Redfin.com is an online real estate brokerage that has recreated the standard of customer service within the real estate industry. Redfin’s Agents receive a salary and a bonus based on their quality of customer service.
Since they don’t work on straight commission the focus on closing deals for the payout is thwarted. Redfin’s employees are invested in meeting their customers’ needs, giving them honest advice and ensuring they receive the best deal possible. Agents receive a 1.5% listing service fee based on the total for what the home sells for.
In order to promote the homes for sale on their site, they offer free services including professional photography, disbursement of promotional materials, and email communications. Additionally, agents at Redfin.com constantly provide updates and detailed reports to their clients until their home has sold.
Redfin.com employs a staff of agents and has partner agents across the nation. Agents who wish to become a partner can apply through their website and there are no fees to join. Partners receive referrals from Redfin agents if the interested buyer or seller is located outside their service areas. Redfin collects 30% of that agent’s commission if they close on the home.
When comparing Redfin to its competitors, Zillow
, Redfin.com is noticeably more organized and streamlined. Aside from the fact they have more agent listed homes than these two main competitors, they have a direct tie into the Multiple Listing Service. The MLS database has up-to-date real estate information and can only be accessed by licensed real estate brokers and agents.
The advantage of using the MLS system as a source for home listings on their site is tied to the accuracy of the data compiled within the database. Redfin refreshes their listings every 15-30 minutes so they can promptly post new listings and remove any homes that had been sold.
Trulia and Zillow are both known for the limitless number of inaccuracies displayed within their listings. This may be due to the sources from where they gather and pull data from. They do not collect information from websites that are current nor verified for having correct data.
It seems as if Trulia and Zillow are focused primarily on generating the highest number of listings. By generating traffic to their site they retain real estate agents who pay to advertise and pay to post listings. The truth of the matter is that the volume of listings found within the two aforementioned sites does indeed generate a high level traffic.
Redfin’s reputation is gaining speed and knowledgeable homebuyers and homesellers are starting to conduct searches on Redfin from the get go. Consumers searching for homes on Redfin’s website save time browsing through homes that are no longer available and are saving money on high fees charged by traditional real estate agents.