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Old 03-28-2018, 08:09 AM
 
Location: Columbia, SC
8,857 posts, read 17,461,540 times
Reputation: 6239

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Quote:
Originally Posted by just_because View Post
Top 15 Most Popular Real Estate Websites | July 2017

#5 and I don't believe any of 1-4 are brokers so it appears that you continue your nearly unbroken streak of your posts being:

-incorrect
or
-incoherent

This time it's incorrect that's the problem. Although I am being very generous as parts of your post are completely incoherent. Professionals don't write this this.
That was a measure a unique visitors, not total hits. Try and be honest for once. You do love to spin info.
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Old 03-28-2018, 08:35 AM
 
170 posts, read 68,695 times
Reputation: 522
Quote:
Originally Posted by jm1982 View Post
Kickingthebricks, thatís weird the listing would languish with the first realtor as the L.A market was still pretty hot even a few years ago .

Was the list price the same price with the first agent as it was when you listed with the Redfin agent ?

How long was it on the market for with the first agent ?
List price was HIGHER with Redfin and we sold over list.

It was on the market 30 days with the first agent. It was a hot market and should have been gone. After we fired the agent we realized that the only people who he marketed it to were his cronies who had steered retired buyers to the building-- that would have been fine if any of them made an offer, but our market was DEFINITELY more first time buyers. We also didn't have decent pics and the agent's photographer was on vacation/scheduled. We kept hounding the agent for new pics and he kept having scheduling problems with the photographer. We realized too that he had put specific showing hours on the listing and that we needed 24 hours notice to schedule an showing because that was the way he "always did it." But we had already moved and the place could be shown whenever. When we asked him to take that off we got a bit more traffic.

As I said, he was a very nice and personable man but a bit of a dinosaur. Sales in our building were usually pretty quick for him and I think he just phoned it in expecting that someone would come forward. But we were in a hurry as we were carrying two mortgages. He was gracious when we fired him We just needed someone more motivated who knew the market better.
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Old 03-28-2018, 02:17 PM
 
Location: Raleigh NC
7,787 posts, read 6,144,732 times
Reputation: 6905
Quote:
Originally Posted by kickingthebricks View Post
Its not worth arguing as you have clearly come down on a specific side of the fence, and I on the other. The OP got a lot of great information in this thread from real live buyers who have used Redfin (like me) who have used traditional brokerages as well and can compare the two models. We also heard from traditional agents who have done their best to undermine that information, Redfin's reputation, call Redfin agents inexperienced, and defend their own right to keep on keepin' on in a way that benefits them.

Sometimes, a speaker's effort to cut down another says more about the speaker than the object of their retort.
just for accuracy sake - did you use them to buy as well? You gave us the account of using them to sell.

The Redfin model is "real", I don't personally deny that (in case you were putting me in with "traditional agents"). It is an option for a Seller in a market that Redfin operates to pay only 1% to Redfin (still paying the Buyers agent) or 2%.

But I will stand behind my assertion that IN MY MARKET (where Redfin has had a presence for many years now), the agents are generally less-experienced in both years in business and # of clients.
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Old 03-28-2018, 02:20 PM
 
Location: Raleigh NC
7,787 posts, read 6,144,732 times
Reputation: 6905
See below for a mistake that I made.

Quote:
Originally Posted by BoBromhal View Post
this is good to know. I do wonder if this applies across the company or not.

Also, what do you tell potential Seller's about the Redfin price? Especially if the redfin price is > 3% below asking or suggested price? Even moreso, what if the agent suggests a list price 10% above the Redfin price?


As to "exposure", how does Redfin decide what is a "Hot House" ... and encourage potential buyers to act quickly? I've just done a couple of searches, and the featured house is "Hot", but NOT a Redfin listing. And the asking price is almost exactly the Redfin price.



as noted, much of this is puffery. I would accept without researching that Redfin is likely the largest BROKERAGE site, but you have to be that specific to be correct. Everyone knows that Zillow = #1 site for searches. I can also say, using Listhub data, that Redfin doesn't beat Zillow, Realtor.com, or my own brokerage's website in my market, a market Redfin has been in for numerous years.

I made an error here, for which I apologize:

Maybe all 51 Redfin buyers....

Should read: all 229 Redfin Buyers ...


in my 30K home market used the app, and maybe many of those consumers who aren't my client nor of those agent I interact with. We all get customer inquiries from: Zillow; Realtor.com, 1 large local brokerage site, and the Homespotter app.
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Old 03-28-2018, 02:23 PM
 
170 posts, read 68,695 times
Reputation: 522
Quote:
Originally Posted by BoBromhal View Post
just for accuracy sake - did you use them to buy as well? You gave us the account of using them to sell.

The Redfin model is "real", I don't personally deny that (in case you were putting me in with "traditional agents"). It is an option for a Seller in a market that Redfin operates to pay only 1% to Redfin (still paying the Buyers agent) or 2%.

But I will stand behind my assertion that IN MY MARKET (where Redfin has had a presence for many years now), the agents are generally less-experienced in both years in business and # of clients.
We did not because they were not in the market we were moving to at the time. We would have absolutely.

A few years later we sold our home as a FSBO. We had enough experience at that point, were both attorneys, and had a buyer who was a neighbor and had an eye on our place. We were lucky enough to inherit a home free and clear in a location we would have never been able to afford on our own and will be here for some time. But if we ever sell again, we will either represent ourselves or hire Redfin/a flat fee agent.
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Old 03-28-2018, 02:24 PM
 
Location: Raleigh NC
7,787 posts, read 6,144,732 times
Reputation: 6905
Quote:
Originally Posted by GoPhils View Post
I agree with you that it's probably not good for the market in the long run, but like uber, I don't think home buyers and sellers care how profitable the parent company is.
I promise you, the % of home buyers and home sellers that care whether their agent makes money is quite small. In 20 years and almost universally-satisfied clients, I can count on one hand the number that said "Man, I hope you made a lot of money!!"

they should care even less what my Brokerage company makes.
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Old 03-28-2018, 02:27 PM
 
Location: Raleigh NC
7,787 posts, read 6,144,732 times
Reputation: 6905
Quote:
Originally Posted by kickingthebricks View Post
List price was HIGHER with Redfin and we sold over list.

It was on the market 30 days with the first agent. It was a hot market and should have been gone. After we fired the agent we realized that the only people who he marketed it to were his cronies who had steered retired buyers to the building-- that would have been fine if any of them made an offer, but our market was DEFINITELY more first time buyers. We also didn't have decent pics and the agent's photographer was on vacation/scheduled. We kept hounding the agent for new pics and he kept having scheduling problems with the photographer. We realized too that he had put specific showing hours on the listing and that we needed 24 hours notice to schedule an showing because that was the way he "always did it." But we had already moved and the place could be shown whenever. When we asked him to take that off we got a bit more traffic.

As I said, he was a very nice and personable man but a bit of a dinosaur. Sales in our building were usually pretty quick for him and I think he just phoned it in expecting that someone would come forward. But we were in a hurry as we were carrying two mortgages. He was gracious when we fired him We just needed someone more motivated who knew the market better.
he did a poor job, and I imagine we're all sorry that it cost you a month's mortgage.
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Old 03-28-2018, 02:58 PM
 
Location: Cary, NC
31,648 posts, read 55,401,531 times
Reputation: 30198
Quote:
Originally Posted by GoPhils View Post
Of course, but the poster's point was that Redfin listings are shown more prominently on Redfin's own site. So considering that Redfin is one of the highest trafficked sites, that can certainly be considered an advantage to listing with them. How much of an advantage is up for debate.
Quote:
Originally Posted by BoBromhal View Post
I promise you, the % of home buyers and home sellers that care whether their agent makes money is quite small. In 20 years and almost universally-satisfied clients, I can count on one hand the number that said "Man, I hope you made a lot of money!!"

they should care even less what my Brokerage company makes.
But caring about profitability was obviously not relevant to the point.
I certainly don't care to generate empathy for a firm or agent losing money

More relevant, and something that FANG fans, and disruptor fans should retain in memory:
The motivation and rationale for ruinous pricing is to buy dominant market share.
To use leverage to control pricing.
If the operator has adequate funding to survive egregious cash burn, the reward in the long view is less competition and market price leverage.

Is that RDFN's game?
I dunno.
But it has worked nicely for Amazon, and would work for Uber, if they could stay focused on business over drama.
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Old 03-28-2018, 03:00 PM
 
719 posts, read 843,207 times
Reputation: 1252
I was going to sell my parents' 3BR condo this spring with Redfin in a <30-days-to-sale CA market, but am starting to change my mind.

I'll share my reasons which I hope benefit people in the industry:

1) First-time seller. I have a lot going on besides this and need to count on a proven expert in the area who will hold my hand. I trying to do right by my parents, but clueless and trying to maximize their very limited funds for touch-ups and minor upgrades. The Redfin agent barely replies to my questions and seems to just be waiting for me to say it's ready to list. The Keller Williams agent I called today talked for 20 minutes and is driving by the place today to look at it.

2) Negotiation experience and competency and a dog in the fight. Even though we have comps of the same model, ours is a corner unit with a larger yard and more privacy. The Keller Williams agent I spoke to sold this same model last year $31k over asking price within a week. This tells me she has contacts, knows how to negotiate, and stands to benefit.

3) Inventory in our complex is zero right now but there's a huge town-home development down the hill ready to launch in summer starting in same price range. Need to list ASAP.

4) Negative stories about Redfin. I've read more than one story about Redfin dropping the ball or giving an inconsistent experience or appearing to simply want to move places fast but not at the best price. These stories ring true to me given Redfin's business model.

5) I have to sell quickly and efficiently because I'm moving my parents to another state where they'll be paying a lease AND their mortgage until closing. We need it priced exactly right so they can cash out as soon as possible. This combined with the competitive new housing market coming soon (and increasing interest rates), are probably the two biggest reasons that are tipping the scale away from Redfin.

That being said, I've not fully compared fee scenarios yet so...
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Old 03-28-2018, 03:11 PM
 
1,528 posts, read 729,987 times
Reputation: 2062
Quote:
Originally Posted by MikeJaquish View Post
But caring about profitability was obviously not relevant to the point.
I certainly don't care to generate empathy for a firm or agent losing money

More relevant, and something that FANG fans, and disruptor fans should retain in memory:
The motivation and rationale for ruinous pricing is to buy dominant market share.
To use leverage to control pricing.
If the operator has adequate funding to survive egregious cash burn, the reward in the long view is less competition and market price leverage.

Is that RDFN's game?
I dunno.
But it has worked nicely for Amazon, and would work for Uber, if they could stay focused on business over drama.
...and Walmart before them and a number of other regional discount stores and supermarkets before Walmart. Nothing is static and market entry of competitors becomes faster moving every day in all industries.

Just speculating here but I would not place my money on Redfin being the single disruption that kills the rest of the industry (both other existing and potential disruptors and the existing legacy model). So I would not worry. The market will evolve with or without Redfin and commission rates will fall no matter what new models and new companies move in to eat away at the legacy.
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