Spam prevention
Rainmaker
5,442,068
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

no.... the luxury home market is too market savvy to fall for that.... unless they have a couple of chevys in the driveway....

May 02, 2018 07:16 AM
Ambassador
2,973,351
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I say this a lot.... other people's business models don't bother me.  Sure they might get a share, but I'll get my share too.

May 02, 2018 07:43 AM
Rainmaker
2,902,440
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I saw one of those billboards in San Jose the other day.  I do not believe it will make a difference in the high-end market. 

May 02, 2018 07:38 AM
Rainmaker
822,708
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

No! That demo works with people they trust, and are not looking to squeeze a dollar to make it holler.

May 02, 2018 07:34 AM
Rainmaker
1,316,042
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Out here in Ventura County, Redfin continues to be a very small player.  Very few listings, only two buyers agents that I have seen in 3 years.  I've only seen 2 Redfin listings out here in 3 years (while driving around, not saying there are only two in the MLS).  What they don't say in that ad (at least not in large print) is you still have to pass on 2-3% to the other agent, so they end up with a 3-4% commission total.

 

Saw a great discussion on them last night on Lab Coat Agents.  This guy lost a listing to Redfin, it was a very nicely remodeled house and sold for 345k in a couple days.  A 600sf smaller house that was outdated listed a couple days after the redfin one went into escrow for 369k and sold in a couple days as well.  That owner that saved a couple percentage points on the listing lost at least 25k if not 30k on the price.

 

For people concerned about the 1% they charge or the 2% that REX charges, they saying goes "anyone can sell a house in a HOT market, when the market cools the cut rate companies usually don't last."

May 02, 2018 09:16 AM
Rainmaker
825,473
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Christine, maybe NAR will buy Redfin and they will raise the fees!  ^_~

May 02, 2018 07:57 AM
Ambassador
3,766,699
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I don't - my clientele wouldn't fall for that - they are loyal and also sharper than to fall for this ad!

May 02, 2018 07:55 AM
Rainmaker
478,398
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

The old saying goes "....you get what you pay for..."

May 02, 2018 01:29 PM
Rainmaker
1,507,472
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Yes, they take a big chunk of business in my area, especially among first time buyers. 

May 02, 2018 11:17 AM
Rainmaker
5,003,005
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Christine,

I have not seen this! The luxury arena is a different niche.  A

May 02, 2018 09:34 AM
Rainmaker
161,942
Denise Copeland
Home Sales Palm Beach - Jupiter, FL
Jupiter Abacoa Sales & Beach Front Luxury Homes

I was discussing this with one of my colleges today. The 1% listing won't cover the professional photography, the details, open houses or showings. And then you have to question what the buy side commission will be. I'm certainly not shooting myself in my own foot and showing a 1% buy side. Sounds like a test market. My clients may want to save money, but I can't even imagine them dropping everything to accomodate a showing.

May 02, 2018 08:35 AM
Rainmaker
298,564
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

There have been discount models for as long as I have been in real estate. Some come and go, others stick around.  When it is all said and done the fees somehow end up being very close.

May 02, 2018 08:11 AM
Ambassador
2,491,588
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     Zillow, Redfin, the demise of NAR... lots of things are changing the real estate industry as we have known it.

May 02, 2018 07:19 AM
Rainmaker
705,949
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

A sign that they can't get business any other way...

May 02, 2018 12:24 PM
Rainmaker
3,730,638
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Discounters will likely be a factor in all industries. The question is why are you(me/we) different?  

May 02, 2018 11:48 AM
Rainmaker
3,708,679
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not for those who have a full definition of full service!

May 02, 2018 09:16 AM
Rainmaker
5,976,293
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

No. 

I heard a promotion on radio today offering to wave the listing fee of $1,000 for new listings for a new office in DC.  No listing fee and 3% for the buyer agent.

May 02, 2018 05:24 PM
Rainmaker
798,417
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

I see their annoying ads on tv here.  They haven't changes the market or people's thinking much.

May 02, 2018 12:36 PM
Rainmaker
87,820
Jeff Perlis Prime Properties
Prime Properties - Lake Arrowhead, CA
Experience Your Own Transformation!

None in my hood.

May 02, 2018 12:12 PM
Rainmaker
1,101,533
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

They have the signs in 26 marketing centers. They are also mortgage lenders.

Rather than stating high price market, let me say very high end estates in SFBA like Atherton, Hillsborogh, Palo Alto etc I saw several listings. It is very disruptive as all high end brokerages have to lower fee to compete. When you talk this lawyer and that esquires reviewing contracts and have signs John Doe esq you know they will be more disruptive taking tradition sales away. Rdfn stocks tanked 1/3 after IPO. CEO stated he does not care, but he wanted to make a difference on the way RE is being conducted. Writings have been on the wall for sometime technology and incentives will change the way conventional industry operates. 

May 02, 2018 08:39 AM
Rainmaker
151,904
Aida Pinto
Independent Real Estate Broker - Los Angeles, CA
Real Estate Broker (562) 884-6196

They are not a real estate brokerage firm, they are a start up tech company trying to disrupt the real estate market.  Their business model have lost millions and continue to lose each year.  They are  only in business because of investors who keep pumping money into it just to stay in business.  I don’t know how long they can keep this business model going, but as long as there are investors willing to invest, they will stay.  Yes, they will have an impact, we just don't know how big of a disruption and for how long.   

Here’s Forbes article

 

Jul 24, 2018 11:11 AM
Rainmaker
3,531,085
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

They are trying to in our area.

May 07, 2018 04:23 PM
Rainmaker
4,441,591
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

The word gets out that most are very new agent, so you do get what you pay for.....  They are running ads on the TV like crazy around here.

May 05, 2018 10:47 AM
Ambassador
1,706,758
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Just another factor but not a game changer.

May 03, 2018 04:13 PM
Rainmaker
4,798,978
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It may have a small effect. 

May 03, 2018 06:16 AM
Rainmaker
3,067,302
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Barbara Todaro nailed this one!

May 03, 2018 04:50 AM
Rainmaker
4,432,971
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No idea.

May 03, 2018 04:34 AM
Ambassador
4,307,764
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Christine Kankowski North SD and Temecula - discounters have existed in each and every industries.

This does not mean the 'demise' of the industry.

May 02, 2018 09:56 PM
Ambassador
4,841,781
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

The question is simple, do you want a Great agent, or one that is Desperate enough to work for Redfin?

May 02, 2018 09:13 PM
Rainmaker
1,077,127
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

LOL read the Redfin fine print...it's more than 1%

The airport seems to be a waste of money as a target market. Everyone is zoned out or in a hurry there.

May 02, 2018 08:48 PM
Rainer
482,347
Bruce Kunz
C21 Solid Gold Realty, Brick, NJ, 732-920-2100 - Howell, NJ
REALTOR®, Brick & Howell NJ Homes for Sale

Christine Kankowski North SD and Temecula I don't think they will. Redfin (and a few others) have been around for a while and don't seem to be out of place. A few will try anything that seems cheaper. Most will learn what that means...

May 02, 2018 08:27 PM
Ambassador
3,985,488
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Discount brokers give discount services. Sellers usually figure that out quickly.

May 02, 2018 08:00 PM
Rainmaker
3,985,587
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Maybe some until word gets out about the type of representation gets out

May 02, 2018 07:52 PM
Rainmaker
3,564,883
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I doubt it... that's probably not the primary consideration for high end property listings. I'd like to see what they can deliver for 1% in terms of full service and professioal photos.

May 02, 2018 02:18 PM