For home buyers in
New Jersey Governor Jon Corzine signed into law a bill sponsored by state Assemblyman Patrick J. Diegnan, Jr., Paul D. Moriarty and Joseph Vas that allows New Jersey home buyers across the state to receive a cash rebate, once they close on their home, from real estate brokerages, including ZipRealty. With people being asked to cough up higher down payments and meet more stringent lending standards than ever to purchase a house these days, the ability to get a check after closing – or even cover those closing costs with a rebate from your real estate agent – is sure to be a boon for both cash-strapped buyers and the New Jersey housing market overall.
The process of getting this law passed, however, that didn’t happen overnight.
For the past three years, ZipRealty has worked closely with
public officials in
The real estate industry, historically, has been about what’s best for the agent. We recognized more than a decade ago when ZipRealty first launched that this old industry model was broken. Our goal from day one has been to always put the home buyer first and to provide the most transparency possible online.
ZipRealty was among the first brokerages nationally to include all homes posted to Multiple Listing Services on ZipRealty.com, and we continue to offer our clients the most in-depth housing data and comparable sales figures available - anywhere. We were also the first national brokerage to offer our clients the ability to rate and review any listing in any market, and the first to post ratings and reviews for our 3,000-plus agents.
We believe that if our clients are using our innovative tools and online features to help search for homes and tour properties that are likely to be the best fit for them, we should share a portion of our commission.
Offering a rebate is something that we do in nearly all of
the major markets we operate. In fact, we’ve rebated more than $100 million since 1999 to
our clients in 36 major
We’ve been actively working with buyers and sellers in
Surprisingly, there are 10 other states nationally that continue to prohibit real estate rebates – including Oregon, both North and South Dakota and Alabama, which limits brokerages like ZipRealty from offering home buyers and sellers a fresh approach to real estate. A lack of competition means that buyers may not be seeing all home listings and receive a poorer level of customer service.
We plan to work with public officials in these states to
reconsider their stance against real estate rebates, so that more buyers and
sellers will hopefully one day have the same choices that those in
Today, we applaud the efforts of the three assemblymen (Patrick Diegnan, Jr., Paul Moriarty and Joseph Vas), who sponsored this bill and vigorously argued for its passage, the New Jersey state assembly for voting through this bill (34-0), and Governor Corzine for signing this bill into law.
For those in
J. Patrick Lashinsky
President and CEO