5 ms·

seriously curious as I am about to pay 10k+ for selling my house. what are they doing that is so special?

by maguirre 9y ago

dpark 9y ago
Cutting the fees in half.
- vadym909 9y ago
  cutting the fees by 25% actually. Redfin acts as the buyer or seller's broker and only gives you back half of their 3% commission. The other side's broker still gets their 3%. So you pay 4.5% instead of 6%.
  - Danihan 9y ago
    How does a web site get licensed as a real estate broker, anyway?
    - vadym909 9y ago
      They are registered brokers with a website- just like Windermere. They took this path vs being just a website like Zillow.
      - bacontacos 9y ago
        zillow is much more than a website if you're an agent
    - hkmurakami 9y ago
      They have physical brokers in each region (I think the unit is more granular than each state, iirc?)
      - apendleton 9y ago
        Yeah I think it's by metro area. I live in DC and the same office handles DC and the Maryland and Virginia DC suburbs, and I think many of the agents are cross-licensed.
    - hkmurakami 9y ago
      They have physical brokers in each region (I think the unit is more granular than each state, iirc?)
  - dpark 9y ago
    That only accounts for the selling side, though. You also get a refund as a buyer and if you are buying and selling with Redfin (not uncommon), the savings are substantial. They actually only charge 1% commission as the selling agent now, too, so vs a typical 6% combined commission, they save 33% for the seller. (Assuming just a sale) Redfin doesn't seem to disclose how they calculate the refund anymore, though, so I'm not sure how much that works out to be. Seems to be around half a percent, so lower than it used to be. All combined, it's close to half of the traditional fees that they either refund or don't collect.
bdamm 9y ago
I think buyers could brave buying a home without a realtor. It's a little crazy but doable. Selling is another matter entirely. If you would like the peace of mind to know that your home is actually in your past once the money is in your bank account, use a broker. Having your past home haunt your future can be a miserable prospect.
- mac01021 9y ago
  Why can't my attorney provide me with that assurance while he's taking me through the closing process? What extra thing is the broker doing?
  - harrumph 9y ago
    >What extra thing is the broker doing? The broker is causing the closing to happen by finding and satisfying the buyer along with the buyer's many, many issues with most properties.
  - deleted 9y ago
    [deleted]

seriously curious as I am about to pay 10k+ for selling my house. what are they doing that is so special?

dpark 9y ago

Cutting the fees in half.

vadym909 9y ago
cutting the fees by 25% actually. Redfin acts as the buyer or seller's broker and only gives you back half of their 3% commission. The other side's broker still gets their 3%. So you pay 4.5% instead of 6%.
- Danihan 9y ago
  How does a web site get licensed as a real estate broker, anyway?
  - vadym909 9y ago
    They are registered brokers with a website- just like Windermere. They took this path vs being just a website like Zillow.
    - bacontacos 9y ago
      zillow is much more than a website if you're an agent
  - hkmurakami 9y ago
    They have physical brokers in each region (I think the unit is more granular than each state, iirc?)
    - apendleton 9y ago
      Yeah I think it's by metro area. I live in DC and the same office handles DC and the Maryland and Virginia DC suburbs, and I think many of the agents are cross-licensed.
  - hkmurakami 9y ago
    They have physical brokers in each region (I think the unit is more granular than each state, iirc?)
- dpark 9y ago
  That only accounts for the selling side, though. You also get a refund as a buyer and if you are buying and selling with Redfin (not uncommon), the savings are substantial. They actually only charge 1% commission as the selling agent now, too, so vs a typical 6% combined commission, they save 33% for the seller. (Assuming just a sale) Redfin doesn't seem to disclose how they calculate the refund anymore, though, so I'm not sure how much that works out to be. Seems to be around half a percent, so lower than it used to be. All combined, it's close to half of the traditional fees that they either refund or don't collect.

bdamm 9y ago

I think buyers could brave buying a home without a realtor. It's a little crazy but doable. Selling is another matter entirely. If you would like the peace of mind to know that your home is actually in your past once the money is in your bank account, use a broker. Having your past home haunt your future can be a miserable prospect.

mac01021 9y ago
Why can't my attorney provide me with that assurance while he's taking me through the closing process? What extra thing is the broker doing?
- harrumph 9y ago
  >What extra thing is the broker doing? The broker is causing the closing to happen by finding and satisfying the buyer along with the buyer's many, many issues with most properties.
- deleted 9y ago
  [deleted]