Earlier quoted context omitted.
You just listed all the reasons Redfin ( https://www.redfin.com ) is killing it. Their value proposition is that their agents aren't paid on commission, they're paid on your satisfaction. Their website is also very data-intensive compared to MLS sites (which create information asymmetry between buyers, sellers, and brokers due to how they're setup).
Otoh, are the very best agents going to work for rf and make less money? Redfin looks like modern KW to me. Most great agents don't want to undersell their own industry. And while there are many markets where a mediocre agent will do, I wouldn't take that chance in sf, la, Nyc, Miami, etc
What Zillow doesn't want you to know about its listing gap
161–170 of 185 posts
Re: What Zillow doesn't want you to know about its listing gap
#162Earlier quoted context omitted.
Redfin is a brokerage and thus has full access to the MLS. I'm not sure anyone can shut off Redfin's access so easily because of this?
Which is also why they have very spotty coverage; if they're not a licensed broker in your area, they have zero listings.
(I work at Redfin).
Re: What Zillow doesn't want you to know about its listing gap
#163Re: What Zillow doesn't want you to know about its listing gap
#164I just got:
"–This post has been temporarily removed at the request of Zillow. We are collaborating with them to write a more complete version of the story, and will have an updated version posted on October 7th.–"
Nothing creepy about that. Certainly doesn't leave me feeling that whatever it is the article said about Zillow apparently hit them pretty close to home.
Re: What Zillow doesn't want you to know about its listing gap
#165..aand it's gone. I just got: "–This post has been temporarily removed at the request of Zillow. We are collaborating with them to write a more complete version of the story, and will have an updated version posted on October 7th.–" Nothing creepy about that. Certainly doesn't leave me feeling that whatever it is the article said about Zillow apparently hit them pretty close to home.
Re: What Zillow doesn't want you to know about its listing gap
#166Earlier quoted context omitted.
You just listed all the reasons Redfin ( https://www.redfin.com ) is killing it. Their value proposition is that their agents aren't paid on commission, they're paid on your satisfaction. Their website is also very data-intensive compared to MLS sites (which create information asymmetry between buyers, sellers, and brokers due to how they're setup).
Otoh, are the very best agents going to work for rf and make less money? Redfin looks like modern KW to me. Most great agents don't want to undersell their own industry. And while there are many markets where a mediocre agent will do, I wouldn't take that chance in sf, la, Nyc, Miami, etc
What is your definition of "great?" If you're referring to actual outcomes, check out Redfin's agent reviews -- the overall NPS rating blows any other brokerage out of the water, and is comparable to some of the best known consumer brands in the world. Equity compensation, automation of mundane tasks, a real team mentality when the agent next to you is a fellow employed colleague, not an independent contractor who happens to share a split with the same franchise -- these are all reasons a "great" agent might want to work at a place like Redfin.
Finally, many agents realize that the status quo (6% fees and asymmetric information) won't exist forever; it's all the NAR can talk about these days. The most far-sighted among them would rather work at an institution that is embracing and driving change, not resisting it.
All of this also assumes your axiom that Redfin agents are compensated less than traditional agents. Without going into too many details, I can say the opposite is true in most cases.
Disclosure: I work at Redfin.
Re: What Zillow doesn't want you to know about its listing gap
#167..aand it's gone. I just got: "–This post has been temporarily removed at the request of Zillow. We are collaborating with them to write a more complete version of the story, and will have an updated version posted on October 7th.–" Nothing creepy about that. Certainly doesn't leave me feeling that whatever it is the article said about Zillow apparently hit them pretty close to home.
Re: What Zillow doesn't want you to know about its listing gap
#168Earlier quoted context omitted.
Congrats on the sale! You could argue that "Zillow is going about this all wrong" if their goal was trying to improve the process of buying and selling homes or if they were trying to make it more affordable to buy a home. What you have to realize is that they have a business that's working very well within the real estate status quo: agents pay them money for ads to get leads, agents who are able to convert leads ma…
You make excellent points. I guess what I meant was that Zillow's model _should be_ to improve the process and to make it cheaper. Maybe 6%-7% commission is still appropriate for high-end properties that only have a limited pool of potential buyers (that's not my world, I don't really know) but for average homes in 2015, it is an anachronism left over from a time when buyers and sellers couldn't do a lot of the legwo…
Re: What Zillow doesn't want you to know about its listing gap
#169Earlier quoted context omitted.
Which is also why they have very spotty coverage; if they're not a licensed broker in your area, they have zero listings.
To be precise on this: Redfin covers 75+ metro markets and the vast majority of the United States by population. "Spotty" is fairly inaccurate if your intent is to describe the % of the population that can use Redfin to find a home. (I work at Redfin).
Sparse coverage in sparsly populated locations.
For example, Redfin does not cover my home town, nor any of the Eastern CT cities I put in the search box, so for my parents selling their house, or anyone looking to buy in that area, it's not useful.
Maybe I was searching it wrong?
Re: What Zillow doesn't want you to know about its listing gap
#170Earlier quoted context omitted.
> but so does a Redfin agent I don't see how - and anyway, a buyer's agent can be a big waste of money in a lot of markets. Traditional single-family housing transactions aren't that complicated, and a great many buyers could handle one on their own just fine. I applaud _any_ effort to undermine the NAR.
> I don't see how redfin gets more money with a higher price. And there are some homes redfin will not show you at all because the price is too low (and a middle range where they use "partner agents" rather than their own). And I'm not talking your 5-figure houses in suburbia, I'm talking condos in the city of boston. I have a rooftop pool, fitness center, and concierge in my building, but the price I bought my condo…