How Redfin & Waterless Toilets are alike?

[YoWhatUpMike]

Pretty cool. You should do more common sense videos for entertainment purposes.

[helpmesell]

If a buyer agent refuses to show an MLS listed property because a discount broker is the listing broker then they are breaking the law and their "Code of Ethics" if your buyer agent refuses to show you a home you want to see then FIRE YOUR BUYER AGENT. PAYING 6% COMMISSION IS PLAIN STUPID.

[kelvinkcng]

By the way, if what they do is illegal, I'm 100% sure that they would not be operating today given the strong resistance among traditional realtors. It's illegal for the seller to kick back cash to the buyer undocumented, but it's legal for the seller to pay normal 2.5-3% commission to the buyer's agent and the agent to rebate a portion of it. This practice is not that new (discount brokers have a rather long history).

[kelvinkcng]

I'm not sure about selling, but I think buying with Redfin makes sense for some people who basically know what they want. If I've been to open houses and found my dream house, the only services I need are the offer presentation, negotiation, and closing paperwork. If Redfin provides those (using licensed and experienced agents) and gives me a rebate, why not? They even have studies that show their buyers pay less (average of $4000) BEFORE the rebate.

[thecoloured]

i've tried one of those waterless urinals. not a big fan at all.

[sayah64]

What a tool.

Redfin doesn't offer $2,000 listings around here. They started at $6,000 and then tried to value-add costs on top of that. Plus they told me to let anyone in my house that wants to see it. I passed of course. Typical unethical realtors in sheeps clothing.

[Eburgerman]

4. Discount brokers have the seller show the home themselves, setting up a very dangerous situation for the seller, by letting in strangers or potential criminals. Full service agents take the time to pre-approve buyers before showing, and escort buyers into homes using MLS lockbox systems.

[Eburgerman]

1. In California, real estate kick backs or are illeagle and unethical.

2. Discount brokers like redfin and the rest do not provide a full set of transaction documents and disclosures, like the Full Service Brokerages (Century21, etc.)

3. The discounters don't do marketing and open houses, or if they do, they charge an extra fee, often bringing up the total fees close to that of the Full Service Brokerages.

[superflyselly]

Wunderbar. Good analysis.

--Selly

Co-Founder of Redfin (#2) :)

[djmoore413]

Curse this 500 character limit! Last thought... I'm surprised the states Redfin operates allow brokerage services without inspection. I've written to Redfin about this particular peccadillo and they won't answer my question. Anyone know whether this is legal in WA, OE, CA? Thanks

[djmoore413]

It seems the Redfin model is that their agents do not inspect their properties. In some states, e.g. Wisconsin, if you provide brokerage services you must perform a "due diligent" inspection and disclose material adverse facts about the property prior to writing an offer. Unless all their agents are also lawyers (which exempts them from inspection duties but does not allow them to collect MLS brokerage fees) they can't move this model nationally, in my estimation.

[ScFilipkowski]

Oh and some of my peers may be crybabies but many of us are hardworking professionals who work sometimes 7 days a week (I know I have) to ensure all of our clients are satisfied. :)

[ScFilipkowski]

Feel free to agree or disagree with what I've said. As a full-service Realtor I admit that services like this will take away some of our market share to those who want to do some of the selling or buying work on their own paying a fee for information from redfin however there will always be people out there without the time or the desire to sell on their own.

[ScFilipkowski]

Furthermore, when you list a house with redfin they do not provide you with an agent to do open houses, to stage your home, to do showings and to provide you with a variety of face-to-face services you will need to sell your home. Redfin is basicially a way of selling your house by owner but just having a realtor to assist you with the paperwork. It isn't a discount brokerage because it does not provide you with the full range of brokerage services you will get from a full-service broker.

[ScFilipkowski]

Redfin makes money based off of the efforts of full-service realtors out there, the houses on it are often not their listings but the listings of other realtors, they just want you to go through them so they can make money. In my area (New York) buyers do not pay comission. You're actually better off to go out there with an agent who has experience in the field then to put it in an offer online with Redfin.

[prrolg]

I think it is unlawful for an agent to refuse to take an offer from a buyer to a seller. Of course the seller may tell the agent the way in which his property is to be sold. But an offer on a property that the seller is never told about because the agent wants to keep the commission for himself is a legal tangle for the agent. Not to mention immoral

[grassrootinnovation]

Amen!