Last month, we rolled out a major service upgrade for home buyers in every market Redfin serves except Seattle and DC, where we needed to hire more agents. We hired 14 new agents in Seattle over the last two months, so the wait is over. We thought you might have some questions.
The big change is that now you can have a one-on-one, personal relationship with your agent. She meets you on your first tour, sees the home you love before writing the offer, negotiates your deal and hands you the keys once you’ve closed. She’ll get to know you personally and guide you at every step, backed by a team that’s always available to answer questions.
What hasn’t changed?
We keep hearing how important it is to have an agent that’s 100% on your side, paid on your satisfaction, not commission. It’s how Redfin has always done business, and that’s not changing. With our new service in Seattle, you get personal service backed by a team and online tools that keep you in the loop at every step.
What does this mean for my refund?
As a result, the commission refund we offer buyers will change from a flat 50% of our commission (with Redfin’s minimum $6,000 fee) to a range between 15% and 50%, depending on the list price of the home, with no minimum fee. Since the refund is now based on the list price instead of the sale price, we’ll always put the estimated refund amount in the upper-right corner of the listing page. Our fee for selling a home is still 1.5% of the home price.
If you’ve already contacted us to tour a home, talk to an agent or write an offer, we’ll either honor the old refund pricing, or give you the new pricing, depending on which gives you more money back. You just need to close on a home by June 29, 2012.
Why the change?
We talked to hundreds of customers and heard loud and clear that they wanted a more personal relationship with their agent. We launched the new service in Boston in June of last year. In the first six months, we saw a 38% year over year increase in the rate at which people bought a home with Redfin within 90 days of taking a first home tour with us. The average client satisfaction score also went up by more than 10% in Boston after the launch. So more people wanted to work with Redfin from start to finish, and those that did were happier that they did. People love getting personal service from agents who are not paid on commission, and saving money at the end of the process without compromising.
For more of the scoop on the upgrade, read the blog post or connect with a Redfin Seattle agent who can show you how the whole process works. Check out the reviews of our Seattle-area agents and find the right one for you.