Buyers & Sellers - Frequently Asked Questions

There are families in your community who are living in substandard conditions and simply need a hand up, not a hand out.

Q. What is Realty Rewards?

A. Realty Rewards is being offered to you through a partnership between WTTW/WFMT and HomeGift Realty Inc., a national, licensed real estate company with a philanthropic mission. HomeGift’s “Realty Rewards” program has earned the trust of WTTW/WFMT and dozens of non-profit organizations around the country, saving buyers and sellers money through cash rebates on commissions and helping to support non profits. More about HomeGift Realty, Inc.

Q. How do I get a cash rebate on real estate commissions?

A. All you need to do is register for the Realty Rewards program before you sign up with an agent. Under this program, nothing changes in the way you buy or sell a home through an agent. Sellers still negotiate commissions and price. Buyers and sellers pick the agent that’s right for them and aggressively negotiate the best deal. After closing, you will get a rebate check. The program lets you decide how much to keep and how much to give to WTTW/WFMT’s mission. It’s that simple.

A. The cash rebate is coming out of a “referral fee” that real estate agents willingly pay out of their commissions to be part of this program. The agents pay these fees to Realty Rewards to get access to WTTW/WFMT’s many supporters who may also be buyers or sellers. Your rebate is available to you because the Realty Rewards program shares the referral fee it is paid with you. After closing, we give back up to 70 percent of our referral fee to you in the form of a check.

Q. If I am a seller, do “referral fees” cost me any more?

A. No. Referral fees come out of – are not added to – the selling agent’s commission. They do not cost sellers any more because agents willingly pay referral fees as “a marketing cost” to get the opportunity to sell your house. You register to get your rebate and then, as always, sellers still negotiate commission rates as part of choosing their agent. In other words, the rebate is a built-in reduction in the cost of commissions.

Q. What if I am a buyer, do “referral fees” cost me any more?

A. No. In most cases, buyers don’t even pay commissions. It is the seller that pays all the commissions. The buyer’s agent gets paid because the seller’s agent agrees to share commissions with the buyer’s agent to attract more buyers. In this case, a cash rebate for a buyer it is like getting a direct reduction in the cost of your home purchase. You can also combine and get a rebate on the selling and buying side.

Q. Why haven’t I heard about referral fees before?

A. Though most buyers and sellers are unaware of them, referral fees are a standard industry practice. They occur in some 40 percent of all real estate transactions and their use is growing, according to a recent article published by the National Association of Realtors:

                              “We see in many situations that both consumers and real estate
                              professionals benefit through referrals.”

                              Thomas M. Stevens, President of the National Association of Realtors

Q. Does the program work with an agent or broker I already know?

A. It can, as long as you have not already signed up with or made a commitment to the agent. A lot depends on where you are in the process of choosing an agent. For example, you may be thinking of an agent you haven't used in years. On the other hand, you may be thinking of an agent who may have recently put a lot of time and effort into helping you with an upcoming sale or purchase. While you and the agent ultimately decide whether the program is right, we want to be fair to agents, too. If you have questions on this, contact us.

Q. Are there benefits to my agent or broker?

A. Yes. Agents get access to millions of potential buyers and sellers by being part of our program. Because agents are used to paying referral fees, they also get another benefit: our referral fees are lower than many big national relocation or other real estate firms. What’s more, your agent now gets to use the referral fee to save you money and help non profits – instead of seeing the entire referral fee simply go back to real estate companies. Compare our program to other real estate companies- learn more.

Q. How does Realty Rewards find me an agent?

A. Realty Rewards carefully screens and interviews its agents—in all 50 states—to make sure that you are getting a qualified, professional agent who knows your market area and has sold properties in your price range. First time buyer? We will work with you to personally match you to an agent that’s right for you. Too busy to arrange lots of agent interviews? Let us pre-screen the agents and set up the interviews for you to save you time. Then you make the choice.

Q. Why do I have to contact WTTW/WFMT before I sign up with an agent?

A. In order to get you your cash rebate, we must follow the industry practice in which we “introduce” you to an agent so we can collect our referral fee. If you have already signed up with an agent, we cannot collect this referral fee and therefore cannot pay you a rebate or enable you to make a donation to WTTW/WFMT.

Q. What if my house is already listed or I have already signed a listing contract or buyers agreement with an agent?

A. Under these circumstances, you cannot use the program. WTTW/WFMT cannot and will not interfere with an existing contract between you and an agent.

Q. Are rebates on real estate available in every state?

A. Rebates are available in most states. There are 9 states that prohibit rebates.

Donation-Related Questions

Q. What are the benefits of the Realty Rewards program to me and WTTW/WFMT?

A. As a buyer or seller, you get cash back from real estate commissions after your purchase or sale is completed. It's up to you to decide how much you keep and how much you give to WTTW/WFMT. Realty Rewards sends your donation check to WTTW/WFMT and a check for the balance of your rebate to you. When you give, it’s a “win-win” for you and WTTW/WFMT. Charitable donations are eligible for tax deductions and WTTW/WFMT gets much needed funds.

Q. How do I get my cash rebate and send my donation to WTTW/WFMT?

A. A few weeks after the closing, you get a check in the mail from us in the amount of the rebate you chose to keep. If you have chosen to give some or your entire rebate to WTTW/WFMT, we send the organization a check for the portion you gave. You will also get a written record of both your cash rebate and any payment to WTTW/WFMT.

Q. Are contributions to WTTW/WFMT eligible for deduction as charitable donations?

A. Yes, as long as your non profit is eligible under the Internal Revenue Code, which WTTW/WFMT is. After you make a donation that is eligible for deduction through HomeGift, WTTW/WFMT will send you a written acknowledgement of your generous gift for your records. Remember: the deductible status of any contribution also depends on your personal circumstances. If in doubt, you should consult your tax professional for advice.

Q. Is there a lot of paper work and time involved?

A. No. This is a “paperless” cash rebate. All you need to do is register with WTTW/WFMT before you sign up with an agent – online or by phone. Registrations take only a few minutes and we do not collect any personal financial information, or sell any information to third parties.

Q. How much of my donation does WTTW/WFMT get?

A. 100%. Realty Rewards sends the entire amount you have chosen to give directly to WTTW/WFMT. You get a record of that and so does WTTW/WFMT.

Q. Does this mean WTTW/WFMT is getting into the real estate business?

A. No. WTTW/WFMT is not “getting into” the real estate business. They are, as always, looking for innovative ways to fund their mission and to reach out to you, their public. HomeGift Realty, Inc., a licensed real estate broker, provides all of the Realty Rewards real estate related services – starting with answering any and all questions you may still have about the program.