SEATTLE--(BUSINESS WIRE)--Redfin (www.redfin.com), the next-generation real estate brokerage, today announced a trial program offering a 1 percent listing fee to home sellers who list with a Redfin agent in the Chicago, Denver and Seattle metro areas. Redfin has offered the same program in Washington, D.C., Maryland and Virginia for two years, with a minimum fee of $4,000. In Seattle, the minimum fee is also $4,000, and in Chicago and Denver, $3,000.
Typically, sellers in these markets pay 2.5 to 3 percent of the home’s price in commission to their listing agent. With a 1 percent listing fee, sellers working with a Redfin agent will save about $10,000 on a $500,000 home sale. The Redfin listing service, one of the fastest growing segments of Redfin, includes a full-service agent, free professional photography, a virtual-reality scan of the home, a comprehensive digital marketing campaign and more. To date, Redfin has saved customers more than $335 million in real estate fees.
The 1 percent listing fee is being offset by a reduction of the refund that Redfin gives to its buyers, who generally see it as an added bonus at the end of their transaction. The buyer refund will be from $600 to $2,000 lower, on average, depending on the home purchased.
“Because of our technology, Redfin can offer the best listing service in the industry, while still saving people thousands in fees,” said Karen Krupsaw, vice president of real estate operations at Redfin. “In fact, in today’s market, many home sellers are negotiating lower fees with traditional agents. However, with Redfin, there’s no negotiation necessary. Our lower fees are completely transparent, as is the high-level service we offer.”
For three consecutive years, Redfin has sold listings for more money, with a higher rate of success than the industry average. Specifically, homes listed with Redfin sell for an average of $4,300 more and are 15 percent more likely to sell within 90 days than similar homes listed by other brokerages. Redfin listings are prominently featured on Redfin.com, which is the most highly trafficked brokerage website in the U.S. Redfin listings are promoted in targeted display ads and emails, resulting in three times as many views on Redfin.com compared to other similar listings.
Because Redfin agents are paid based on customer satisfaction, not just commissions, we are motivated to help clients attract and negotiate the most desirable offer. Redfin agents help clients properly price their home and guide them through the home-selling process from start to finish. Every seller who works with a Redfin agent receives:
- free professional photography;
- a Redfin 3D Walkthrough tour, allowing potential buyers to virtually tour the home;
- open houses (as many as appropriate);
- online marketing and email campaigns targeted to buyers who are searching for similar homes;
- professionally designed print brochures for every listing;
- access to the Redfin Home Dashboard, which allows sellers to track online visits to their listing and the latest competitive market conditions in their neighborhood;
- a dedicated listing agent with experience selling homes in the local area, backed by a team of support staff who make the process run smoothly.
Redfin is planning to run its 1 percent listing experiment for about a year and will evaluate it on an ongoing basis. Anyone who is interested in selling their home can visit www.redfin.com to connect with a Redfin agent and learn more about Redfin’s service.
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About Redfin Corporation
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales to date, and saved customers more than $335 million in fees, and counting.
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