Redfin

Redfin
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Excellent agents and the communication is great. They care about their clients.
They have a very experienced team that works together to get you to closing on time.

Their system is perfect and I was able to view my home choices quickly

Redfin agents are very knowledgeable regarding closing process and they are very professional. It’s always a smooth transaction

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About

About Redfin

redfin for sale signAfter you get your real estate license, you will need to find the brokerage that’s right for you. There are many out there so it’s important to join one that’s a good fit. Redfin is a full-service brokerage firm that may be worth considering.

Redfin sets itself apart from the competition by offering sellers a discounted fee of 1% or 1.5% to list their homes. This does not include the additional fee the seller pays to compensate the broker representing the buyer which is typically in the 2% – 3% range.

Buyers who use Redfin as their buying agent are eligible for the Redfin rebate. This means they get part of their brokerage commission back. The rebate can come out of closing costs, or it can be sent later in the form of a check.

Redfin’s unique approach may help agents bring more buyers and sellers to their door.  Here are some other facts that will let you know if they are best suited to your professional needs.

Company History

for sale signRedfin was founded in 2004 by Michael Dougherty, David Eraker and David Selinger. It was Eraker’s vision to make the company a disruptor in the real estate industry by offering discount prices that undercut the competition.

The company was innovative in that they designed a map based real estate search that combined satellite maps and real estate data that served as a solution to the limitations the current online real estate search systems presented. The founder’s visions helped the company win the Innovator of the Year award from Inman News.

This would be the first of many awards the company would win. They would also be recognized as Best Start Up by Seattle 2.0, as the best company to work for in the large companies category by Seattle Business and as #1 tech company to work for in Seattle by Hired.com.

Redfin continued raising funds to fuel its growth throughout the years and went public in 2017.

What’s it Like Working at Redfin?

redfin home for saleRedfin sounds good on paper, but as an agent, you’ll want to know what it’s like to work there. Here is what you can expect.

How Will Redfin Help Me Become Successful?

Redfin claims its agents make twice the income of agents that work at other brokerages. Agents pay no fees and can look forward to a salary and bonuses.

They also provide agents with the following tools and benefits:

  • Over 100 customer introductions every year
  • An administrative staff for calls and paperwork
  • Salary, health insurance, mileage reimbursement, vacation days
  • Technology to communicate with clients
  • Individualized training
  • Room for growth with opportunities to become managers and directors

Support Roles

Redfin also hires staff for support roles. Positions include licensed roles such as:

  • Transaction coordinators
  • Inside sales representatives
  • Listing coordinators
  • Home sale advisors

And unlicensed roles such as:

  • Tour coordinators
  • Listing photographers

Individuals in support roles have opportunities to advance in their career. They can also look forward to a terrific work-life balance, top tier benefits, the best-in-class tech and a diverse and inclusive environment.

Associate Agents

redfinAssociate agent positions are available through Redfin as well. To work as an associate agent, you must hold a real estate license. People in this position will show homes and attend inspections and can make as much as $120 an hour. They can set their own hours and get terrific real estate experience.

What are Redfin’s Values?

Redfin has certain values that set the culture for their agents and work environments. They believe in:

  • Putting the customer first, sales come second
  • Working as a team
  • Looking to future of real estate
  • Pay transparency
  • Inclusion and diversity

They look for agents that are competitive and social with the ability to multi-task.

Referral Partner Program

Group,Of,Architect,Business,Team,People,On,Meeting,Looking,ModelThe brokerage also offers a Referral Partner Program. Those interested can stay at their own firm while being sent referrals through Redfin.

The referrals sent are not leads. Rather they are buyers and sellers who choose you as an agent based on your profile listed on Redfin.com.

If you successfully close on a home, you will pay 30% commission to Redfin. You and your brokerage keep the other 70%.

Why Redfin Brings in Customers

Redfin provides agents with the potential to make money due to their pay structure as well as their ability to draw in customers. Buyers and sellers appreciate their push button tours, their data driven pricing and marketing and their low fees.

How are Redfin Agents Paid?

Redfin agents are paid by salary and bonuses. The brokerage covers all agent expenses which include:

  • MLS dues
  • Association fees
  • License and renewal fees
  • Marketing
  • Transportation
  • Phone service and laptop

They also offer free training and continuing education classes. They do not charge self-employment tax or brokerage fees.

When all is said and done, they cover about $14,000 in annual expenses.

What Benefits are Offered?

In addition to great pay, agents are also provided with benefits that include:

  • Health insurance including low premium medical, dental and vision
  • Paid time off for vacations, sick leave, parental leave and more
  • Financial benefits including a 401(k), an employee stock purchase plan and life and disability insurance

Is There Room for Growth?

jotting down notes at a meeting51% of agents move up into managerial positions, typically within 16 months. As they move up, they will get better pay, bigger bonuses and a larger investment in Redfin stock. Top producers will be invited on an annual international, all-expense paid trip for themselves and a guest.

Team Support

Redfin agents are provided with team support in the form of associate agents, administrative assistants and more. Their support teams answer phones and deal with paperwork so agents can focus on their customers and close more deals.

After getting your real estate license, it’s important to find the brokerage that’s right for you. Redfin offers employees several advantages in terms of support, room for growth, benefits and state of the art equipment. Will you be considering it as your brokerage of choice when you make that big decision?