What about Redfin?
Redfin in truth is nothing new! Limited service companies are nothing new, and like many before them…you get what you pay for!
Before I give my 2 cents, here is a little blurb I thought I would show because it sums things up pretty good:
Ok, now my 2 cents!
One thing I do not care for is misleading advertising. When you bring up the Redfin homepage you will read text that states: “Redfin Agents sell homes for $4,300 more and charge only a 1.5% listing fee.” For one thing, the total listing fee is not 1.5% it is 4% (2.5 %to buyers agent + 1.5% listing agent) The next thing really burns me…$4,300 more. Are you kidding me? When I go against a Redfin agent, its like a shark in a busy public swimming area…you start licking your chops! Why? Because I know that usually the Redfin agent is not experienced, and usually VERY weak at negotiating. I believe you can ask the top 500 producing agents in town and you will get the same answer! They are NOT getting their clients more…but less!
Let me share a little with you about the Redfin system. Redfin corporate works their agents 60 to 70 hours a week. All of their agents are inexperienced agents when they hire them. The mid management of this company is weak at best as the redfin agents are not trained to be valuable assets to their clients. They underpay them and then as agents are with Redfin long enough, and gain experience, they leave to become a full service agent because they just don’t make the money to justify their time. I SEE IT ALL OF THE TIME!
Redfin agents are essentially order takers and are NOT hands on agents. The comments above are very typical. The facts about Redfin is that it is still a very large company that is still bleeding money to survive. I do not worry about them because real estate will always be a very hands on business that takes an agent that cares about his clients best interest. How can an agent negotiate for a buyer when he has not even seen the home ( and for that matter…any of the comps!) The answer…they don’t. So it is pretty crazy to state that you are getting your clients $4300 more!
Brad Golik is top producing condo specialist in Portland, Or. He is a co- founding member of Condo10.com . You can reach him at http://www.LuxuryCondosofPortland.com or by calling 503-896-8856. ( firstname.lastname@example.org)