Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Kentucky real estate agents can now offer many perks to their clients

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September 11, 2005

Kentucky real estate agents can now offer many perks to their clients

In July, the Kentucky Real Estate Commission stopped enforcing its ban on inducements and rebates that real estate agents can offer perspective clients to get business. Realtors can now legally offer all kinds of kick backs. Here are some of the most common perks:

- up to $1,500 in moving costs
- $500 rebate to the seller if a house isn't sold within 90 days under certain conditions
- different types of gift cards available from RealEstate.com, up to $1,000 per listing
- frequent flyer miles for several airlines

In other states, Illinois for example, it has been the way to do business for the last 10 or so years. Many Realtors simply offer to split their commissions in a form of cash back on the closing. They call it promotions. Some will pay up 20 - 30% of their commissions to repeated clients. And if you want to sell your house, you can list it for as little as 3.5% total commissions. The listing agent takes only 1.00 - 1.25% hoping that you would buy your next house with him. The rest goes to the buyer's agent.

There are so many discount brokers these days willing to work for a very little money, that one might start wondering what will come next.

 
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