Background

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(No Transcript)
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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

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Today

• Serving
• Boston
• Baltimore
• Chicago (soon)
• Los Angeles
• Orange County
• San Diego
• San Francisco Bay Area
• Seatle
• Washington, DC

• Every agent has closed 20 deals

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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.

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Agents all 13 of them
http//www.redfin.com/stingray/do/about_agents
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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)

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Listing Agent Commission

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

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Listing Services

• Included (3000 / 4000)
• List in MLS / Fliers / Online Marketing
• House Signs
• Lockbox
• Negotiations and Paperwork
• Not Included
• House Tours / Open Houses

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Buyer Agent Commission

• Customers Save approx. 10,000
• Agent paid on satisfaction not commission

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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

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Home Tour Letter
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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

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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

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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
• ?????

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Ask Away.QA

• Chris McKeever
• http//www.crt.realtors.org
• Info_at_crt.realtors.org
• http//blog.realtors.org/crt/
• AskATech_at_crt.realtors.org