When Redfin moved in to Northern Virginia, I was so excited. At last, an innovative real estate model that benefits the consumer! After completing their extensive interview process, I was invited to join as a partner agent. This means my license remains with my broker, McEnearney Associates, but I would receive referrals from Redfin. I was really looking forward to working with clients who would be willing to earn a rebate by doing a little leg work by finding homes through Redfin’s terrific search engine. After all, 90% of home buyers begin their search on the internet.
Well, after a little over one year of receiving these referrals, I've realized that this type of real estate service is just not for me. See, when I take on a new buyer we always meet in the office and review the home buying process. I learn about the buyer’s goals, hopes and dreams and work diligently to make them happen. When I receive a client from Redfin I am supposed to just hop in a car and go show them properties. Redfin does not want me to inquire about anything at the initial contact. So, if a buyer is looking for a condo and has FHA financing, I should be showing them only those projects that are approved by FHA. But without asking, how will I know?
I have found that when you start showing homes with out providing the basic home buyer knowledge, it becomes frustrating to all parties involved. Sure, I can show you 6 homes in two hours – but how do we know those homes will be a good fit if I can’t ask preliminary questions about your type of loan or loan amount?
Also, theoretically, the buyer earns the rebate by selecting the properties on their own. Well, if I don’t “seek a property at a price and terms acceptable to the Purchaser” then I become a limited service agent. Frankly, that is just not my style.
So while I feel Redfin may be a good fit for some, a year of “leads” has shown me it is not a good fit for me. Such a bummer.
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