Frequently Asked Questions

Buying FAQ

How do commission rebates work?

It’s pretty simple. On every property, a commission is offered to the buyer’s broker. Most commonly, it’s 3% of the sale price. If you work with a traditional broker, they take that 3% and say “Thank you very much!” Yoreevo simply gives you 2% back in the form of a commission rebate.

How are Yoreevo and other buyer’s brokers compensated?

Buyer’s brokers are almost always paid by the listing broker in the form of an advertised commission. A broker can go into the broker portal and look up how much they will get paid on any property. Of course that information is not available to the general public.

The only people determining how much your broker gets paid are the seller and the listing broker. If you do not ask for a commission rebate, you have absolutely no say in the matter. Many buyers never even find out how much their broker was paid!

How does Yoreevo’s service compare to that of other brokers?

We’d like to think our service is better but we’ll have to show you that for ourselves. As far as services provided, we are there at every step. It doesn’t matter if you’re just thinking about buying or ready to submit an offer.

By coming to our website reaching out, you have saved us a lot of money. We return those savings in the form of a commission rebate while still providing everything you expect.

Why aren’t commission rebates more common in NYC?

They’re becoming significantly more common by the day! In Yoreevo’s first year, we saved clients $700,000 on over $40 million of real estate.

To keep it simple, if you were a real estate broker making 3% per transaction, would you jump at the opportunity to charge one-third of that?

Two of Yoreevo’s co-founders came from finance and took a fresh look at an industry that has been extremely resistant to change.

What would cause my commission rebate to be less than 2%?

Commissions vary on each property. Your rebate will always be the amount of the commission in excess of 1%. For example, if the commission is 2.5%, your rebate will be 1.5%.

If you are considering a specific property, just give us a call and we can tell you what your rebate will be.

Why do I need Yoreevo? Can I go directly to the listing broker and get the entire commission?

In theory you could but no listing broker will give you the entire commission. They will want to be compensated for representing you in addition to the seller. Their broker also is unlikely to approve such a rebate. Two of Yoreevo’s co-founders tried this unsuccessfully before starting the company.

In addition to a haggle-free rebate, working with Yoreevo also means an experienced broker looking out for your best interests throughout the transaction. When going direct, you expose yourself to dual agency which is very much a grey area, so much so that it is illegal in some states.

Does it matter when I contact Yoreevo?

The earlier, the better. There are some best practices we can share to make the process as smooth as possible.

That being said, as long as you haven’t yet submitted an offer, we can always represent you.

Are commission rebates legal?

Absolutely. Not only are they 100% legal, the New York Office of the Attorney General encourages buyers to ask for one. Without a commission rebate, you have no say in how much your broker is paid.

Are commission rebates taxable?

The IRS has traditionally treated commission rebates as a reduction of the purchase price, not as income. For example, if you bought an apartment for $1,000,000 and received a $20,000 rebate from Yoreevo, the IRS would say you paid $980,000.

Yoreevo will provide you documentation of the rebate at closing. Please see a tax accountant to analyze your individual situation.

Can Yoreevo help on FSBO and new construction listings?

Of course, we can always get you a commission rebate. With new construction, it is very important we communicate with the developer. If you contact them first, we may not be able to get you a commission rebate.

Can Yoreevo help me get a commission rebate outside of NYC?

Absolutely! In addition to REBNY, Yoreevo is a member of the MLS of Long Island and has helped buyers get commission rebates outside of NYC. Please contact us for more information.

Selling FAQ

How does Yoreevo save me money when selling?

Whether you’re buying or selling, Yoreevo will save you money. It’s kind of our thing. For sellers, we simply charges a 1% listing fee. We suggest you offer a co-broke as well to ensure brokers bring buyers to the listing.

In total, you will pay 2-4% to sell with Yoreevo compared to 5-6% with a traditional broker. In every scenario, you will save money selling with Yoreevo.

What selling services does Yoreevo provide?

Everything. There are no additional fees or asterisks when you sell with Yoreevo. Included in the 1% listing fee are professional photos and marketing materials, comprehensive listing distribution, unlimited open houses and private showings and of course a dedicated, experienced agent throughout the entire transaction.

How will my listing be marketed?

Yoreevo plugs into the same listing distribution system as other brokers (the REBNY Listing Service or RLS) so your listing will be on all the big sites – Streeteasy, Zillow, Trulia, the New York Times and more.

The RLS also advertises the co-broke to buyers’ brokers so they can simply focus on getting their client into the listing.

Does Yoreevo work with buyers’ brokers?

Of course. By offering a co-broke, a buyer’s broker is getting paid. Yoreevo always makes sure not to impact another broker’s commission.

What will my total commission be selling with Yoreevo?

For most sellers, the total commission will be 2-4 %, including the co-broke to the buyer’s agent. Please contact us to run through the details.

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