Redfin is great. But there is a new platform launching called Easyknock that is even better and will take it a step further and replace agents by allowing owners and buyers to connect directly in a genius manner
Real estate site Redfin files for IPO
251–260 of 317 posts
Re: Real estate site Redfin files for IPO
#252I'm still waiting for someone to completely eliminate the realtor and charge a reasonable flat fee ($1000?) to buy/sell a house and handle all the related details. Why do we need realtors at this point? Everyone finds houses themselves online nowadays. Why does anyone need to pay a whopper commission to some middle-man?
With Open Listings we started flat fee on the buy side but had a couple problems. First, it was very hard to communicate the value prop to customers. We went to market with something like "we refund the buyer's commission minus our flat fee". This brought up all kinds of questions and often buyers thought we were more expensive than realtors. Saying that we're 50% the price of a traditional realtor ended up being a m…
Easyknock takes it a step further and will be the next big thing
Re: Real estate site Redfin files for IPO
#253Easyknock is the next big thing and actual will replace brokers by connecting buyers and owners directly (1 percent fee)
Re: Real estate site Redfin files for IPO
#254Any heard of Easyknock?
Re: Real estate site Redfin files for IPO
#255Earlier quoted context omitted.
So you reduce the top-line offer by 3%? Or, if your written offer specifies 3% back to you, how does the seller's agent manage to take 4% in contradiction to the offer? Not sure what jurisdiction you're operating in, but I wasn't aware that offers could dictate chagnes to the terms of a pre-existing listing agreement between the seller and their agent. Would love more details on how to effect something like this.
>but I wasn't aware that offers could dictate changes to the terms of a pre-existing listing agreement between the seller and their agent. Exactly. Sounds like this borders on interference. The seller can't sign such an offer without breaking a previous contract. It may have worked for him because the broker was amendable to changing their agreement but by not having representation the person above may still have ove…
The buyers agent commission rate is public and actually shown in the listing.
I'm not dictating at all the commission received by the sellers agent. I'm saying you just write explicitly in the offer that you have no buyers agent and waive any claim to any buyers agent commission, and consider that dolllar amount to remain with the seller.
Sometimes the agreement between the seller and their agent stipulates some higher commission is paid when there is no buyers agent, but it's none of my business. The fact is it's 2.5-3% of the total price which isn't being paid to a 3rd (4th) party, and that means more money on the table for everyone else.
Re: Real estate site Redfin files for IPO
#256Earlier quoted context omitted.
But a sales price commission, of all possible completion-based pay structures, makes the interest of the agent misaligned with (opposed to, in some respect) that of the principal.
Have you read Freakanomics? They find that agents are more interested in closing add getting paid rather than the extra couple hundred dollars of commission a $10000 swing in price gets them. I'd gladly fight to save a buyer I represent $10000 on price even if it "costs" me $200-$300 of less commission.
But in a sellers market, paying $10,0000 more is aligned with closing the deal AND more comission.
Re: Real estate site Redfin files for IPO
#257Some food for thought: "The future of employment: How susceptible are jobs to computerisation?"[1] which has been discussed on HN previously, lists "Appraisers and Assessors of Real Estate" at .9 probability of computerization and "Real Estate Brokers" at .97. It's certainly not a solved problem, but these two jobs are nearly at the top of the list (or bottom, as the list is in reverse order).
[1] PDF: http://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Futu...
Re: Real estate site Redfin files for IPO
#258There is a lot of talk about wishing there was a service that replaced the agent. There is one launching next month called Easyknock and Its a genius concept . It's truly disruptive
What are you doing? Are you seriously just spamming this service (presumably because you own/work for them) all over this thread in the hopes that you'll steal away the miniscule niche of this thread, within the miniscule niche of hacker news as a whole? There are probably more productive things you can spend your time on...
Re: Real estate site Redfin files for IPO
#259Earlier quoted context omitted.
We bought our house with no agents at all, buyer or seller. We used a notary public to do all the legal paperwork. Savings: $20,000 (Canada). If you can possibly avoid using a real estate agent, then do so. They may bring some value but it is not nearly commensurate with their commissions.
Until you find yourself in a situation with contingencies that aren't properly dealt with. One could lose their earnest money or be liable for damages for breach of contact. Or possibly worse finding yourself in a situation where the deal falls through and your have no remedy or recourse because the "contract" you came up with is inside or not enforceable and are now homeless or scrambling to find housing.
If you are worried about the validity of a contract wouldn't retaining a real estate lawyer make far more sense than someone with no legal training?
Re: Real estate site Redfin files for IPO
#260Earlier quoted context omitted.
I used to think the same way, but then I bought my first house and my realtor was insanely helpful. The entire process is filled with random quagmires that I would have never known how to manage otherwise. Someone with more experience may be more able to go it alone obviously, but my realtor was invaluable.
As someone who bought my first house without a realtor involved at all. I don't know what value they could have added. Thanks to Zillow, Redfin and the like it was a piece of cake to locate a house. I found one that was for sale by owner that I liked, we negotiated on a price and came to an agreement. There was a lot of paperwork, but I'm literate and can read. Most of the complex stuff was with the loan and the titl…
If i didnt have my realtor I would not have landed my house because of how competitive my market is. My realtor called me at 6 am on a Saturday morning before the listing was even up on zillow or redfin. I was there to see the house that afternoon and had a P&S agreement accepted before Monday morning before anyone else even had a chance to see the house.
Also the realtor had contacts of contractors and inspectors that she trusted so that the inspection and repair stages all went way more smoothly than if I was calling random contractors for quotes.
Again this doesnt apply depending on the market and price range that you are in.