1. Why should I choose REF over another reduced fee real estate agency?

Great question and the simple answer (without trying to sound sarcastic) is maybe you shouldn’t. This model may not be for everyone and that is why we encourage you to review and understand how we operate. We will have questions for you and naturally you will have questions for us. The result of our mutual questions may determine that we are not a fit for each other. This is OK and we want you to feel comfortable to say no. You may know someone who may wish to work with us and we appreciate all referrals.

2. How does REF earn a profit when refunding up to 60% of its commission?

By minimizing overhead with the use of web based services that allow our agents to maximize their time assisting our clients.

3. Do you receive other forms of payment in addition to your commission at closing?

In addition to our commission, which is paid by the seller, we do require payment for accompanied property showings, attending a home inspection, final walk-thru or attending the closing. We encourage you to review the Buyer Refund Program Chart and Outline for further details.

4. Is it necessary that REF accompanies the Buyer on a property visit, whether it is a showing, home inspection, etc?

There are many circumstances that do require us to accompany you. As examples, the property may be vacant and on a lockbox or the seller’s agent may show resistance to the Buyer being unaccompanied. In these circumstances, it is necessary that we attend. Even if we do attend, the benefit of the refund that you will receive tremendously outweighs any upfront expenses. We’ll run the numbers and show you.

5. Why will seller’s agents have resistance to your business model?

Under traditional real estate models, agents accompany their Buyers. When unaccompanied, seller’s agents believe that they are doing more of the workload and it’s unfair to share a commission. This is not the case. REF consults and assists our clients through the full process. However, our philosophy lies in the fact that computers have added so much convenience and knowledge to the industry that changes are imminent. We have accepted Sellers selling on their own; why can’t we embrace the concept of Buyers taking on more of the buying process if they prefer.

6. When do you require payment for attending property visits?

We kindly ask for our fees in advance of the scheduled appointments. REF will accept payment via credit card or bank check. If you prepay for an appointment that is cancelled, REF will credit the transaction a.s.a.p. or apply toward the next appointment if desired by the client. Please refer to the Cancellations addendum of your Buyer Agreements.

7. Other than scheduling a visit through a REF agent, what other ways can we see a property?

Many properties have scheduled weekend Open Houses. Contact a REF agent to confirm Open Houses or check on-line or in the papers for Open House schedules. Be sure to hand the seller’s agent a REF business card and make them aware of the fact that you have buyer representation. If you like a particular property, let us now and we’ll take it from there.

8. How do we proceed to make an offer on a property?

Contact a REF agent and we’ll guide you through the process and handle the preparation of the offer, consult on the pricing strategy and negotiate the price. Please provide us a pre-approval letter from your lending institution or mortgage consultant prior to preparing an offer. Before we can submit any offer, we will need you to review and sign our Buyer Agency Agreement and other related disclosures. You can review them in advance by referring to the Quick Sign-Up page of the site. We always encourage our clients to understand our model and ask questions before proceeding.

9. What if we prefer not to pay for property showings or other accompanied events in advance? Do you provide options?

The answer is yes. That is what makes REF so competitive; we have options. We offer programs with no advance fees. Consult a REF agent to learn more.

10. Why do you charge advance consultation fees and not just get paid at closing?

As you will agree, we are offering you a substantial refund at closing. We offer you options to our programs if you prefer not to pay fees in advance. The choice is yours.

11. What if a seller’s agent is giving resistance to assist us at an Open House upon knowing that we are working with you on this program?

First of all, if it’s a home that you may want to pursue, we’ll handle the situation. The bottom line is this is about you and the home that you want and not about the agent’s involved. That’s what’s important to both you and the seller of the property. We want to get the deal done for you. Besides, once the agent realizes that we are with you the whole way and they are not carrying any more of the workload that they normally would, they should be fine.

12. What should I not do if I see a house that I like?

If it’s not at an Open House and you see a home while driving along, Do Not call the agent on the for sale sign directly. Either find out online when there is an open house, or if more immediate, call a REF agent to schedule a visit to get you in there. Again, always let REF know and always have a card available when mentioning you have buyer representation.

13. What if I don’t mention that I have buyer representation and then I want to make an offer?

REF will do its best to explain the situation to the selling agent. Many seller agents will comply, but some may resist paying our commission. If this is the case, we cannot offer the refund. However, we want to make it clear that this should not stop you from pursuing the home of your dreams. We can still assist you as your buyer’s representative for our minimum fee of $2,500.00 or step out of the transaction and allow you to work directly with the seller’s agent. Just remember that they work for the seller. At the end of the day, we want to see you in the home that you want.

14. What is Procuring Cause and why is it so important?

By definition, procuring cause is “acts of a broker or salesperson directly resulting in the sale or lease of a property”. Simply stated, how you were introduced to the property is the procuring cause of the transaction. Many “traditional” agents believe that companies offering refunds such as REF Realty fail to be the procuring cause. They think that buyers will find the property themselves via some random website and then contact REF Realty. In our model, this is not the case; In fact, in order to avoid these issues with selling agents, we make it a practice to have all clients who prefer to work with us perform several steps: 1) Register on our MLS search page so properties are found as a result of our site; 2) sign a Buyer Agency Agreement showing our representation; 3) Issue REF business cards to our clients and insist that they disclose our buyer relationship upon 1st contact to selling agents and 4) Have a database of all of our client searches to prove that the property was introduced via our site if necessary.

15. Why would I need you to accompany me to a property visit, home inspection, etc?

We would never advise you not to have an agent looking out for your best interest and to make sure the right questions are asked. However, we also realize that most people know what to ask and we’ve made it convenient by providing you The Buyer Philosophy web based workbook to use as your buyer guide. As part of our consultation services, a REF agent will have all of your questions answered before a property visit if you prefer. In terms of the home inspection, the hired home inspector that you choose is the professional for this part of the process and we would defer to his or her knowledge anyhow.

16. Explain to me how the refund works and is it legal in Massachusetts?

Yes, it is legal in Massachusetts as long as the refund is referenced on the settlement statement at your closing. In terms of how it works, it’s real simple, depending on your program and how much REF gets paid as your buyer agent, we will refund up to 60% of our earned commission to you at the closing. It’s that simple! To understand the programs, refer to the Buyer Refunds Program Outline page of the site.

17. Why is it important to go through your Buyer Philosophy workbook?

Finding the right property can be a time consuming task, especially if you are not focused on your search. Our Buyer Philosophy is aimed to assist the buyer with defining their needs and narrowing the search to prevent wasted time. We encourage you to refer to What is My Buyer Philosophy to better understand the importance of your workbook.

18. How do I access my Buyer Philosophy workbook?

The Buyer Philosophy workbook can be accessed upon signing REF’s Exclusive Buyer Agency Agreement and its Addendum.

19. Why is it important to let all parties know about the refund well in advance?

It’s important to let all parties know so there is full disclosure about the refund. It’s also possible that the lender may need something in writing informing them of the refund so it does not impact your financing at the last minute. That’s why we advise you to tell all parties from the very beginning. We have a prepared letter that we can forward to your lender for their reference.

20. Why does the refund have to be stated on the Settlement Statement?

Massachusetts State law requires that it be stated on the settlement statement, which is the document at closing that lists all the costs or credits associated with the purchase of the property.

21. Does REF offer the same model for Buyers of commercial property and what is considered a commercial property?

We do not currently offer refunds to commercial buyers, but we do work with commercial buyers and provide full hands-on real estate consulting while getting paid by the seller and not from our buyer. We will keep you posted if and when we do offer commercial buyer refund programs.

A commercial property is considered anything beyond a 1 - 4 unit residential building. This includes, but is not limited to land, office, retail, warehouse and industrial.

22. How do I begin?

There are several ways to begin: You can refer to the Quick Sign-Up page of the site or email info@ref4less.com or call 781-322-4744 to speak with an agent. As mentioned several times throughout our site, we encourage you to review the site, understand our model, ask questions and feel comfortable before proceeding. We also want you to be 100% positive that you are ready to begin the purchase process. We have created The Buyer Profile section, which is a brief questionnaire to identify if you are ready to begin.