Our goal all along was to get more offers for the customers who hired us to sell their homes, and more money in their pockets. We’ve long charged home-sellers in Boston 1% for our own service, and our sellers usually offer an additional 2% to 2.5% for the buyer’s agent. But now, with an offer from an unrepresented buyer, sellers pay an additional 1% to Redfin in lieu of the buyers’ agent fee, for a total commission of 2%.
Redfin’s thing is kinda automated in the sense that buyers structured their offers on the site by themselves. I think with Deleon they assign you one of their agents.
There are a few small players in each major market that have been doing it, but Redfin takes it to a 100x scale. I really hope this works since it’s about time the out-dated commission structure is disrupted and I like how Redfin opened up RE data so I want them to succeed. Redfin still is my go-to website for browsing RE.
