Opcity Referral Fee Agreement

I started using Opcity from April 2019 to today 02/09/2020. When I signed up, I asked Opcity for the referral fee and Opcity did not announce how many referral fees they charge, and they asked me to contact my broker. I searched his website and saw a page said that their referral fee is 20% -35%. When I asked my broker, my broker said it could be 35%. So I got the answer that verifies each other based on two sources: my broker and opcity site at that time (now their website was linked to Realtor.com and this 20-35% recommendation fee page disappeared. Since our broker`s referral fee is for the agent to negotiate and determine the amount or percentage of the referral fee with the agent`s client or seller, I thought I would negotiate that if the deals were done. In mid-January 2020, my stores were closed and I contacted my broker and Opcity to determine brokerage fees. I discovered through my broker that Opcity, with its 35% fee, was not negotiable with my broker. The Opcity rule is for deals under 150K, they charge 30% and for 150K offers, they charge 35%.

For the NYC market, there is literally nothing less than 150K. So now Opcity has taken 35% of my broker`s referral fee without my participation. I knew him after they took him. I let my broker know that I would not have signed up for Opcity if his website was factual about its recommendation fee at 30% (deals less than 150K) or 35% (deals over 150K). On the signing agreement between Opcity and the agent, there is no language regarding transfer fees, either in dollars or as a percentage. All of a sudden, they took money from me. I feel like I don`t have a say in the money I earned, and the money slipped. I told my broker that I would agree to pay 25% transfer fee, which is the industry standard. Although my broker did not do everything right by being behind his agent and he is seriously violating his rights to involve his agent in the negotiations, Opcity`s fault is to bait and change the agents that come to his site, not to show the transfer fee on the opcity agent agreement and to forcefully claim 35% on the basis of an inappropriate reference plan for the NYC market.

Today, they have deactivated my Opcity account, which does not bother me at all, because I already consider this company as an indecent company that lacks ethics. Leon In a recent article published by Crunchbase, HomeLight alone states that since its inception, it has „pushed well over $17 billion in real estate business nationwide.“ A standard transfer fee of 25% for this volume of upfront compensation gives an incredible estimate of $4.25 billion in commissions paid to HomeLight by participating brokers in the United States.