New Jersey residents can get a significant discount on their house-buying contracts by getting their agent to recommend a different broker, according to a new report.
New Jersey real estate broker David Schmitt, a member of the state’s real estate board, released a report Tuesday that recommends that agents recommend a broker that has a history of high-quality properties.
That could mean that some prospective homebuyers will get a higher-than-average discount, the report found.
But the report also says agents are not obligated to recommend that particular broker.
If a home buyer chooses a broker from an agency that has the same experience as the one recommended by the agency, the seller can still receive a higher discount.
Schmitt said in a statement that he hopes his recommendations are helpful.
“I have had many people tell me that their agents are recommending the same brokers and that they feel confident in recommending them because of the quality of the properties they have recommended,” Schmitt said.
“This is a good start and helps protect homebuyer confidence and is the right thing to do.
But it does not mean that all agents are going to be the same.
I’m excited to hear from you on the issue and will keep you posted.”
The New Jersey Association of Realtors also recently released a guide for homebuyners that said agents should have a history in the area of quality and affordability before recommending a broker.
In New Jersey, home prices have risen in recent years and the state has seen record-low unemployment, so the real estate market is not as hot as it is in other states.
But many New Jerseyans are still struggling with rising housing costs and mortgage payments.