Everyone Run to Redfin!

[photopress:run.jpg,thumb,alignright]I just got back from 200 1st Street in Kirkland and these are definitely all that I hoped they would be.  Of course, I already know them fairly well and have been in there many times.  But they were not available for sale.

Now here’s the VERY BEST USE OF REDFIN!  In fact, I love these so much, I’ll make you the same Redfin deal.  And you make out much better signing in as WITH AGENT than sans agent, as there is no benefit best I can tell, for those without.  So you might as well get the 2% cashback. 

For those who don’t know what the “Redfin Deal” is, you go over and sign in showing Agent as “Redfin, or assigns” or put my name, or any agent willing to give you the Redfin deal.  But do NOT put “no agent” on that line.  The field is wide open over there with only one sold.  You get your pick of the litter, plus 2% back.  DO NOT listen to the sales people, they are…and be careful on selection.  Don’t restrict yourself to the ones they will let you see.  Figure out the floor plan, as the very best deals are available to be bought, but not to be seen.

The price differential for positioning is off, so about 20% are real bargains and about 40% are overpriced.  Get over there before they figure that out.  When you write in your agent, or meet your agent there, the agent gets 3%, but according to the sales office, and I do not know why not, they are not allowing the buyer to take the 3%.  So sign in your mother, brother or sister with a license…or me or Redfin, to take advantage of the cashback feature.  Hopefully they will permit the buyer to take the 3% at some point without doing it this way.  But in the meantime, don’t lose out on the benefit.

Yes, sometimes Redfin works.  New construction or condo conversions, as long as you know how to factor in the location differential properly, is clearly the best use of Redfin.  If you want an agent who knows how to factor in the price differential per location in the building…just throw my name on there and I’ll throw back the same 2% as Redfin (ONLY on these at 200 1st ST guys, not an open offer) since I live right up the street.

You know I don’t push everything, even my own stuff.  And I clearly don’t like every unit in there.  But with the field wide open through this weekend and only one sold…RUN!

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ARDELL is a Managing Broker with Better Properties METRO King County. ARDELL was named one of the Most Influential Real Estate Bloggers in the U.S. by Inman News and has 33+ years experience in Real Estate up and down both Coasts, representing both buyers and sellers of homes in Seattle and on The Eastside. email: ardelld@gmail.com cell: 206-910-1000

18 thoughts on “Everyone Run to Redfin!

  1. Hi Ardell, I was kind of suprised to see you offering a rebate for your services (even if it’s only for this particular property).

    You’ve built such a great reputation as a knowledgable domain expert and a full service Realtor and I wonder if this kind of thing dilutes your otherwise impeccable brand. Perhaps I’m missing something?

  2. Tom,

    You are “missing” the fact that a SELLER NEVER determines the fee for my BUYER Agent services. I determine the charge for my services on a case by case basis with my clients. Some of the factors I consider are price of property, liability considerations, and my ability to easily communicate with the client with regard to the purchase, from day one to close of escrow.

    Given this particular product and this particular seller, the products’ proximity to me, my familiarity with the product and its immediate geographic vicinity prior to it going on market, the only unknown factor is the last on the list. Since 2/3rds of my work was done by the time I wrote the post, in that I evaluated the entire building structure for my own reasons beforehand, my fee is 1/3 of what the builder is “allowing for” within the sale price.

    It’s a business decision based on real business factors, as my charges are never “one size fits all”, nor should what my buyer client pays me EVER be dictated to them by the seller. If I allow myself to think that I am paid by a third party, who is not my client, I may get confused with regard to who I am working for…and I cannot permit that to happen.

    I am very, very good at what I do, but what I do is not what the general public has been brainwashed into thinking it is that I do. Luckily my clients are not as confused in that regard, as the general public. I am neither “a knowledgeable domain expert” nor am I “a full service Realtor”. I appreciate the compliment, but your description of me is incorrect, and so I must make the correction.

    Your use of the term “rebate” is also incorrect. Financing permits an upper limit to the amount of total fees that can be charged within a financed real estate transaction. The seller throws out a number which is contained in the asking price. But the real charge for my services is always determined by me and my client. If my client is the seller, then the seller and I determine the fee for my services. If my client is the buyer, then the buyer and I determine the fee for my services.

    I would appreciate your thoughts with regard to how a seller can possibly determine what a buyer should in fact pay to their agent. A seller can say the asking price is $600,000 of which I am prepared to pay $18,000 to a Buyer Agent. What that really means is that his “bottom line” after payment of the buyer agent fee, is $582,000.

    The buyer agent and their client then determine the actual fee for their business dealings together. If that fee, as determined by the buyer and their agent, is higher than the $18,000, then the buyer pays the difference either by stacking it on to the price or outside of the financed transaction. If that fee is lower than the $18,000, then the buyer can either reduce the price of the house accordingly or, if the lender permits it, use the difference to help pay the closing costs.

    That is the REAL structure of fees in this country, and I will spend the rest of my days on this earth trying to spread that message, because it is fact. How the world was convinced that the buyer has absolutely no say in what is paid to the “buyer’s” agent, is beyond rational thinking and belief. When “all agents represented sellers”, the seller paid me.

    When the buyer received the right to have a “buyer’s agent”, they also received the complete “bundle of rights” that goes with that legal change in our society. I am much more interested in moving that ball forward, then helping Robbie with his “golf game” 🙂

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  4. 30% of these sold this weekend! and they don’t even have a sign out front saying they are for sale! Maybe I helped…though no one called me…I hope some called Redfin. Now you will have to be more careful, as likely the best ones sold in that 30%. I received an email from them telling me that 30% were sold…I didn’t go and check. Let’s assume they are telling the truth.

  5. I was turned on to this blog a couple of weeks back, and I am learning a lot reading the posts. However, whenever I read your posts I have to read it at least twice to understand what you are saying.
    Now, I know the reason is that I am not the smartest person out there, but would it be possible if you could dumb things down a bit. Maybe after you write it out, read it from a 3rd person point of view. After I understand what you are saying, you make a lot of sense, but …

    For example, Eileen Tefft has some really good posts that make a lot of sense the first time I read it

  6. Hi Ted,

    I appreciate your comment. I do think that one of the benefits of blogging is that people who contact me from blogging to be their agent, can communicate with me from first contact. I’m kind of “What you see is what you get.”.

    To change my speaking style by having others edit it, would likely produce a result that is not as genuine. I simply write the way that I speak. Or more accurately, I write the way that I think.

    From a real estate agent perspective, blogging gives people the benefit of getting to know the agent in advance of choosing an agent. So perhaps your point is that maybe you would not choose me because you and I might have some communication difficulties. But isn’t that important for you to know when choosing an agent?

    So you might choose Eileen, because you are more comfortable with her speaking style. Isn’t it of benefit for you to know the difference in advance of choosing an agent?

    That said, I do have clients who don’t have a clue what I’m thinking and saying at times, but they are glad that they don’t have to know everything that I do 🙂

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