Redfin, and Buy Side Your thoughts
Just wondering who out there is keeping an eye on Redfin, Buy Side. What are your thoughts about them. They seem to be growing, but some say Redfin can't be making the bills. What to believe.
Atlas Realty Service, LLC - Kennesaw, GA
e-Pro - Cobb,Cherokee,NorthFulton,Paulding,Bartow
I have no idea if REdfin can pay its bills or not bu there is no doubt that traditional agents are under fire from many directions.
Another company I've seen around is Iggy's House. They'll list your house for free if you use them as your buyers agent. I don' tknow much about them.
Jul 24, 2007 01:06 PM
Keller Williams Realty - Karns, TN
Realtor, AHWD
both depend on the list agent to show the house they don't actually show anything unless required to.
Red-fin got an influx of cash recently ,i read that somewhere another blog I think
Jul 24, 2007 01:16 PM
EKDAY REALTY - Saint Cloud, FL
Thanks Margaret and Bob, good feed back, great to know, have a good week.
Jul 25, 2007 06:01 AM
Western & Southern Financial Group - Eaton, OH
Redfin did just get an influx of cash from Draper Fisher Jurvetson ($12 Million according to their BLOG) to expand operations in the Washington, DC Metro area. I can't imagine this kind of investment in a company if they can't pay their bills or have any hope of paying them.
I think what Redfin is doing is actually rather interesting. They are pushing the technology in ways that no one else seems to be doing, and their clients love them. My bet is that 5 years from now they will be a major force in most of the larger markets. Redfin knows their market and seems to be serving them well.
It's like Open Source vs. Windows, those that understand and appreciate Open Source would never think of using Windows. For everyone else, there's Windows, not as innovative but widely accepted.
Much $uccess!
David
Jul 27, 2007 12:24 AM
Fathom Realty Group - Sonoma, CA
Realtor Extraordinaire
I heard of the first RedFin buyer in our area. The buyer kept calling all the local agents, including me, asking what we thought about property values and what an appropriate offering price would be. There is no way that RedFin can give them the knowledge without knowing the local market. Somethings cannot replace the value of a knowledgeable human being.
Jul 27, 2007 04:01 AM
Fathom Realty Group - Sonoma, CA
Realtor Extraordinaire
By the way, RedFin charges for touring:
"2. Touring Homes with Redfin Direct
Redfin can also host a private tour of homes for sale. A Redfin field agent will show you around for three hours, and you can see as many homes as you like. Your first tour is free. After that, we charge $250 per three-hour block, or $125 for a single property. Even if you spend $1,000 for five tours, you still can save $9,000 on a $500,000 property.
Before you submit a tour request, it's a great idea to drive by the homes you are interested in viewing, when possible. That way, you can make the best use of tour time."
I copied and pasted this from their website.
Jul 27, 2007 04:05 AM
Anonymous
Don't know much about paying their bills. What I can tell you from experience in the Seattle market is there is a client base using RedFin services. I get calls all the time, you can usually tell right away, because the caller will ask "when are you having an open house?" My typical response is "no open house planned at this time." My first concern is to show the home to a "qualified" buyer for my clients. I don't let RedFin clients dictate how I conduct my business. They usually want to see the home right away, which most agents know is just not possible. I also usually suggest a later meeting time that is accomodating to my schedule and convey to them that I will show the house if they sign our buyers agreement. I also put in the "agent remarks" section of the Multiple that the selling office commission will only be 1% if the listing agent shows the property. I believe this discourages the RedFin crowd. I'm all for a competitive market. And RedFin has it's place with certain buyers. My problem is there is no shared role with their services and they give commission back to the buyers. Commissions that have been negotiated by me for fellow agents showing lots of homes. RedFin buyers just give you the runaround. I have gladly reduced commissions to accomodate both parties when I do both sides of the deal. And let's don't leave out the fact that most buyers will not have proper representation or guidance when purchasing a distressed property or vacant land.
RedFin is a phase, that's all. Just another discount dot com that will fade.
Jul 27, 2007 08:57 AM
#7
Windermere Real Estate Nortwest, Inc. - Seattle, WA
Seattlenulls Green Real Estate Agent
I am a Realtor based in Seattle and here is my experience with Redfin.....;-)
http://activerain.com/blogsview/327324/The-Redfin-Scientist-s
Jan 07, 2008 04:35 AM
Chuck Willman - Alpine, UT
NewHouseUtah.com
I wouldn't count on their imminent demise... and if they do go, they'll probably be replaced by another person with the same bright idea. Unfortunately for them- most people eventually realize that real estate is not as easy as very good agents make it look.
Jan 07, 2008 04:44 AM
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