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.
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
