Prevu Real Estate, at a glance
- Prevu is a real estate broker offering commission savings in New York City, Philadelphia, and Fairfield County, CT — view full locations here.
- If you're selling, get full service for a reduced 1.5% listing fee, vs the 2.5-3% rate typically charged by traditional, full-service agents
- Expect to pay a buyer's agent commission as well (what's this?) — rates vary, but 2.5-3% is typical nationwide.
- Prevu agents don't work on commission, they're salaried. This has some implications buyers and sellers should be aware of.
- Qualifying buyers can get a commission rebate of up to 2% back at closing.
- As of May 20, 2020, Prevu's average customer rating is 4.9/5 based on 53 reviews across Google and Yelp — see more reviews here.
What is Prevu Real Estate?
Prevu is a full-service real estate brokerage that offers discounted listing fees for sellers and commission rebates for buyers.
Prevu is a licensed brokerage in New York, Pennsylvania, and Connecticut. The company is based in New York City and is currently available for sellers and buyers in NYC; Philadelphia, PA; and Fairfield County, CT — which includes Bridgeport, Stamford, Norwalk, and Danbury.
Sellers get full service — e.g., help with pricing, professional photos, listing, marketing, offers, negotiations, paperwork, and more — for a reduced listing commission rate of 1.5%.
>> LEARN more about selling with Prevu.
Buyers get full service and support — e.g., help with house hunting, offers, negotiations, paperwork, closing, and more — plus a commission rebate of up to 2% (note: some terms and restrictions may apply).
>> LEARN more about buying with Prevu.
Prevu Real Estate reviews
|4.9/5 (49 reviews)||See Google reviews|
|Yelp||5/5 (4 reviews)||See Yelp reviews|
|N/A - no reviews||View Facebook page|
|Better Business Bureau||N/A - no BBB accreditation||N/A - no BBB profile|
|Weighted Average||4.9/5 (53 reviews)|
Prevu has an average customer rating of 4.9/5 based on 53 reviews across Google and Yelp. At the time of this writing, Prevu did not have an apparent BBB profile and does not seem to be accredited.
Selling a House with Prevu Real Estate
When you list and sell your house with Prevu, the experience will be similar to working with a traditional, full-service agent. The two key differences are:
- Prevu offers built-in discounts on listing fees
- Prevu agents don't work on commission — they're full-time, salaried employees
You'll work with a dedicated agent who will help you with pricing, listing, marketing, offers, negotiations, paperwork, and more. Prevu also includes 3D Virtual Tours as one of its standard seller services.
Prevu Real Estate fees
When you sell with Prevu Real Estate, you'll pay a listing fee of 1.5% — compared to the typical 2.5-3% fee traditional realtors charge.
You should also expect to offer a buyer's agent commission. Rates vary by market and the property being sold, but 2.5-3% is typical nationwide.
The table below breaks down what typical fees could look like for Prevu sellers, along with cost estimates, based on a $650,000 home — the approximate median home value in New York City as of April 2020.
|Prevu listing fee||1.5%||$9,750|
|Buyer's agent fee||3%||19,500|
*Based on a $650,000 home.
**Compared to a typical 6% commission rate.
Prevu vs traditional realtor
|Listing commission fee||1.5%||2.5-3%*|
|Buyer's agent commission||2.5-3%*||2.5-3%*|
|Professional home valuation||✓||✓|
|Listing on MLS, Realtor.com, Zillow, etc.||✓||✓|
|Sign in yard||✓||✓|
|Open houses & showings||✓||✓|
|Help with closing||✓||✓|
Buying a house with Prevu Real Estate
When you buy a house with Prevu Real Estate, the experience will be similar to buying with a traditional, full-service agent.
You'll work with a dedicated agent who will help you with:
- House hunting
- Scheduling showings
- Offers and counteroffers
As a buyer, you won't have to pay a fee — sellers typically cover the buyer's agent fee in standard real estate transactions.
The main difference between buying with Prevu and a traditional realtor is that Prevu offers up to 2% back at closing. To put that in perspective, for a $350,000 home, that's up to $7,000 back.
Prevu has branded this as its SmartBuyer Rebate — but it's more commonly known as a home buyer or commission rebate.
Some traditional realtors offer commission rebates as well, but you'll typically have to negotiate for it. Prevu and many other savings-focused real estate services offer rebates as a built-in part of their service.
A few other important notes about commission rebates:
- Commission rebates are allowed in 40 out of 50 states
- They usually require lender approval
- Lenders will also typically dictate how the money can be spent
- Most often, this money goes towards mortgages, closing costs, legal fees, moving expenses, etc.
- In some cases, the money can be taken as cash
>> LEARN more about commission rebates here.
Prevu Real Estate pros and cons
|Prevu Real Estate Pros||Prevu Real Estate Cons|
|Sellers get full service for reduced 1.5% listing fee||Some companies offer comparable services for a lower listing fee|
|Buyers can get up to a 2% commission rebate, which is substantial||Limited availability / market coverage|
|3D Virtual Tours included as a built-in service|
It's also worth noting the fact that Prevu's agents are salaried, in-house employees, as it has some implications that sellers, in particular, should be aware of.
Because Prevu agents are salaried, they're paid whether a sale closes or not. This could be beneficial insofar as a salaried agent may be less pushy about accepting an offer you're not comfortable with simply so they can close the deal and get paid.
However, when an agent works on commission, the size of their paycheck is directly tied to the final selling price of the home. As you can probably imagine, this is a huge incentivizer for them to hustle hard and negotiate to get you the best price possible.
Prevu Real Estate Locations
Compare Prevu Real Estate to top alternatives
If you're looking to sell or buy a home in the NYC, Philly, or Fairfield CT area, Prevu is definitely an option worth exploring.
But when the stakes are this high, it's important to do your due diligence. We recommend evaluating at least 2-3 different services, agents, and/or approaches before making a final decision.
To help you compare options, we've compiled some basic info on similar companies that offer discounted and flat commission rates. We recommend reading the full reviews, via the links below, and reaching out to these companies directly to learn more.
|Brokerage||Listing fee||Buyer rebate*|
|Prevu (back to top)||1.5%||Up to 2%|
|Clever Real Estate||1% — $3,000 flat fee for homes under $350,000||Up to 1% of purchase price|
|Redfin||1-1.5% — minimum fees vary by market||Average $1,500|
|REX Real Estate||2% — $9,000 min fee for homes under $450,00||1-1.5% (only if buying a non-REX home)|
*In states where buyer rebates are legal.
Before choosing to list with a discount brokerage or service, you may want to evaluate some other home selling approaches as well. These guides will help you understand all of your options so you can make a more informed decision.
- Flat-fee MLS services
- iBuyer services
- We Buy Houses for Cash companies
- Selling for sale by owner (FSBO)
- Flat-fee real estate agents
Next steps: Get advice from an expert
If you're trying to determine the best way to sell your home — or buy a new one — Clever can help!
Our fully Licensed Concierge Team is here to answer your questions and offer free, objective advice on how to proceed, based on your unique situation and goals.
Give us a call at 1-833-2-CLEVER or enter your basic info below to get started.
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