Redfin
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About
About Redfin
After 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
Redfin 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 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
Associate 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
The 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?
51% 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?
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About the Author
Chris Heller brings 27 years of experience in real estate. Chris serves on the Agent Advice Editorial Board and is the Chief Real Estate Officer at OJO Labs. Chris brings deep expertise having held influential industry positions including CEO of mellohome and former CEO of Keller Williams Realty International.
Last Updated: 1/25/2024
They provide agents with all the tools t...
They provide agents with all the tools to be effective within one week of starting. They provide outstanding transaction coordinators and more than enough buyers. That all comes with a hefty price. In many cases, the seller's rebate is more than what the agent earns on the sale. Be prepared to work 50 hours a week for nothing for 6 months. Realistically you will make about $1000 per month but you need to be prepared for very low income for quite some time.
Consider a sliding pay scale where new buyer agents make a livable wage for 6 months, or until they have 10 pending sales.
Pay more for showings during the ramp-up period. Make the goal for new reps to earn $3k a month while they build a pipeline.
Redfin is a great place to start your real estate career because they cover your out-of-pocket start-up costs. You are so busy you will get a lot of transactions under your belt in a short period of time. It’s difficult to make mistakes as they have templates for everything which is super helpful.
They provide agents with all the tools t...
They provide agents with all the tools to be effective within one week of starting. They provide outstanding transaction coordinators and more than enough buyers. That all comes with a hefty price. In many cases the sellers rebate is more than what the agent earns on the sale. Be prepared to work 50 hours a week for nothing for 6 months. Realistically you will make about $1000 per month but you need to be prepared for very low income for quite some time.
Consider a sliding pay scale where new buyer agents make a livable wage for 6 months, or until they have 10 pending sales. Pay more for showings during the ramp up period. Make the goal for new reps to earn $3k a month while they build a pipeline.
Redfin is a great place to start your real estate career because they cover your out of pocket start up costs. You are so busy you will get a lot of transactions under your belt in a short period of time. It’s difficult to make mistakes as they have templates for everything which is super helpful.
The professionalism and friendliness of ...
The professionalism and friendliness of agents. The website is top notch and the ability to search for properties is user friendly. The ability to track sold homes in my area is very useful.
Verification of lot sizes could be improved. There is some concern about the Redfin estimate in the current market. We have all watched the Zillow implosion and hope Redfin is more accurate with their estimates.
Heidi Ludwig is top notch. Every one should be as gracious as she is.whether you are buying or selling, an experienced agent or novice she treats everyone with the same respect. That is a remarkable quality in this day and age.
The people I worked with and the office ...
The people I worked with and the office environment as well as the company's initial goal. But that goal changed once company went public.
What are some things to improve upon?
1) hire qualified managers who actually know what they are doing
2) stop micromanging agents and solely focus on metrics
3) stop playing favorites..I at one point was getting almost no listing consults while agents who lived 25 miles away from me were getting listing consists in my coverage area.. I complained numerous times but nothing was done. I was put on a different team far from where I live and was given a new manager who had a bias against me. She was a horrible manager who lacked professionalism and knowledge..I was ultimately let got as a result and I felt this was a unjust action
4) let agents who bring in their own clients get a commission split.. why would an agent who worked at a traditional brokerage before Redfin bring in one of their previous customer to redfin If all he/she is getting is $1000
5) zero training for new agents
Anything else you'd like to share with other agents?
Great company before it went public.. too much micromanging and nepotism between agents and managers and appointment setters
I love how accessible everything, and ev...
I love how accessible everything, and everyone is. From team managers to team members, and even support staff, I never have to wait long if I have a question or a concern. Communication is also a very big factor. It’s very rare to not feel like I know what’s going on.
I don't like the number of notifications in a day…I get a text, and 3 emails for every showing with clients (and then one more of each once confirmed).
Anything else you'd like to share with other agents?
People always have something to say about the commission structure. Ours is just paid differently. A traditional agent makes 2-3% on every deal and that’s it. I get 1ish% on every deal but am also paid for mileage, education, marketing, dues, and events. And I am paid consistently every two weeks. In addition, I don’t do it all alone. I have a TC, a listing coordinator, a tour coordinator, and support agents so that I can better serve all of my clients, and not just one or two a day. If you’re not a multi-tasker, problem solver, willing to take constructive criticism, and you don’t like the oversight of being an employee because of questionable ethics, Redfin is not the place for you.
I like that I can make my own schedule a...
I like that I can make my own schedule as an AA. I like working with most of the full time agents. The tour coordinator are very helpful and willing to assist with tours when we aren't able to due to driving or in the middle of a tour.
I am not sure how bookings work, but I do wish I could get more showings when my calendar is open. I feel like there are many times that I have my calendar open all day or all weekend, which is when I can mostly work, and I don't get scheduled for anything.
You need to remain flexible and open minded to last minute changes.
I like the Teamwork, the leading edge te...
I like the Teamwork, the leading edge technology, the reputation of the company and the excellent benefits.
New clients could be vetted more thoroughly to help ensure their intent to use Redfin vs. using the website as a touring service.
Redfin is a great company to work for. T...
Redfin is a great company to work for. They are very inclusive, and value their agents views. The Benefits are great, and you have lots of opportunity for success. There are plenty of leads and support, which is greatly appreciated especially in the beginning. The salaries could be improved, but not a deal killer in my opinion.
I like the training, the team structure,...
I like the training, the team structure, and the leads at Redfin. I also love that we operate in the best interest of the client. Always. It’s definitely not a place for everybody though. You have to be willing to work hard. It Has to be your only job. You need to be open to continuous improvement. But if it’s your place, you will do great, it will be lucrative, and a happy environment.
If I had one complaint, it would be certain management. Mid-level managers are the worst. They seem to be failed agents that have no place else to go.
Redfin will sabotage your career if they...
Redfin will sabotage your career if they feel you are good at your current job. They simply do not care about their employees. Management doesn't take criticism well and they are unwilling to improve on anything that would be beneficial to an employee.
I do not recommend them at all. They are a horrible company to work for.
I LOVE the Redfin culture. I LOVE the bu...
I LOVE the Redfin culture. I LOVE the business model and the technology is the best of the best! I loved my co workers and how plugged in Redfin is to the current market. I always felt like I was a step ahead of other Realtors. Redfin is great for new agents! You will learn more about real estate in a short amount of time than you will anywhere else.
However, agent pay is absolutely sub standard. The expectations of the amount of hours to work is not sustainable. I was run ragged within 6 months. Sadly, I left and I would have been very loyal because I love Redfin so much! I refused to be out driving a hundred plus miles a day from morning until night and then hounded to do more to make $1200 a deal. This is why the turnover rate is so high.
Excellent agents and the communication i...
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