Basically, anyone who has taken the home search into their own hands using vertical search tools such as Realtor.com, Trulia, or Propsmart can use this new feature to connect with a Realtor® who will represent them in the transaction. Realtor® bids are based on what sales commission (or flat fee) they’d accept as compensation. The rebate is the difference between the co-broke fee listed in the MLS and the Realtor’s final bid. For example, a co-broke fee of 3% minus a final bid of 1% = 2% rebate for buyer.

Like RealtyBaron’s current Listing Auctions, bidding on Buyer Rebate Auctions will be controlled by the gatekeeper algorithm, AgentRankâ„¢. As the name implies, AgentRank(TM) ranks agents and prevents underperforming agents from bidding. By specifying a minimum AgentRankâ„¢, buyers can ensure they meet a Realtor who has a proven track record.

For Realtors®, this feature is an easy way to connect with clients who have already absorbed the most costly part of representing buyers–the prolonged home search.

UPDATE: Inman News writes about our new Buyer Rebate Auctions. Thanks, Glenn!