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Re:Real estate site Redfin files for IPO by debacle on Friday July 07, 2017 @01:12PM (#14720067)
Having worked in the real estate industry for a time, it's ripe for disruption. Redfin is going to have a problem when it paves the way for a flat rate competitor, but right now it's doing a massive service to buyers and sellers.
Re:Real estate site Redfin files for IPO by maguirre on Friday July 07, 2017 @01:19PM (#14720149)
seriously curious as I am about to pay 10k+ for selling my house. what are they doing that is so special?
Re:Real estate site Redfin files for IPO by bdamm on Friday July 07, 2017 @01:34PM (#14720297)
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.

Re:Real estate site Redfin files for IPO by mac01021 on Friday July 07, 2017 @02:15PM (#14720684)
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?
Re:Real estate site Redfin files for IPO by harrumph on Friday July 07, 2017 @02:42PM (#14720930)
>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.

Re:Real estate site Redfin files for IPO by dpark on Friday July 07, 2017 @01:22PM (#14720180)
Cutting the fees in half.
Re:Real estate site Redfin files for IPO by vadym909 on Friday July 07, 2017 @01:30PM (#14720252)
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%.
Re:Real estate site Redfin files for IPO by dpark on Friday July 07, 2017 @02:37PM (#14720880)
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.

Re:Real estate site Redfin files for IPO by Danihan on Friday July 07, 2017 @01:32PM (#14720278)
How does a web site get licensed as a real estate broker, anyway?
Re:Real estate site Redfin files for IPO by vadym909 on Friday July 07, 2017 @01:38PM (#14720338)
They are registered brokers with a website- just like Windermere. They took this path vs being just a website like Zillow.
Re:Real estate site Redfin files for IPO by bacontacos on Friday July 07, 2017 @02:57PM (#14721052)
zillow is much more than a website if you're an agent
Re:Real estate site Redfin files for IPO by hkmurakami on Friday July 07, 2017 @01:41PM (#14720367)
They have physical brokers in each region (I think the unit is more granular than each state, iirc?)
Re:Real estate site Redfin files for IPO by apendleton on Friday July 07, 2017 @02:15PM (#14720683)
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.