As a part of an enhanced fervor here at Redfin for giving sellers better service for less money than traditional agents, I was tasked with a research project to determine how well our listing agents have performed for sellers in recent years. The result: On average, Redfin listings sell 15 days faster and for $8,700 more than the competition.
Let me say that again…
Of course, every broker makes claims like this… but not many brokers employ a team of half a dozen analysts whose sole job is to crunch real estate data and track the company’s performance. Before we make such a bold claim, we actually run the numbers. In this case, we analyzed over 800 Redfin listings and more than 19,000 comparable listings by our competitors—20,256 listings in all.
The overall difference across all our markets was compelling, but some individual markets had an even more impressive advantage. Here are the results for every market where our calculations showed a statistical significance in the difference between Redfin listings and the local competition when it comes to sale to original list price ratio:
But the complete picture is even better for homeowners that hire a Redfin agent to sell their home, because the numbers above don’t even count the additional $5,000+ saved on average by sellers due to the fact that Redfin charges just 1.5% of the sale price for this superior service, versus the 2.5% to 3.0% charged by traditional agents.
In order to bring this superior service to even more sellers, we’re upgrading our listing service in 2012. So what does “upgrading our listing service” actually mean? Just since December, we have:
- Unveiled our Home Price Tool to give sellers a powerful way to determine their home’s value.
- Added prominent highlighting of Redfin listings to our map search, listing alerts, and Home Reports.
- Released Redfin Home Report to help owners keep tabs on their neighborhood.
- Offered $250 in matching funds to help sellers make their home shine.
- Promoted Redfin veteran Karen Krupsaw to head up our listings efforts.
- Hired a dozen new listing specialists to work with Karen and their local market managers.
To recap: Redfin gives sellers more free tools, more exposure, a faster sale, and a better price, all for thousands of dollars less than the competition.
If you’re thinking of selling your home, why wouldn’t you use a Redfin agent?