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Redfin Empowering Consumers & Hurting Realtors?

By
Services for Real Estate Pros with PTF Financial Corp. - My Mortgage Company

If you are a Realtor, are you terrified of Redfin? Well if you are pondering what, or who, Redfin is, go check out their Web site http://www.redfin.com/stingray/do/start and see if they have an office in your area.

It is an online real estate service that permits:

  • Searching MLS Listings
  • Tour Homes Online
  • Make Offers & Buy Homes Online
  • Sell Homes Online

Their high technology, low commission structure is striking fear into the hearts of Realtors! The biggest challenge is the rebates given to buyers in some geographic areas. Two thirds (2/3) of the buyer's commission is refunded to the home buyer!

The CBS television show '60 Minutes' broadcast a 14-minute segment of the Redfin company. The broadcast mainly focused on the Seattle area. To view this broadcast, go to

 
If you are a Realtor, what fantastic personal service are YOU providing, that will overcome objections from people insisting on paying lower commissions? Remember, price is only an obstacle when value is not perceived.
 
 
Michael Lozar
Michael Lozar is a registered mortgage loan originator in Bellingham, Washington. 

Comments (7)

John Evarts
Classic Property Management of Santa Clarita - Santa Clarita, CA
thanks for the link.
May 21, 2007 05:36 AM
Mother Lode
Real Living Sugar Pine Realty - Sonora, CA
Real Estate Master

A fellow ActiveRainer said it all recently: you get what you pay for. It is true in everything in life. It is true in real estate, too. Mike C

May 21, 2007 05:45 AM
Blue Ridge Ga Real Estate >> Real Property in Blue Ridge Georgia
United Country Landmasters - Ellijay, GA
I think it is just good motivation to stand above these services..
May 21, 2007 05:51 AM
Michael Lozar
PTF Financial Corp. - My Mortgage Company - Bellingham, WA
Mortgage Loan Officer - Bellingham

Cheryl,

I could not find your post about the MLS Crack Down on Redfin?

Michael 

May 21, 2007 07:49 AM
Laura Karambelas
Baird & Warner Downers Grove - Downers Grove, IL
Realtor - Downers Grove
I believe you get what you pay for.  Their website says it's coming to Chicago, SOON.  I guess we will find out what kind of impact it has on our market.
May 21, 2007 10:11 AM
Ben Kinney
Ben Kinney Team - Bellingham, WA
We do real estate:Tech, Training, Sales, Brokerage

These companies come and go like all discount brokerages.  When the market is good a monkey sell a house...  but now that a large part of the US is in a buyers market these companies will continue to go chapter 11.

Ben Kinney - Bellingham WA Real Estate

Jun 05, 2007 06:59 PM
Shane Petersen
Windermere Real Estate Nortwest, Inc. - Seattle, WA
Seattlenulls Green Real Estate Agent

Michael,

I personally am not worried about Redfin taking my business.  I plan on taking Redfin's business;-)

Read my post about my most recent experinece with Redfin in Seattle!

http://activerain.com/blogsview/327324/Redfin-The-Real-Estate

 

Jan 11, 2008 08:21 AM