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Redfin tells realtors "I'll give you several times the number of houses that you're getting right now, but you have to accept that the per-house commission is going to drop. You'll make a lot more in the end but you'll have to sell more houses." Often realtors work both on and off Redfin and charge 50% of their regular rate for leads from there.
If you're home is immaculate and objectively desirable then it's accurate otherwise it's going to be odd by a significant amount. Redfin is about 25% higher than my mortgage lender and 10% higher than Zillow. Interestingly enough my redfin initial cash now price was only about 10% more than my mortgage lenders price. 1.
Oreococaine. •• Edited. With Redfin, you’re much more an employee than a real estate agent. You’re paid a salary and yes, you get a bonus if you make a sale and get a good review, but it’s nothing like the money you make as a solo agent. You’re going to play by all of Redfin’s rules and systems.
Now, Redfin says their estimate in 2019 was $1.5m, and current estimate is $1.9m. Based on comps, I’d actually guess it’s closer to $1.6m. So, their estimates are way off, and I’m not sure why they retroactively replaced a piece of good data with a piece of bad. So their goal here isn’t to appear accurate.
You pay 1% to list it, then 3% goes to the buyers agent. So the total is a 4% listing fee. Also, you have to sign a contract saying that if you are turning around to buy a house, you have to use a Redfin buyers agent. You are only saving 2% since its 6% total. 3% buyer agent and 3% sellers agent.
The house appraisal came back at $320k, and we negotiated a middle price of $325k. Had I gone with this particular Redfin agent I’d have left $25k out there and upset my neighbors. This agents reasons was a similar floor plan with a pool sold for $325k, and a pool is worth $25k, so my house was worth $300k.
ADMIN MOD. Must read before buying or selling: Redfin. I was a big fan of disrupting the real estate industry. I think it’s archaic to spend 6% if a home price on real estate fees, especially with the internet. Most people find the home before the agent. I was a huge fan of Redfin and used them to buy my house a few years ago.
Redfin estimates though, always being so high, I think that’s a way to bait customers into using their platform vs a competitor. Because if Zillow says your house is worth $400k and Redfin says your house is worth $475k, chances are you’re going to favor the latter regardless of how little real world impact that number has.
redfin is way better than zillow, if they serve your area. homesnap is better than zillow if they serve your area. zillow is basically last choice - their info isn't accurate, especially when it comes to houses that are really available. they hold onto info as click bait for as long as they can to sell your information to the highest bidding ...
As such, the algorithm is weighting roughly 90% of the property's value based on the evaluation by the professional who has recently offered it for sale. All the Zillow/redfin/etc. estimates are worthless (honestly this needs to be stickied in the sub, people keep asking this) Only comps are useful. Yes, they are BS.