How does Redfin work versus working with a normal real estate agent? Who to choose, a Redfin agent or a regular realtor when you want to buy or sell your property? These are common questions these days when you mention Redfin, which is looking to disrupt how real estate transactions take place.
Redfin is doing battle with real estate agents and brokers as they push to change how people buy and sell real estate. 60 minutes recently did a piece on their company and TechCrunch has the news on their new round of funding:
Redfin is doing their best to completely remove real estate agents and brokers from at least half of a home sale. The company combines MLS listing information (homes for sale) with historical sales data (homes already sold) into a single map. If you find a home you like and want to place an offer, Redfin will represent you in the buying process (they have a call center with licensed real estate professionals to guide you). They then reimburse 2/3 of the buy-side real estate fees to you on closing. The average home buyer saves around $10,000 on a transaction. The company will also represent sellers in home sale transactions.
As the real estate market regains some life after an extended dip, people are beginning to get comfortable with the idea of selling their home again and, in turn, getting comfortable with looking around for that special place.
To help in an increasingly fast-paced market, technology-powered real estate brokerage, Redfin, has been on a mission to help people not only find the right house, but to help potential sellers get feedback on the price of their home from hundreds of potential buyers. Colleen Taylor talks with Founder of Redfin, Glenn Kelman and Partner at Greylock Partners, James Slavet. Here's a news piece on the battle of Redfin versus the typical agent transaction:
Here's the link to the 60 minutes piece on Redfin. Chipping Away At Realtors' Six Percent - Lesley Stahl Reports How Realtors' Commission Fees Are Under Assault