(NASDAQ: RDFN) -- Redfin (www.redfin.com), the technology-powered real estate brokerage, launched its Redfin Direct service in most of its California markets, including Fresno, Inland Empire, Los Angeles, Orange County, Palm Springs, Sacramento, San Diego and Santa Barbara. Redfin Direct helps homebuyers easily visit and buy Redfin-listed homes without needing to contact a buyer's agent. With Redfin Direct, buyers can make their offer more competitive by saving the seller from paying thousands in commissions to a buyer's agent.
Redfin makes it easy for buyers to tour Redfin listings with its Book It Now and Direct Access technology. Book It Now allows buyers to schedule a home tour with a Redfin agent with a few clicks. For the homes that Redfin owns through its RedfinNow business in Southern California, homebuyers get Direct Access, which lets them unlock the door with their phone and tour properties on their own schedule, without an agent. When a buyer is ready to make an offer, the Redfin Direct offer tool guides her through the process. The step-by-step online platform defines the elements of the contract and provides information on typical Redfin seller preferences so the buyer can make her offer stronger.
"Redfin Direct is a new way to buy a home for people who are confident making an offer without an agent," said Mark Bennett, Redfin's state broker in California. "In a multiple offer situation, helping the seller avoid paying a buyer agent commission is one way to make your offer stand out. For the buyers who are comfortable being unrepresented, we are making it easy to make an offer online. This is just one more way Redfin is redefining real estate and helping our customers save money."
Redfin already helps California sellers save on commissions with a low listing fee, which ranges from 1 to 1.5%, subject to minimums. For a median priced home of $650,000 in Los Angeles, a seller could save up to $26,000 by listing with a full-service, local Redfin agent and selling to a Redfin Direct buyer as compared to paying 6% in commission fees.
Total Commission Fees Commission on $650,000 home Traditional Seller's Agent + 5-6% $32,500 - $39,000 Traditional Buyer's Agent Redfin Seller's Agent + 3.5-4.5% $22,750 - $29,250 Traditional Buyer's Agent Redfin Seller's Agent + 2-2.5% $13,000 - $16,250 Redfin Direct Buyer
Redfin Direct is also available to buyers in larger markets in Massachusetts, Northern Virginia and Texas. The company plans to expand Redfin Direct to additional markets in the future.
Learn more about Redfin Direct at www.redfin.com/direct.
About Redfin Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.
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