BuySide Realty quietly launched in California this week under the tag line, “Where it Pays To Find Your Own Home”. The basic premise: you do the research, find the home, and determine what you want to offer while BuySide writes and manages the offer, and then guides you through the closing process should your offer be accepted. At closing, or within 14 days, the buyer receives 75% of the commission offered to the buyer’s agent (i.e. BuySide).
BuySide also offers online property search tools, free phone access to non-commissioned licensed agents (Realtors in fact), and mortgage pre-approvals (through a relationship with Chase).
Funny, just the other day we recieved the following note from a reader, “It kills me [some buyer’s agents are] getting 3% for doing nothing except meet with us once or twice and than sign their name to the contract—it’s been over almost two months since we heard from [our agent]. We did all the leg work and appointment making ourselves. It’s a complete shame that there are a few that ruin it all for the rest.” Not to worry, the days of these few are numbered. (And perhaps we should actually thank them.)
And what’s really ironic? The 25/75 commission split is actually more generous than what the majority of buy side agents would get from their own brokerage (typically split 50/50).