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Bargain Real Estate Seattle - PowerPoint

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					Background

   Brokerage Started in 2004
     Infused with $8mill.+
     Primarily serving Seattle
     No Independent Contractors

   Works on reduced commission
     Returned $3mill. to clients on
      $100mill. in transactions. – First Year
     While negotiating better deals
         Today

   Serving
       Boston
       Baltimore
       Chicago (soon)
       Los Angeles
       Orange County
       San Diego              Every agent has closed 20+ deals
       San Francisco Bay
        Area
       Seatle
       Washington, DC
Claims to Fame

 Empower the Consumer
 2004 – ‘First’ Map Based Search
 ‘First’ online brokerage to provide
  internet transactions
 ‘Estimates’ they save their customers
  over 2% on deals
 All their clients find them, agents
  seldom market themselves.
   Agents – all 13 of them




http://www.redfin.com/stingray/do/about_agents
Offerings

   Listing Rep.
   Selling Rep.
   No Commission Based Agents
       Customer Satisfaction Bonuses
   Access to full MLS data*
       Property Comp.
       Historical sales
       Property Tax data
       Standard Fare (VTs, photos, etc)
Listing Agent Commission




   Customers Save approx. $12000
   Flat Fee Listing Commission ($3000/$4000)
   Advise buyer commission to be 3%
   No Dual Agency
Listing Services

   Included ($3000 / $4000*)
     List in MLS / Fliers / Online Marketing
     House Signs
     Lockbox
     Negotiations and Paperwork

   Not Included
       House Tours / Open Houses
Buyer Agent Commission




   Customers Save approx. $10,000
   Agent paid on satisfaction not commission
Buyer Representative

   Included (free)
       Agent paid on customer satisfaction
         • Handles all offers/negotiation and paperwork
       Buyer Receives 2/3 of Commission at close
       Not Taxable Income!!
       Redfin Must Earn $3000
   Not Included
       Home Touring
         • Advise customer to go to tours alone
         • $250/3 hour block or $125/tour
Home Tour Letter
Redfin Future

   Offer Wizard
       Online complete home buying
   Sweet Digs
       Highlight local housing markets
         • Fined $50K NWMLS over reviews
         • Since has changed offering
       RSS / Email / Blog
   Message Boards
       Unmoderated user generated content
Sweet Digs
   Sold Signs: the skinny on last week's past sales
   Bargain Basement: the scoop on price reductions
   Open Houses: plan your weekend walk
   Leading Indicators: track how many houses are for
    sale in your neighborhood and how many have come
    off the market
   Coming Soon: previews of upcoming listings
   Neighborhood News: dish about the newest
    restaurants, community events and more
   DIY Real Estate: home shopping and remodeling tips
   Most Bang for Your Buck: the most- and least-
    expensive-per-square-foot properties
Will They Survive?

 Skeptics think margins are too small
 Great for Generation Y and beyond
       Sense of control
   Gives the consumer what they want
       Slice and Dice Informaiton
   No barriers

                     ?????
Ask Away…….Q&A

Chris McKeever
<cgmckeever@crt.realtors.org>

   http://www.crt.realtors.org
       Info@crt.realtors.org
   http://blog.realtors.org/crt/
       AskATech@crt.realtors.org

				
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