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Old 07-04-2012, 01:35 PM
 
Location: Needham, MA
6,328 posts, read 9,057,310 times
Reputation: 5324

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Quote:
Originally Posted by trickymost View Post
What's hilarious is the only people unhappy with Redfin are realtors.

I used Redfin to buy and to sell, and all the issues with both transactions were because of the traditional agents servicing the buyers and the sellers. The buyers of my home nearly lost their deposit because their agent wrote their contract wrong and told me they were going to walk if we didn't make repairs, when the contract was written without contingencies. And this is an agent who is a top producer at L&F.

Kudos to Redfin for being transparent and making more data available and not using it to hold people hostage to their agents.
I'm not familiar with L&F I imagine we don't have that franchise in this area. However, there are good and bad real estate agents in every office. I was merely trying to point out what I feel are flaws in Redfin's business model. Also, the Redfin agent I showed with the other day said herself most of the Redfin agents in this area have no idea what they're doing as they're all brand new to the industry.
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Old 07-05-2012, 08:03 AM
 
Location: Columbia, MD
553 posts, read 1,476,534 times
Reputation: 392
Quote:
Originally Posted by MikePRU View Post
I'm not familiar with L&F I imagine we don't have that franchise in this area. However, there are good and bad real estate agents in every office. I was merely trying to point out what I feel are flaws in Redfin's business model. Also, the Redfin agent I showed with the other day said herself most of the Redfin agents in this area have no idea what they're doing as they're all brand new to the industry.
Ok, I'll bite.

I think it's interesting you find the business model which works successfully for every industry in the world I'm aware is somehow invalid for selling homes.

I agree you point out challenges which require continual improvement in operations to mitigate risks, but I see no way is the risk of a bad experience with Redfin being equal to or more risky than a screw up with a traditional agent.

The fact is, and spin it anyway you like about 'value', paying 5-6% of a transaction on top of fees and probably 3-6% in taxes is mindboggglingly expensive.

When I sold my townhome recently, my neighbor put his home up about 3 weeks later. He was going to use Redfin but for the reasons you described, went with a trusted and well renowned L&F (Long and Foster - they are probably the biggest or second biggest in DC metro) agent. Well gosh gee, guess what? Even at 400k, their townhome wasn't worth this agent's time. She came in and wowed them and got them to sign a listing agreement, and then turned them over to a junior agent on her team who was probably as inexperienced as any new traditional or new Redfin agent. The junior agent really screwed things up, and the agent they thought they were getting was rarely available when they wanted to speak to her.

A good number of people I know who have bought or sold recently were more or less coerced into using a traditional agent because aunt Joan is realtor or my son's best friend's father is a realtor or something like that.

I could go on ad hominem about traditional agents, but what's the point? Agents just don't see the world the way everyone else does.
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Old 07-05-2012, 09:32 AM
 
Location: Baltimore
1,759 posts, read 4,270,867 times
Reputation: 1192
I work for L&F and use Redfin all the time when I'm in the field. The app is much quicker to access information than MRIS when I need something quickly.

Redfin seems to be changing around here though as far as I can tell. We see a lot of partner agents that work for traditional brokerages in the area and pay Redfin a referral fee.
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Old 07-07-2012, 02:09 PM
 
Location: Needham, MA
6,328 posts, read 9,057,310 times
Reputation: 5324
Quote:
Originally Posted by trickymost View Post
Ok, I'll bite.

I think it's interesting you find the business model which works successfully for every industry in the world I'm aware is somehow invalid for selling homes.

I agree you point out challenges which require continual improvement in operations to mitigate risks, but I see no way is the risk of a bad experience with Redfin being equal to or more risky than a screw up with a traditional agent.

The fact is, and spin it anyway you like about 'value', paying 5-6% of a transaction on top of fees and probably 3-6% in taxes is mindboggglingly expensive.

When I sold my townhome recently, my neighbor put his home up about 3 weeks later. He was going to use Redfin but for the reasons you described, went with a trusted and well renowned L&F (Long and Foster - they are probably the biggest or second biggest in DC metro) agent. Well gosh gee, guess what? Even at 400k, their townhome wasn't worth this agent's time. She came in and wowed them and got them to sign a listing agreement, and then turned them over to a junior agent on her team who was probably as inexperienced as any new traditional or new Redfin agent. The junior agent really screwed things up, and the agent they thought they were getting was rarely available when they wanted to speak to her.

A good number of people I know who have bought or sold recently were more or less coerced into using a traditional agent because aunt Joan is realtor or my son's best friend's father is a realtor or something like that.

I could go on ad hominem about traditional agents, but what's the point? Agents just don't see the world the way everyone else does.
As I already said, you're going to get good and bad agents in every office. Personally, I would never dream of taking a listing and then handing it off to a junior member of my office. If that ever happened to me, I would cancel that contract so fast that agents head would spin. Also, people who just go and right off the bat sign a contract with Aunt Joan the real estate agent get what they deserve. Buying/selling a house is a massive transaction. Why would you skip your due diligence just because Aunt Joan is an agent?

When it comes down to it, as a consumer you have to do your due diligence in finding an agent who's going to do a great job for you. Not all agents are created equal and it sounds like you've had your fair share of run ins with lack luster agents. People always want to place the blame on the agent when things go south. If you hire someone to work for you though (and continue to employ them) then a fair share of the blame lies on your shoulders as well.

I am currently in the process of selling my condo and buying a house. It hurts to see the agent fee on the HUD and it would be great to have that money in my pocket, but it also hurts to see the attorney's fees the transfer taxes, etc, etc, etc. I see things just like anyone else. However, as an agent, I know the work that goes into making a transaction look smooth and worry free. So, I recognize the value in the fee.
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Old 07-14-2012, 09:32 AM
 
1,784 posts, read 2,883,647 times
Reputation: 1242
I love Redfin, but wish their iPhone app would include sales records like the full website does.
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