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Redfin Empowering Consumers & Hurting Realtors?

If you are a Realtor, are you terrified of Redfin? Well if you are pondering what, or who, Redfin is, go check out their Web site http://www.redfin.com/stingray/do/start and see if they have an office in your area.

It is an online real estate service that permits:

Searching MLS Listings
Tour Homes Online
Make Offers & Buy Homes Online
Sell Homes Online

Their high technology, low commission structure is striking fear into the hearts of Realtors! The biggest challenge is the rebates given to buyers in some geographic areas. Two thirds (2/3) of the buyer's commission is refunded to the home buyer!

The CBS television show '60 Minutes' broadcast a 14-minute segment of the Redfin company. The broadcast mainly focused on the Seattle area. To view this broadcast, go to

http://www.cbsnews.com/sections/i_video/main500251.shtml?id=2796105n

If you are a Realtor, what fantastic personal service are YOU providing, that will overcome objections from people insisting on paying lower commissions? Remember, price is only an obstacle when value is not perceived.

Michael Lozar

Michael Lozar is a registered mortgage loan originator in Bellingham, Washington.

Posted by Michael Lozar - Mortgage Loan Officer Bellingham on 05/21/2007 12:33 PM

Comments (7)

redfin, online, homes, sell, buy, list, mls, home tour, realtor, 60 minutes, seattle, mortgages bellingham

This post has been included in Washington Information

7 Comments on Redfin Empowering Consumers & Hurting Realtors?

thanks for the link.

05/21/2007 12:36 PM

by John Evarts (Classic Property Management of Santa Clarita)

A fellow ActiveRainer said it all recently: you get what you pay for. It is true in everything in life. It is true in real estate, too. Mike C

05/21/2007 12:45 PM

by Sugar Pine Realty/GMAC

I think it is just good motivation to stand above these services..

05/21/2007 12:51 PM

by Blue Ridge Ga Real Estate >> Real Property in Blue Ridge Georgia (United Country Landmasters)

Cheryl,

I could not find your post about the MLS Crack Down on Redfin?

Michael

05/21/2007 02:49 PM

by Michael Lozar - Mortgage Loan Officer Bellingham (PTF Financial Corp. - My Mortgage Company)

I believe you get what you pay for. Their website says it's coming to Chicago, SOON. I guess we will find out what kind of impact it has on our market.

05/21/2007 05:11 PM

by Laura Karambelas-Chicagoland Real Estate (Baird & Warner)

These companies come and go like all discount brokerages. When the market is good a monkey sell a house... but now that a large part of the US is in a buyers market these companies will continue to go chapter 11.

Ben Kinney - Bellingham WA Real Estate

06/06/2007 01:59 AM

by Ben Kinney (Home4Investment Inc.)

Michael,

I personally am not worried about Redfin taking my business. I plan on taking Redfin's business;-)

Read my post about my most recent experinece with Redfin in Seattle!

http://activerain.com/blogsview/327324/Redfin-The-Real-Estate

01/11/2008 04:21 PM

by Shane Petersen - Seattle's Green Real Estate Agent (Windermere Real Estate Nortwest, Inc.)