ListOneNJ cuts listing fees to 1% and offers buyer rebates in New Jersey

ListOneNJ is promoting two savings options for New Jersey home shoppers and sellers after the NAR settlement changed commission norms. The Parsippany brokerage says sellers can get full-service listings for 1%, while buyers may receive a rebate tied to buyer-broker compensation.

Why it matters: - New Jersey home sellers and buyers are facing a commission landscape that is more flexible after the NAR 2024 settlement. - ListOneNJ is pitching lower-cost options that could reduce both listing-side fees and buyer closing costs. - The brokerage is targeting North Jersey, Central Jersey and the Jersey Shore.

What happened: - ListOneNJ said it offers 1% full-service listing fees for home sellers and commission rebates for home buyers. - The Parsippany-based brokerage is owned and operated by Broker of Record David Blinder. - Blinder said homeowners should not have to give up professional marketing to save money. - Blinder also said buyers should compare commission rates and savings as carefully as mortgage rates and closing costs.

The details: - The 1% listing program includes MLS exposure, professional photography, an interactive Zillow 3D Tour, a vertical video highlight reel for social media, offer review and negotiation support. - Listings are syndicated to major real estate search websites. - ListOneNJ says the service is not an MLS-only listing model because it includes direct broker guidance. - The 1% listing commission covers listing brokerage services only and does not include buyer-broker compensation. - Buyer-broker compensation is optional, negotiable and may be worked into the contract of sale when reviewing an offer. - When a purchaser is not represented by a buyer broker, the seller pays a separate $1,100 unrepresented-buyer administrative fee under the program. - The brokerage says New Jersey broker compensation is fully negotiable and not set by law. - On a $600,000 sale, a 1% listing fee would equal $6,000, compared with $18,000 at a hypothetical 3% listing-side fee. - ListOneNJ says the example shows a $12,000 difference before any separately negotiated buyer-broker compensation or unrepresented-buyer fee. - Actual savings depend on the fees compared and the transaction terms. - For buyers, ListOneNJ offers a commission rebate by sharing 50% of the buyer-broker compensation it receives at closing with the purchaser. - The buyer’s offer requests seller-paid or builder-paid buyer-broker compensation of 2% or greater as a contract term. - If the seller or builder agrees and ListOneNJ receives that compensation at closing, the brokerage rebates half of the amount to the buyer. - On a $600,000 purchase, 2% buyer-broker compensation equals $12,000, which would create a $6,000 rebate if the terms and approvals are satisfied. - Commission rebates are subject to seller, builder and lender approval. - Buyers are responsible for any taxes tied to receiving a commission rebate. - The brokerage advises rebate recipients to consult a tax professional about the tax implications. - ListOneNJ says its model combines streamlined operations, digital marketing and direct broker involvement. - More information is available at ListOneNJ’s website.

Between the lines: - The pitch reflects how brokerages are trying to differentiate themselves as commission rules evolve. - The company is framing lower fees as compatible with full-service support, which is aimed at sellers who want savings without a stripped-down listing package. - The buyer rebate structure depends on negotiated compensation and approvals, so the savings are not automatic.

What's next: - Homeowners and buyers in the brokerage’s service area can review the separate seller and buyer programs online. - The rebate program is available only for residential purchases within ListOneNJ’s service area and subject to agent availability. - Buyers and sellers will still need to negotiate compensation terms within each transaction.

The bottom line: - ListOneNJ is using a 1% listing fee and a buyer commission rebate to compete on cost in New Jersey’s reshaped real estate market.