Redfin Offers Home Buyers More Property Tours

    SEATTLE, Jan. 31 /PRNewswire/ -- Online real estate broker Redfin
 Corporation today rolled out a 75-day trial of a new home-tours policy that
 allows visitors to its site to arrange four Redfin-hosted home tours
 without paying any money up-front or making any commitment to Redfin. The
 first two tours would be free, and the third and fourth tours would cost
 $250 at closing, with any subsequent tours costing $250 in advance. Redfin
 separately announced a new release of its website that offers a deeper real
 estate search experience, with more listing information and neighborhood
 market analysis features.
 
     (Logo: http://www.newscom.com/cgi-bin/prnh/20070426/SFTH054LOGO)
 
     The tour program is part of a comprehensive home-buying program in
 which consumers can use Redfin's website to preview properties, schedule
 Redfin-hosted tours for properties they are interested in buying, then
 draft an offer online. A Redfin field agent hosts the tours, and a senior
 agent negotiates the offer and the contingencies, guiding the client
 through the entire closing process.
 
     The new tours last two hours, and require the buyer to provide a
 mortgage pre-approval letter documenting her ability to buy the homes she
 is scheduled to visit. Redfin deducts the $250 charges for the third and
 fourth tours from the commission refund, which has averaged roughly $10,000
 at closing. Customers who do not complete a purchase with Redfin do not pay
 for their third and fourth tours. Previously, Redfin only provided one free
 three-hour home tour, charging $250 in advance for each additional tour.
 
     "Redfin exhaustively surveys every client who attempts to use our
 service, and the most common request has been more home tours," said Redfin
 Vice President of Real Estate Operations Scott Nagel. "We've also found
 that three hours was too long for most clients, so by offering shorter
 tours more frequently we hope to be able to fit our customers' needs better
 without notably increasing our costs. And we believe this will
 significantly broaden the appeal of our offering for buyers."
 
     Redfin formulated the new policy after consulting with clients via its
 blog in November about what they were willing to pay and how long the tours
 should last. The trial period is scheduled to expire on April 15, 2008, by
 which time Redfin will have evaluated whether the program actually meets
 its clients' needs.
 
     About Redfin
 
     Redfin (http://www.redfin.com) is the real estate industry's first
 online brokerage, currently available in Greater Boston; the San Francisco
 Bay Area; Greater Seattle; Southern California, including Los Angeles,
 Orange County and San Diego; and the Washington, D.C area, including
 Baltimore. By combining maps, listings, tax records and analytics, Redfin
 has become one of the most popular brokerage sites. Customers who use
 Redfin.com to buy or sell properties earn a refund of most of the
 commission traditionally due their broker, and get full support in
 paperwork, offer presentation, negotiations and closing. Redfin has one of
 the highest customer satisfaction rates in the industry, and is the only
 brokerage with a 100-percent-customer-satisfaction guarantee. To give the
 Redfin service a try, visit http://www.redfin.com; to keep track of our
 daring exploits via our blog, go to http://blog.redfin.com.
 
 
 

SOURCE Redfin Corporation

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