Who we are
We are a Manhattan-based high end real estate brokerage that offers a truly low commission for home sellers. While offering 1.5% for sellers, we are significantly undercutting the market. In Manhattan, there is almost a price fixing situation at 6%.
The firm's uniquely low commission level makes sense. "In Manhattan the prices are higher and the housing density is so much higher than in the rest of the country, we get higher revenue here. With the internet, home marketing costs have gone down in recent years and the commission levels will follow, sooner or later. If you are going to swim, you might as well jump in, rather than waiting to be pushed in. At ROOM Real Estate we are able to do it by not having the expensive store fronts of our competitors. But home buyers aren't shopping in store fronts any more, they use the internet." -said Olof Tenghoff, founder.
Commission Rebate for buyers
Following a tremendous effort by the Federal Trade Commission's Bureau of Competition to lower real estate commissions nationwide, Department of Justice has passed a new law allowing Real Estate agents to pass on seller commissions to buyers. About the new commission refund law, now also passed in New York State, see Department of Justice.
ROOM Real Estate is the first company in New York City to offer a 33% commission rebate for buyers since it became legal. It is part of the listing agent's contractually pre set fee that you as a buyer will get back, when we represent you as a buyer.
This rebate has been fairly common practice for a long time in other states and it is big on the west coast. You can now enjoy it right here in New York City.
Since ROOM Real Estate deals with many foreign buyers, especially Swedish, the firm is a member of the Swedish American Chamber of Commerce in New York.
ROOM Real Estate is also a member of the Real Estate Board of New York and participates in the universal co-broker agreement.
Wether you are selling or buying a property, ROOM Real Estate offers full service brokerage. The main difference if you sell is this: You will only pay 1.5% commission for our listing and sales side.
The ROOM Real Estate Difference when you hire us to represent you as a buyer's agent is that we give you a third* of the co-broker split.
How can we afford to do all this? Mainly because we do not have unproductive agents.
Code of Ethics
Ethical practice is our hallmark and our motto.
ROOM Real Estate has a policy to hold the highest standards of ethics. You as a client can be certain to be treated with the utmost respect for you and your assets. We also follow the Real Estate Board of New York's (REBNY) code of ethics