The discount real estate firm Redfin announced today that it will abandon the “do-it-yourself” real estate services for a more traditional model.
Strating today Redfin offers buyers an unlimited amount of home showings and will reduce the refunds from 66% to 50% of the commission they receive.
The news release states:
For home-buyers, Redfin is canceling the $250 charges for each tour but also reducing its refund from 66% to 50% of the commission we receive, for a new average savings of $7,500 in fees. Home-buyers who had engaged a Redfin agent or toured properties through Redfin between July 1 and November 5 in 2008 will get the new service with the old commission refund on any offer made by January 31, 2009. Redfin is also offering the old pricing to registered users who had begun a tour request or an offer, but never submitted it to Redfin.
Redfin is also increasing the price of its listing service from a flat fee of $4,000 to $5,000, saving the seller of a $500,000 listing $10,000 in traditional fees. The new premium service will cost $7,000, for a savings of $8,000. Consumers using Redfin to sell one home and buy another save an additional $1,000 in fees, for a total average savings of nearly $20,000 on the two transactions.
Do you think Redfin is in financial trouble?
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Updated: 1st Q 2018
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114