A new real estate company for all my readers to hate just opened in in Denver and it’s called REX Real Estate. REX placed a full page color ad on the back page of the news section of the Denver Post on Sunday with this headline “Small Fee Big Change”. How small is their fee? They only charge a 2% commission fee which includes payment to the Buyer’s Broker. They claim on their website that a buyer’s agent commissions can be added to their loan amount, WHICH IS A LIE!
But, they do NOT place their homes for sale in the MLS as they rely on the web to bring buyers and sellers together instead of the MLS bringing buyers and sellers together. They also hope to capture the buyer so that they keep all 2%.
They call themselves full-service but they do “allow” for sellers to schedule and attend showings of their home. They also allows sellers to negotiate the sale of their home. They also don’t require buyers to have an agent with them when seeing the seller’s home. This could be a heyday for thieves!
Thus, you need to make sure your Buyer’s Agency Agreement includes your total fee and explain to your buyers that if they choose to buy a home from REX or TRELORA or similar companies that your buyers may have to pay you some of your commissions.