Redfin Announces 1% Listing-Fee Trial in Denver
Home Sellers Get Full Service and Save Thousands in Fees by
Listing with a Redfin Agent
DENVER–(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.
Connect with Redfin
Download
the Redfin mobile app
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.
For more information or to contact a local Redfin real estate agent,
visit www.redfin.com.
To learn about housing market trends and download data, visit the Redfin
Data Center.
To be added to Redfin’s press release distribution list, subscribe
here.
Contacts
Redfin Journalist Services:
Jon Whitely, 206-588-6863
press@redfin.com
