Redfin Cash Offer Reviews: Is this Discount Real Estate Service Right for You?
Editor’s note: Information in this article is current as its publication date. Processes, rates, and services from real estate companies can change based on market conditions, housing trends, changes in technology, and customer needs.
When it comes time to sell your house, you probably have a lot of questions. How much is my home worth? How quickly can I sell? And, where do I find a good Realtor? An Internet search will give you a bewildering array of options, including a company called Redfin.
Redfin is one of the largest discount real estate brokerages in the country. Their agents accept a discounted listing fee, or charge a lower fee if you’re buying with them. They also offer other services — such as helping you find a mortgage lender, or arranging upgrades and repairs before you sell.
Many homeowners and buyers find themselves on the Redfin website when searching for real estate listings or trying to figure out what their home is worth. Their free automated valuation model (AVM) almost instantly estimates your home’s worth based on recent comparable sales in your area. But if you decide to work with one of their agents, what do you get for paying a lower commission?
Find out more about Redfin’s quality and services in this in-depth review.
What is Redfin?
Redfin is a website where home buyers and sellers can search local real estate listings and get connected with local agents. Redfin works with agents who are willing to charge sellers a discounted listing fee of 1.5%, instead of the traditional 2.5%-3%. If you buy with Redfin, the company says you only pay a 1% fee.
In November 2022, amid a softening real estate market, Redfin announced the winding down of its iBuyer business, RedfinNow.
How does Redfin work for home sellers?
For most Americans, their home is their largest asset. When it comes time to sell, they want to maximize their profit, and one way to do this is to pay an agent a lower commission. Redfin capitalizes on this desire by matching sellers to low commission agents.
The Redfin Full Service option puts sellers in touch with local agents who charge a 1% listing fee, instead of the national average of 3%. When you list with one of their agents, your listing gets premium placement on their site.
The listing fees are also subject to minimums, which vary by market. Before you assume that they’ll save you money, look at how their minimums compare to home prices and commissions in your area.
Their Concierge service — only available in select cities — fixes up your home, managing local vendors, based on high-value improvements for your local market. Redfin covers staging and cleaning, and states that “you only pay for the improvements you select once your home sells,” plus a 2% listing fee.
Having someone else manage upgrades and repairs so that you can list for top dollar can take a lot of work off your shoulders. The Concierge service could be a helpful option for some home sellers, especially if you are dealing with an inherited property at a distant location.
Redfin’s Open Book service connects home sellers with local contractors, cleaning services, handymen, and stagers in their affiliate network. You can narrow down your search by reading reviews left by users and agents. Numerous other companies offer similar matching services, such as HomeAdviser, Fixr, Thumbtack, and Angi.
