AARP members will soon be able to earn a cash back reward or bonus when they buy or sell a home, thanks to a new partnership with Realogy, the largest owner of U.S. real estate brokerages and franchise brands.
Through this program, AARP members earn a cash back reward or bonus when they buy or sell a home with one of Realogy’s brands; Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Corcoran, ERA and Sotheby’s International Realty.
Expected to launch in 2020, this program is the first of its kind, designed specifically for homebuyers and sellers ages 50+.
“With millions of adults over 50 buying and selling homes each year, we are excited to develop a unique benefits program that guides and rewards AARP members during another important milestone in their lives,” said Ryan Schneider, Realogy’s CEO and president. “This is a great example of Realogy leveraging our tremendous scale, world-class brands and deep market expertise to forge new relationships to drive more high-quality leads for our affiliated agents and franchisees and to benefit AARP members.”
According to the National Association of Realtors, 40% of homebuyers were over the age of 50, and 55% of home sellers were also over the age of 50, the largest group.
The companies did not specify how much buyers and sellers can earn back as part of the program, but the method will vary from state to state.
According to the companies, the cash back bonus will be offered in most states. The companies say that in some states, a gift card or commission reduction at closing may be provided in lieu of the cash back bonus.
The companies also state that the program is not available for employer-sponsored relocations or transactions in Iowa or outside the United States.
Beyond that, the cash back bonus is not available in Alaska, Louisiana and Oklahoma. Meanwile, in Kansas and Tennessee, a MasterCard MAX gift card will be issued.
In Mississippi, New Jersey, and Oregon, a commission reduction may be available at closing.
According to the companies, the cash back bonus is only available with the purchase and/or sale of a home through the use of a “program-introduced real estate agent.” The companies also state that the actual amount received is based on the purchase and/or sale price of the home.
“For many older Americans, relocating to a new home is part of a major life stage transition, such as retiring, downsizing, or changing jobs,” said John Larew, SVP of Branded Products at AARP Services Inc. “The real estate program from Realogy is designed to help AARP members successfully navigate that transition, while saving money in the process. It’s part of AARP’s commitment to empowering people to choose how they live as they age.”
Earlier this month, Realogy also launched its own iBuying experience.
