Room Real Estate - First Low Commission Luxury Real Estate Broker in Manhattan

Lowest commission for sellers

Jan 12, 2010, 10:05 ET from Room Real Estate

NEW YORK, Jan. 12 /PRNewswire/ -- Room Real Estate, a Manhattan based real estate brokerage today announced that it is the first high end broker in New York City to offer a truly low commission for home sellers. While offering 3% for sellers, we are significantly undercutting the market, said Olof Tenghoff, president of Room Real Estate. In Manhattan, there is almost a price fixing situation at 6%.

We are certainly the first firm in NYC to offer a top notch real estate brokerage along with a really low commission, said Mr. Tenghoff.

Mr. Tenghoff further explains how 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 aid of 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."

Commission Rebate for buyers

Room Real Estate is also the first company to offer a 33% commission rebate for buyers. It is part of the listing agent's contractually pre set fee that you as a buyer will get back, said Olof Tenghoff.  Since buyer commission rebate, also referred to as buyer cash back or commission refund, became legal in New York State in 2009, Room Real Estate is the first high quality brokerage to offer it.

We are proud to be the first to offer a 33% commission rebate for buyers. This has been legal for a long time in other states and it is big on the west coast. We are the first ones to make it available to consumers here in New York City.

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Olof Tenghoff

Contact: Olof Tenghoff, 212-202-1929,

SOURCE Room Real Estate