CASH BACK INFO:
Who doesn’t want a little extra money back in their pocket!
Ottawa Property Group Realty works just as hard as any other buyer agent from franchised brokerages. We offer the same complete services as others. We just don’t have all the extra costs that others have. So why not pass on the savings to You! This is another reason why we are changing the way Ottawa does business.
IS IT LEGAL TO GIVE CASH BACK?
Some consumers may not know that the Real Estate and Brokers Act (REBBA 2002) allows rebating of Commissions money to anyone that is a party to the Real Estate Transaction. REBBA 2002 is the Act that governs licensed real estate practioners, Brokerages, Brokers and Sale Representatives. The act also makes illegal any payment to third parties which are NOT part of the real estate transaction. In other words, rebating money to a buyer or seller is legal BUT making a referral payment to an individual for providing a lead or referral is illegal.
WILL THE COMMISSION REBATE HAVE ANY EFFECT ON NEGOTIATIONS?
It has no affect when our Realtors are negotiating the purchase of the property in question. There is no discussion of the rebate during negotiations because the seller nor the sellers Brokerage is affected by the rebate. As far as they know the buyers Brokerage (OPG realty) will be keeping the entire commission earned. The seller would have already factored in the entire commission payable for selling their home when negotiating. No one except the buyer and our brokerage is required (by law) to know about the fact we will be providing a cash back to our buyers if agreed to in advance and in writing.
The rebate amount only comes from the commission money earned by the buyers Brokerage. It’s from the Buyers Brokerage Commission (out of our share) that the rebate is paid.
WHAT IS A COMMISSION REBATE OR CASH BACK PROGRAM WHEN PURCHASING REAL ESTATE?
Commission Rebates or Cash Backs Programs can be structured in various ways and can apply to different situations. Basically it is used to rewarding a client for having done business with you or your company. The reward is provided to the client in the form of monetary “gift”, “cash back” or “rebate”.
A commission rebate or cash back program basically involves a Brokerage sharing a portion of the commission they earn, for their services, with their buyer client.
HOW DOES IT WORK?
Ottawa Property Group Realty past clients seem to like it! Every Penny Counts…..
Properties that are listed on the MLSâ System, or elsewhere, normally offer a selling brokerage a commission to the Realtorâ/ Brokerage that is involved in negotiating a successful sale of the listed property. Therefore, when OPG represents you as a buyer representative in the purchase of a property, we earn the “selling brokerage commission”.
When we receive the selling brokerage commission, your representative will provide a portion of the commission to our buyer client as a gift for having used your representatives services. The rebate may be a set percentage or fixed amount that is agreed to in advance.
It’s that simple. There’s no extra effort on your part. OPG representatives will be providing the same Realtors services to help you find and purchase the home you want.
CONDITIONS & LIMITATIONS:
- Buyer must enter into an Exclusive Buyer Agency Agreement with their representative of Ottawa Property Group Realty Inc (Brokerage). This offer is NOT VALID with customer service agreements.
- Buyer must not be under contract with another Brokerage. If it is discovered that the buyer was under contract with another Brokerage during the currency of the contract with Ottawa Property Group Realty Inc. (Brokerage). The Buyer(S) agree to refund the cash back, rebate within 3 Business days to their representative.
- The commission rebate is between the sales representative or Broker whom the agreement is made. Ottawa Property Group Realty Inc (Brokerage) is not responsible of any kind to make payment. The agreement is between Ottawa Property Group Realty Inc representative to whom they have a written agreement. It is the sole responsibility of the representative to make payment of said commission or rebate.
- Ottawa Property Group Realty Inc representatives are allowed to offer a flat fee or Percentage of their commissions and must be in writing and agreed to in advance. A copy of the agreement must be given to Ottawa Property Group Realty Inc. No verbal or handshake agreements will be accepted. This is to protect all parties involved in such a program.
- Commission rebates are not offered on buying new builds, pre-construction or on properties where a referral fee is being paid to another Brokerage.
- Rebates are not valid with any other offers or promotions.
To participate in the rebate program being offered please contact TIM LYONS sales representative at 613-797-1747 or e-mail him at (firstname.lastname@example.org). Currently Tim Lyons is the sole Realtor providing this service on behalf of Ottawa Property Group Realty Inc.
All other representatives of OPG realty may or may not participate at their own discretion. Please ask in advance.