Redfin Expands 1% Listing Fee, So What Next?

By
Real Estate Broker/Owner with Emerald Coast Realty

I just read the other day in Inman News that Redfin announced that they had dropped their listing fee to 1% in a number of metro areas, as they put it on their website; "Get Full Service for a 1% Listing Commission." I was shocked and had no idea they offered such low commissions.

Well, the next question I had was, "what will this me to my real estate business"? I am broker/owner of a real estate brokerage in NW Florida where Redfin does not exist, yet. As I read further, Redfin does have a minimum listing fee of around $3000 depending on the market, but on higher-end properties, this is still a big deal.

I would love to hear your personal experiences as brokers and agents when Redfin comes to town.

 

by Emerald Coast Realty

Comments (3)

Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

In our market, we are not in a major market, so the listing commission from RedFin is 1.5%, and then they offer a 2.5% to 3% buyer agent fee, and then they nickel and dime the sellers for flyers, signs, open houses, etc., so they end up at what a local, Realtor may charge.  Also on that note, RedFin agents are agents - they are not Realtors and have no desire of becoming Realtors.

Oct 05, 2017 09:49 AM
Emerald Coast Realty

Thanks for the feedback Francine.


Do you feel Redfin has affected your ability to secure listings?

Oct 05, 2017 10:03 AM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Emerald Coast Realty Redfin is a national brokerage, if can have any impact on the market.

Oct 05, 2017 06:12 PM
Emerald Coast Realty

Thanks John

Oct 07, 2017 10:56 AM
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

I saw the same article; we are about 60 miles east of Portland, OR.  Wondering if it will impact the rural areas on the outskirts of Portland. 

Oct 06, 2017 12:02 AM
Emerald Coast Realty

Hi Mel, I understand. Our brokerage is in Pensacola, FL so we are still a good distance from a metro area that Redfin operates in but I think is just a matter of time.

Oct 07, 2017 11:00 AM