Comments on: Redfin’s First Year http://raincityguide.com/2007/02/27/redfins-first-year/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Realivent Real Estate Technology Blog » Blog Archive » All the real estate flunkies are silent http://raincityguide.com/2007/02/27/redfins-first-year/#comment-102867 Realivent Real Estate Technology Blog » Blog Archive » All the real estate flunkies are silent Sat, 03 Mar 2007 11:08:27 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-102867 [...] Rain City Guide Redfin’s First Year [...] [...] Rain City Guide Redfin’s First Year [...]

]]> By: Greg Perry http://raincityguide.com/2007/02/27/redfins-first-year/#comment-102343 Greg Perry Thu, 01 Mar 2007 16:19:02 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-102343 Bill, I uderstand what you're saying. I"m poking at the number that Redfin cliams thier clients pay 99.329% and other MLS agents 100.233. Unless they've been directly involved in a multiple offer deal, people dont' know or appreciate the effort agents go through to assist their clients in a bidding war. As the conventional agent is commissioned they're more likely to be out until 11:00 pm to do what it takes. Redfin are salaried with bonus. Based on incentive, how hard do you think in the end they'll work for the client? Bill, I have literally dozens of stories that I can relate personally and through other agents on how a Redifn client missed an opportunity. I heard one Tuesday, where a Redfin agent would not write a purchase offer last Sunday eve. Seller had 2 offers and elected not to wait until Monday, with full disclosure by the listing agent to the Seller that it the Redfin offer that wuld be in on Monday. The Seller made the choice not to wait, which is his right. You can say your friend had a good experience, I'll be able to cite dozens of negative experiences. Then you can dig up negative experiences other friends had with other agents, and it goes on. We're poised for active spring market and we're already seeing the increase in multiple offers in specific areas and price ranges. Many high emotionally appealing homes will escalalte in price. Here are some questions: Will the Redfin agent show the home or even SEE the home that is being offered on? How much research will be done to assist the client with an offer that makes sense? Will the agent accompany the Buyer to an inspection, (most likely will have to be a preinspection on a multiple offer). Will they do what it takes including personally presenting the offer to the Seller, and then sitting outside their house for over an hour while the Seller sorts thier offers out? By and large the best and most experience agents prevail in these situations. Buyers who are represented by new, lazy or limited service agents rarely win. A LOWER PRICE is not the best measure of negotiatling skill. In a contract. We negotiatie price, inclusions and exclusions, contingencies, dates and other issues. As I stated before, sometimes it takes every onuce of skill to acquire a home for a buyer OVER the listed price. Bill, I uderstand what you’re saying. I”m poking at the number that Redfin cliams thier clients pay 99.329% and other MLS agents 100.233. Unless they’ve been directly involved in a multiple offer deal, people dont’ know or appreciate the effort agents go through to assist their clients in a bidding war. As the conventional agent is commissioned they’re more likely to be out until 11:00 pm to do what it takes. Redfin are salaried with bonus. Based on incentive, how hard do you think in the end they’ll work for the client?

Bill, I have literally dozens of stories that I can relate personally and through other agents on how a Redifn client missed an opportunity. I heard one Tuesday, where a Redfin agent would not write a purchase offer last Sunday eve. Seller had 2 offers and elected not to wait until Monday, with full disclosure by the listing agent to the Seller that it the Redfin offer that wuld be in on Monday. The Seller made the choice not to wait, which is his right. You can say your friend had a good experience, I’ll be able to cite dozens of negative experiences. Then you can dig up negative experiences other friends had with other agents, and it goes on.

We’re poised for active spring market and we’re already seeing the increase in multiple offers in specific areas and price ranges. Many high emotionally appealing homes will escalalte in price. Here are some questions: Will the Redfin agent show the home or even SEE the home that is being offered on? How much research will be done to assist the client with an offer that makes sense? Will the agent accompany the Buyer to an inspection, (most likely will have to be a preinspection on a multiple offer). Will they do what it takes including personally presenting the offer to the Seller, and then sitting outside their house for over an hour while the Seller sorts thier offers out? By and large the best and most experience agents prevail in these situations. Buyers who are represented by new, lazy or limited service agents rarely win.

A LOWER PRICE is not the best measure of negotiatling skill. In a contract. We negotiatie price, inclusions and exclusions, contingencies, dates and other issues. As I stated before, sometimes it takes every onuce of skill to acquire a home for a buyer OVER the listed price.

]]> By: Bill Waters http://raincityguide.com/2007/02/27/redfins-first-year/#comment-102201 Bill Waters Thu, 01 Mar 2007 07:49:37 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-102201 Greg, that's an interesting question. In my co-workers case, the RedFin agent was completely on the ball - the offer was in on the first day, and accepted on the second. My impression is the RedFin agents are less experienced in general, but work hard to make up for it. (that's a potential liability too I admit). Greg, that’s an interesting question. In my co-workers case, the RedFin agent was completely on the ball – the offer was in on the first day, and accepted on the second. My impression is the RedFin agents are less experienced in general, but work hard to make up for it. (that’s a potential liability too I admit).

]]> By: Greg Perry http://raincityguide.com/2007/02/27/redfins-first-year/#comment-102055 Greg Perry Thu, 01 Mar 2007 01:46:24 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-102055 To win a multiple offer, sometimes it takes presenting in person, many times well after 8pm in the evening, having your client waiting in your car, or a close by restaurant for that convenient last minute signature. All this so we can screw up the stats by negotiating a sales price more than the list price because the that price escalated because of competing offers. Will a Redfin agent do this for their client? If not, what are the odds the Redfin client will prevail in an multiple offer scenario? At times it takes every ounce of experience and negotiating skill to acquire a property for a client for OVER a list price. But damn, that makes us look bad in the "stats" department. To win a multiple offer, sometimes it takes presenting in person, many times well after 8pm in the evening, having your client waiting in your car, or a close by restaurant for that convenient last minute signature. All this so we can screw up the stats by negotiating a sales price more than the list price because the that price escalated because of competing offers. Will a Redfin agent do this for their client? If not, what are the odds the Redfin client will prevail in an multiple offer scenario? At times it takes every ounce of experience and negotiating skill to acquire a property for a client for OVER a list price. But damn, that makes us look bad in the “stats” department.

]]> By: Joe Johnson http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101717 Joe Johnson Wed, 28 Feb 2007 07:05:32 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101717 OOps: http://2200life.blogspot.com OOps:

http://2200life.blogspot.com

]]> By: Joe Johnson http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101716 Joe Johnson Wed, 28 Feb 2007 07:04:30 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101716 Here's a new blog about the 2200 Westlake complex. Pretty funny insight into the problems there: 2200life.blogspot.com Here’s a new blog about the 2200 Westlake complex. Pretty funny insight into the problems there:

2200life.blogspot.com

]]> By: Redfin Saves You Money!!! So they say… : Northwest Real Estate Update! http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101669 Redfin Saves You Money!!! So they say… : Northwest Real Estate Update! Wed, 28 Feb 2007 05:20:58 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101669 [...] My first impression was, ..wow! That’s definitely interesting. However, never having been a person to just take someone’s word blindly, I did my own number crunching. I originally posted these findings over on Rain City Guide earlier today. More discussions on this are on 360Digest, Bloodhoundblog, Freakonomics, and another one on Rain City Guide. [...] [...] My first impression was, ..wow! That’s definitely interesting. However, never having been a person to just take someone’s word blindly, I did my own number crunching. I originally posted these findings over on Rain City Guide earlier today. More discussions on this are on 360Digest, Bloodhoundblog, Freakonomics, and another one on Rain City Guide. [...]

]]> By: mark http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101629 mark Wed, 28 Feb 2007 03:32:41 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101629 there is no doubt that redfin rebate is good. buyers gets some money for down payment or some fixes. since most of the inventory is online, the advantage traditional agents had is slipping away. I think, more and more buyers may choose Redfin model. I've talked to many buyers and there concern is that many traditional agents are not truthful. when the press is full of news on price decline, they still argue that it's a good time. wonder, when is not a good time. redfin doesn't do that. M there is no doubt that redfin rebate is good. buyers gets some money for down payment or some fixes.

since most of the inventory is online, the advantage traditional agents had is slipping away. I think, more and more buyers may choose Redfin model.

I’ve talked to many buyers and there concern is that many traditional agents are not truthful. when the press is full of news on price decline, they still argue that it’s a good time. wonder, when is not a good time. redfin doesn’t do that.

M

]]> By: Bill Waters http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101614 Bill Waters Wed, 28 Feb 2007 03:10:46 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101614 My only experience with RedFin so far has been through a co-worker that used them to sell his townhome and subsequently buy a condo. On the townhome sale (March 2006) they sold in 10 days - and comparable units have to this date sold within 2% of their selling price. Likewise, the condo he bought using RedFin as a buyer agent sold after 2 days on the market - also within 2% of all comparable sales from April 2006 to date. In his area appreciation has been flat since March 2006, and in that kind of market, RedFin performed quite well. He used the rebate for new carpet. My only experience with RedFin so far has been through a co-worker that used them to sell his townhome and subsequently buy a condo.

On the townhome sale (March 2006) they sold in 10 days – and comparable units have to this date sold within 2% of their selling price.

Likewise, the condo he bought using RedFin as a buyer agent sold after 2 days on the market – also within 2% of all comparable sales from April 2006 to date.

In his area appreciation has been flat since March 2006, and in that kind of market, RedFin performed quite well.

He used the rebate for new carpet.

]]> By: Jim Frey http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101602 Jim Frey Wed, 28 Feb 2007 01:48:39 +0000 http://raincityguide.com/2007/02/27/redfins-first-year/#comment-101602 Jon: EXACTOMUNDO! (Did I hear someone say - "This isn't rocket science"!) LOL! Jon:

EXACTOMUNDO!

(Did I hear someone say – “This isn’t rocket science”!) LOL!

]]>