Redfin Expands to New York, California's Central Valley
New Version of Site Takes Advantage of Legal Settlement to Publish Data Previously Limited to Brokers
Redfin brings to the new markets a new way to buy and sell homes, combining online tools with a team of real estate agents for in-person home tours and expert guidance. Unlike traditional brokers, the company pays its agents customer-satisfaction bonuses, not commissions, and surveys every client, publishing every survey result alongside each agent's deal history.
As part of the upgrade to the website, Redfin also now features more powerful analytics for charting sale-to-list price ratios in every neighborhood, the ability to embed those analytics in other sites, a mortgage calculator with rates that update daily, usability enhancements that make it easier to filter searches by price and number of bedrooms, and local agent recommendations based on reviews from clients who purchased in the area.
New Areas Served by Both Redfin Agents, Partner Agents
The opening of two new markets, the first since
Redfin's own agents work on a team to offer property tours and handle escrow, using online tools to schedule the tours and prepare offers; clients of these agents get a refund of as much as 50% of the commission. Partner agents work one-on-one with the client; these clients get a refund of 15% of the commission. In either case, Redfin surveys the client and publishes his review, with the agent receiving a bonus that varies with customer satisfaction.
Direct Service in
To build a team of agents, Redfin hired
More Data After DoJ-NAR Settlement
The new version of Redfin is also one of the first to take advantage of data released by Multiple Listing Services as a result of last year's settlement between the Department of Justice and the National Association of Realtors, which required listing services to allow brokers to publish any data that brokers can disclose in-person. The deadline for compliance, which involved a new format for sharing data known as a Virtual Office Website (VOW), was
In many markets, Redfin now publishes data about the seller's mortgage, the cumulative days on market that a property has been for sale, even if it has been re-listed to appear new; and the price history. In
"More liberal data-sharing policies among listing services and a new partner-assisted strategy have opened a new phase of growth for Redfin," said Redfin CEO
Redfin (www.redfin.com) is the real estate industry's first online brokerage, combining a customer-focused team of real estate agents with online tools for making the process of buying or selling a home easy. Redfin is the only major search site to feature listings direct from broker databases as well as for-sale-by-owner and foreclosure properties from across the Internet. The company pays it agents customer-satisfaction bonuses, not commissions, and surveys every client, publishing each survey as well as details on the agent's negotiating performance and deal history. Redfin's service is available in the metropolitan areas of
SOURCE Redfin Corporation
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