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:

New Pricing

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

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