, the seller of a home typically pays the buying and selling brokers each between 2.5% and 3% of the home's purchase price. That means a broker representing a buyer who's purchasing a $1.5 million apartment will typically collect a commission between $37,500 and $45,000 (2.5% or 3% of the purchase price). Unlike traditional brokers, we rebate up to 2% of the home purchase price back to our clients. With the high price of New York real estate, that usually means we rebate our clients tens of thousands of dollars in cash at closing. You can learn more about the BRN Rebate here. We're able to rebate so much cash back to our clients because we're lean and efficient, and we focus on the work that best leverages our expertise -- i.e., determining property valuation, developing an offer strategy, and negotiation.




2% cash back sounds great, but is it too good to be true?


Nope! We've created a smarter way to buy real estate in New York. Because we work more efficiently than traditional brokerages, we're able to rebate the savings to our clients. We give up to 2% of home purchase price cash back -- no strings attached. In New York, buyers' brokers typically earn a commission between 2.5% and 3% of the property's purchase price. That means when a buyer's broker sells a $1.5 million apartment, that broker will typically collect a commission between $37,500 and $45,000. We think that's too much, so we created BRN to provide a better value to our clients.




Can't I just buy without a broker and keep the entire commission myself?


No. Unfortunately, a buyer without a broker is unable to collect any commission. Before sellers list their property for sale, they sign a listing agreement which obligates them to pay a set brokerage commission, typically 5% or 6% of the purchase price to be split equally between the buying and selling brokers who work on the deal. So if you're not a licensed broker, the seller has no obligation to -- and won't -- pay you any commission. That means if a buyer comes to the deal without a broker, only the selling broker will receive a commission -- and the buyer loses out on the opportunity to save a lot of money by receiving a commission rebate.




When and how do I receive my rebate?


We'll cut you a check for your rebate at the closing table. It's that simple.




Is the rebate taxable?


According to the IRS, commission rebates are not taxable and are instead considered an adjustment to the home's purchase price. The IRS stated that "a payment or credit at closing from [a real estate broker] represents an adjustment to the purchase price of the home and generally is not includible in a purchaser's gross income." That said, we encourage all of our clients to check with their tax advisors as individual circumstances may vary.





CASH REBATE QUESTIONS

© 2020 BRN Partners LLC. All Rights Reserved.

646-481-7772

Born in Brooklyn