Homeowners selling their property on Long Island and New York City amid the coronavirus home sales boom can save thousands with a new real estate commission model, a local real estate expert says.
In the webinar “Save Thousands Selling Your Home on Long Island and NY Boroughs” hosted by Schneps Media, Jennifer DeVito, owner and founder of Evolution Realty, The Flat Fee Real Estate Agency, explained how her company is revolutionizing real estate with an alternative to the traditional commission structure. Instead of charging the typical percentage-based commission, Evolution Realty charges a flat fee of $8,995 — regardless of the size or cost of the house.
“This model emphasizes volume and all of our agents are doing so much more volume than the average agent,” said DeVito. “So you really do have someone who has done a lot of deals and who is very knowledgeable in the industry.”
DeVito’s push for change comes as city residents are increasingly buying homes on LI and Island residents are buying larger homes, exponentially increasing competition in a market with an already limited supply of single family homes.
To help, Evolution Realty combines real estate and construction industry experts to provide customers with agents knowledgeable in both fields. It can provide price estimates for renovations and make construction plans all while helping buyers or sellers. So far Evolution Realty has sold houses across Long Island priced from $500,000 to $1.4 million, saving customers more than $235,000, DeVito said.
Sellers often have to raise the price of their homes to compensate for the commission — typically 6 percent of the property sale price — paid to the agent or agents. The flat fee model was created in response to changes in the way people buy and sell homes. Gone are the days when real estate information was only accessible through an agent. The invention of apps such as Zillow and Trulia have made everything from open houses to new listings readily available to the public.
“Buyers are leading their home search now more than the agents,” said DeVito. “So I think it is time that the commissions come down.”
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