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60 Minutes Interviewing Redfin

Informed sources tell us that CBS newsmagazine 60 Minutes is turning its mic and cameras to real estate--and that online real estate service dispenser Redfin will be one of the interviewees--as will Windermere Real Estate. Both companies operate in the Northwestern part of the country, but with very different business models.

Redfin is an online start-up operating in Seattle and San Francisco (according to their website), while full service Windermere holds market share in Seattle and has been expanding aggressively into California, Hawaii, Nevada, Arizona., Montana and otherwestern states. The comparison should be interesting.

Apparently the story is still under development and inquiring minds want to know if any Rainers have personal experience with either company or their clients? How about opinions?

Unless you request otherwise, I will forward your comments and links along.

For what it's worth, though, I think a story about Active Rain would be much more interesting!

Posted by Roberta Murphy - Carlsbad Real Estate North County San Diego Realtor on 12/19/2006 11:21 PM

Comments (23)

redfin, windermere real estate, 60 minutes, california real estate

Originally posted at: The Real View: 60 Minutes Interviewing Redfin

23 Comments on 60 Minutes Interviewing Redfin

DEC

2006

I know that Windermere is big on technology. Maybe it will be a comparison of how two real estate companies are using technology to develop their market share.

Thanks for the heads up on the 60 Minutes program aboiut real estate. I will be curious to see how they handle this subject! I just went to the REDFIN site and it has on its' main page a picture of a happy couple who "saved over $12,000 using REDFIN". I see this often and it really bugs me. These saving don't really exist. There was no experienced negotiator involved. So who knows where the numbers would be if handled by the skilled REALTOR!! Anyway to contact 60Minutes?

John: Windermere is very big on technology, but is also very client-responsive. I know little about Redfin or their agents, but think it will be an interesting story.

Miriam: There is a contact us at the bottom of the CBS page. Just scroll the dropdown menu to find 60 Minutes.

I am a Realtor based in the Pacific NW operating out of John L. Scott which is one of the bigger players in the Pacific NW. John L. Scott and Windermere have very similar operating models in that they are both full-service brokerages serving Washington, Oregon and Idaho with a high emphasis on customer service and powerful technology integration.

Redfin began probably about 2 years ago and has gotten a fair amount of media coverage for its new concept of real estate. Basically, they are shifting the burden of searching and viewing homes squarely onto the shoulders of the buyers and sellers. They would like prospective buyers to find listings they'd like to see, contact the listing agent to see the home and then, contact Redfin to write up and negotiate the sales contract. For sellers, they discount the commission and let them do much of the showing work as well. Does this model work? If you look up the agents who are Redfin agents, you'll find that each of them has 25+ transactions under their belts, but it doesn't say how many of those are Redfin. The bottom line is that this is a very hands-off approach to real estate and may appeal to some. One engineer from California did his whole home search online and bought a home in Washington State, sight unseen, through Redfin. I don't see this as taking the real estate world by storm.

I will be watching. Thanks for the info!

Irene: Thanks for the ground-zero report. I understand Redfin is coming to Southern California sometime in the near future. They will have a lot of competition from online models already in play. I may be off base, but I tend to group them into the Phantom Agent category. Still, it will work for some.

As my grandmother used to say: There's a lid for every pot.

Carl: You are welcome!

Okay Reoberta. I sent along an email to 60 Minutes. Suggested they do the segment about Active Rain instead. Redfin, schmedfin.

I've heard about Redfin several times recently but never really checked them out. The TV spot may be good to watch for educational purposes.

Roberta - Sometimes I suffer from dyslexia. Did you say that RedFin is a start-up or an up-start? :-)) Will be interesting to see the spin 60 minutes adds to the facts.

6 degrees of separation can NOT make the Rain very far away from CBS... especially considering we now have over 11,000 members in our community.

Roberta, thanks for the heads up. This should be an interesting story. I have heard that Redfin is not well liked in the NW. Go figure. :O

That should be required viewing for all of us

So the Pacific Northwest companies will suddenly be propelled nationally with exposure... that should be interesting to watch as the hand develops!

DEC

2006

Roberta, I also thank you for the heads up, will try to watch and learn? Is this for this Saturday, 24th December?

I too will be watching the segment. I don't know much about these two companies, however I am alway interested in reading or veiwing any changes in the industry.

Miriam: Good for you! Let us know if they respond with anything of interest,

Tony: LOL!

Craig: If Time Magazine recognized me/you as Person of the Year, 6o Minutes should do the same. Active Rain is a shining example of Web 2.o9 at its finest.

Brian and Michael: I doubt the show will air in the next couple of weeks. I understand interviews are still being done.

Stefan, Chris and Jennifer: I agree!

I hope CBS will actually interview some clients of the Redfin model (and the other industry folks that had to work with them on a deal)!

DEC

2006

Gabriel: I understand they are seeking Redfin clients for the story. If reporting is balanced, there will be those who love the online service--and those who don't. The same sampling could probably be found for most real estate firms. What still nags at me though is: How can clients know that they are getting solid representation, when the agent is not there to advise them about local neighborhood conditions--and a plethora of other issues?

I guess the old adage still applies. You get what you pay for.

DEC

2006

We wish you a merry Christmas! We wish you a merry Christmas! We wish you a merry Christmas And a happy New Year! Glad tidings we bring To you and your kin! Glad tidings for Christmas And a happy New Year!

Broker Bryant and The Lovely Wife (pretend we are singing it works better like that) ROAR!

DEC

2006

TLW: And a ROARING New Year!!!

SVW (smiling very wide) TLW...ROAR!

MAY

2007

As a former fan of 60 Minutes, I am appalled that 60 Minutes would allow something to be aired without better research and some higher education for Leslie Stahl regarding the Sherman Antitrust Act and the meaning of the word "kickback".

The next time I watch 60 Minutes, it will be of Leslie Stahl loading photos of her home to her website and showing the public through her home until she sells it.

As a Realtor that specializes in land acquisition, development and marketing of new homes, if I don't produce sales there are economic consequences. Not only do my sales provide income for my developers who sell the lots, but the builders who build the homes, subcontractors that work for these builders. etc. Materials are purchased to build both roads and homes, property taxes are increased as these lot and home improvements are made which in turn improve our county's infrastructure and pays for our schools.

I am not worried about a commission percentage or lack thereof but about those people whom I represent and the people who work for them as well as their families. I will never be rich but I will never make my living attacking someone in whose shoes I have not walked. (And I would not accept advertising dollars from organizations in a profession in which I intended to trash publicly.

Julie Chapman
Realtor/Broker/Owner Chapman Realty

Julie: Thanks--and I couldn't agree with you more!

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