BrokerageIndustry News

‘Secret agents’ quietly offer real estate rebates

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Barbara is a secret agent in a new real estate network. At Barbara's request, her last name will not appear in this article because she does not want other agents to know about this affiliation. Barbara is not alone. Other high-profile agents, too, have gone undercover to join the network. This is not a story about a shadowy underworld of cloak-and-dagger operatives or international intrigue -- it is all about agents who want to offer consumer rebates for real estate services without revealing to their brokers and other agents that they are working at discounted rates. Barbara has agreed to rebate a portion of her commission income to buyer and seller clients she meets through her participation in this upstart real estate discount network, called Realty Legacy. Through a contract agreement with clients, she agrees to refund sellers at least 1.5 percent of the sales price of their homes after the real estate sale is settled. For buyers, she draws up a contract to refund all of the com...