Anyone successfully sell using Redfin? (feedback, incentive, appraisal, 1%)

[Mershu]

We have a 2007 home near Razor & Ohio in North Plano, soon to be on the market and are considering Redfin since the market is so hot when under 400k. Anyone successfully sell using this service? What are your thoughts with a 1% seller fee and 3% to buyer?

[NAvery815]

I pretty much never post but looked up my old login information to be able to respond to this. Feel free to PM me if you want specifics or to see our listing.

We sold our 2010 home in Wylie in the last 3 months with Redfin. Price point was $270K. Phenomenal experience, I can't say enough good things. I've really been soured on traditional realtors in the past, and even without the much cheaper 1%, I was far happier with Redfin's service than the 4 traditional realtors I've used in the past. That plus the 1% makes it an absolute slam dunk.

What I loved about Redfin:
- The agents are paid their commission based on how good of a review you give them. They have an incentive to make sure you are happy rather than just that it closes. I definitely felt this in how hard they negotiated for us (on both the selling and buying side, 2 different agents).

- The way they use coordinators is awesome. I didn't need my specific agent to be the one answering every little question for me. I wanted someone who was available 100% of the time, and that's not an agent. They have in-office coordinators that handle all the paperwork and logistics, and they are pros at what they do. They keep the agent copied on everything though. Everyone always knows what the other person is doing.

- The online portal for tracking the process during the sale is great.

- Most of their agents are not newbies, but agents who have been in the business 5+ years and who switched to Redfin because they wanted more stability in their income. I was thrilled with the quality of both of their agents.

- The premium placement on the Redfin website is very valuable. You do stand out from the competition with the little tags they put on the listing. Our listing became a "Hot Home" which just drove even more traffic.

- Their photography is excellent and the 3D tours are UNREAL. I think the 3D tours are super valuable because people who come to look at your house already have totally seen it. We had 8 showings and an open house and got 5 offers. That's a pretty high showing to offer ratio, and I'm convinced it's because the 3D tour gives such a realistic view to what the house is like. I'm stunned when I see listings still with crappy photos from traditional realtors. You need phenomenal photos.

- Our sale fell through the day before closing for reasons 100% on the buyer and that no agent could have prevented. Luckily, our agent had hustled to secure a backup contract when we had 5 offers, and that one ended up closing less than a month later (and they got us the buyer's earnest money with no fight). That's a pretty stressful situation and the Redfin team handled it like it was nothing. BETTER than "full-service" agencies in my experience.

- We also were worried about foundation issues after an inspection, and our agent came for the foundation inspection. It all turned out fine, but the way the agent handled it was excellent. We were not left to fend for ourselves in anyway and she handled my meltdowns very well.

- The agent suggested things to make our lives easier, like a remote closing (at no cost to us) so we didn't have to travel to the title company. It was great and I wouldn't have thought to ask for it.

My watchouts:
- You're going to get out of it what you put into it. Our house was really nicely decorated/staged and ready to sell. Our agent said she usually will give people a list of things to fix/clean before listing. This is true with any agent, but I'd just say make sure you're doing everything you can to make the house stand out in photos too.

- Their initial pricing suggestion was a little low, but I don't think that's a reflection on Redfin in particular. It was based on good comps, it's just that they hadn't seen our house, which was definitely nicer than most others in the neighborhood. I'd been watching the market and knew what we could get. The first CMA she came with was $250K. I thought we could get $275K (higher than anything had ever sold in our neighborhood). After seeing the house condition and upgrades, she agreed it needed to be increased and suggested $260 - $265K but was willing to go with whatever we wanted. I decided to list at $269,900. We ended up getting offers between $270K - $278K, and the offer we ended up closing with was $276K. The first appraisal came in at $270K, the second one came in over $276K (not sure how much), so I was really close. Do your own research, you know your house and immediate area best. I think Redfin's CMA system is really excellent, but if your house has upgrades or better condition, that's hard to factor in.

[Katana49]

I wouldn't hesitate to use Redfin either, I've heard good things about them.

Another way you could go is with Door. If your house is below the $400k mark, I'd use them. The market is hot enough that agents will still show their clients your house to make a sale. I have a friend of mine who just used them to sell her home and it went under contract in about a month ($240k listing.) Saved her thousands.

[Rakin]

Originally Posted by Katana49

I wouldn't hesitate to use Redfin either, I've heard good things about them.

Another way you could go is with Door. If your house is below the $400k mark, I'd use them. The market is hot enough that agents will still show their clients your house to make a sale. I have a friend of mine who just used them to sell her home and it went under contract in about a month ($240k listing.) Saved her thousands.

Middle of last year I had a client leave me for Door. I had him 2 offers around $505-510 and he thought they could do better and save him $ on the sale. They did no marketing, no open houses, nothing to get the home sold.

He got desperate after awhile and accepted an offer at $480. He lost at least $20k by not taking one of the 2 offers I brought him.

And OP, I've seen Redfin under and over price a home big time since they are not intimate with a neighborhood. About all Redfin and Door will do for you is put a sign in the yard. Most of their agents have very little experience at actually selling a home.

[Katana49]

Originally Posted by Rakin

Middle of last year I had a client leave me for Door. I had him 2 offers around $505-510 and he thought they could do better and save him $ on the sale. They did no marketing, no open houses, nothing to get the home sold.

He got desperate after awhile and accepted an offer at $480. He lost at least $20k by not taking one of the 2 offers I brought him.

And OP, I've seen Redfin under and over price a home big time since they are not intimate with a neighborhood. About all Redfin and Door will do for you is put a sign in the yard. Most of their agents have very little experience at actually selling a home.

That's why I said "below $400k."

There's enough foot traffic below that price point that people will find your listing. You don't need an agent reaching out to other agents for you, people will find these homes themselves in that price range.

She doesn't make a lot of money. With Door, she saved almost $5k in commissions, which is more than she brings home in two months.

[RoamingTX]

As with so much. The answer is “well... it depends”

If you’re an experienced buyer/seller with a very solid knowledge of you community and know how to stage a house for sale, that 2% will probably be close to pure profit. Particularly at that price point.

Got a $650K home that is your first time selling with an unrealistic view of what needs to happen? Get a pro.

[nissan]

I used Redfin for my <$500K home sale in PA before moving here and it was a great experience. We had a highly recommended realtor that listed our home and was unable to produce anything after 5 months. We switched to Redfin and got great service and feedback after open houses and showings that led to a sale after 2 weeks of them having the listing. Their agents are knowledgeable and have a good bit of experience.

My sister then used Redfin for her home sale in PA as well and had a similarly positive experience.

The PA market is a bit more difficult for a seller vs. TX, so even w their lower costs, they got the job done and met our sale price expectations.

[NAvery815]

Originally Posted by Rakin

About all Redfin and Door will do for you is put a sign in the yard.

Simply not true for Redfin. But doesn't surprise me coming from a traditional agent.

[TeamLynn]

Good to interview more than one agent. Who sells the most homes in your neighborhood? Anyone dominate the market?
No scientific study but when I look at the license numbers of the Redfin agents it looks like most in DFW area are 2 years or less.
Redfin has a different system though...those newer agents may just be showing homes and the more experienced agents handling the listings.
Redfin agents may also handle more listings or closings than some traditional agents.
If it is a concern, ask....about the experience level....with them or any agent/broker.

[ss20ts]

You're saving 2% to do all the work yourself? Seems hardly worth it!