Image of the Hoboken, New Jersey Docks by r0sss
First in Hoboken and New Jersey
[AGBeat exclusive] Although rebates are not the core tenant of their real estate brokerage model, CondoDomain has opened their doors in Hoboken and Jersey City and claim to be the first to officially offer rebates in these cities.
When New Jersey state laws changed last fall allowing for rebates, we wondered which rebate model would step up to bat first.
“We are pleased that federal and state governments continue to evolve legislation for the benefit of consumers,” said President & COO Hoyt Morgan. “Discounts, as well as open MLS databases and other changes that give people more information, more options and more control over their real estate process are good for the industry. They allow CondoDomain.com to continue to provide a better customer experience.”
New Jersey is now live
“I am excited to represent CondoDomain”, said Lori Turoff, CondoDomain’s agent in New Jersey, specializing in Hoboken condos and lofts. “We are the first to provide refunds to consumers in Hoboken and Jersey City and I look forward to this adding value to my client relationships.” Turoff is a long time Realtor who studied law at Boston University which is not surprising given the brokerage’s stance against the recruit/burn/turn agent model and their insistence on agents mastering a one mile by one mile area rather than knowing bits and pieces about an entire metro area.
CondoDomain plans to open more offices in more cities with rebates as a retention offering rather than a marketing tool as they explained when giving out their millionth dollar back to consumers.
We wonder when Redfin and the like will be opening up shop in New Jersey given the new laws, especially given that in areas like Boston, rebate brokers are still being blackballed. What do you think of the updated real estate laws in New Jersey- is it about time or should they have kept it as it was?
Joe Loomer
May 12, 2011 at 5:24 am
I smell some litigation down the line, although I'm sure the NJ Attorney General and other folks researched as much as anyone would before changing the laws, it just smacks of being in conflict with RESPA.
Navy Chief, Navy Pride
Fred Romano
May 12, 2011 at 9:57 am
There is nothing wrong with giving rebates back to the buyer or seller. It's perfectly legal and conforms to RESPA requirements.
Lani Rosales
May 12, 2011 at 10:38 am
I think I'm with Fred on this one- Joe, what are you seeing that maybe we aren't? I'm in Texas where rebates are legal, common, and often seen as a proper polite gesture…