With their unique approach to the real estate industry, Redfin has served over 30,000 customers and had over $20 billion is home sales. They wanted to change the way that homes were bought and sold so that it was in favor of everyone involved, not just the agents. Customers work closely with a team of dedicated real estate agents to find the perfect home for their future. The take very seriously the customer’s experience and work hard to make sure it is a positive one, with a 4.2 average customer satisfaction rating, they are generally succeeding in that regard.
- Agent services
One way that the customer's experience with Redfin is so unique is their agent services. As a full-service brokerage, agents are available to help the customers find a home they want to buy and negotiate the deal to the end. This is not the unique aspect of their business model. Instead, the difference between Redfin and their competitors is the fact that these agents are not paid on commission for the homes that they sell. They agents are paid bonuses for positive customer reviews, so they are motivated to give the customer the best experience they can. The customer can read the previous reviews of each agent to find one that will fit best for them. The agent will then help them set up tours of homes and eventually negotiate the purchase of the home. Customer satisfaction is the most important thing and so the customer has the option to switch agents at any time, even if that means a non-Redfin agent. The process of buying a home can be a lengthy and difficult one, so having a dedicated agent who is committed to the success of the customer is a huge benefit.
Before the customer needs to contact an agent, they can gather a lot of information about the area they are interested in. When a customer searches the city or area that they would like to find a new home in, they will find a wide variety of information about that area. The customer will see what the median price for a house in that area is; this can also be broken down by size of house as well. They can see the average rating for the agents in that area. The customer can search by specific schools to find homes within that district. Once they find an area and home they are interested in, the customer can learn what types of food options are close by, as well as other local businesses. They can see what types of transportation are available and practical near the home. All of this information helps the customer to see a full picture of the home they are interested in before contacting the agent.
- Mortgage calculator
While the services that Redfin offers are very unique and will help the customer to reach the deal that they need for their desired home, not everyone can be their customer and take advantage of these services. Currently, there are not Redfin agents all across the United States.
If there are no agents in the customer's desired area, customers can sign up for an email alert if an agent does become available. But until that time that Redfin expands into the desired area, the customer cannot get any information about homes in that area. While they are in many areas across the country, this does limit the number of customers they can serve.
A small service that is lacking through Redfin is the ability to calculate a mortgage payment. The monthly payments on a house loan are not simply the total price divided by the months of payment; there are many more factors that go into calculating the amount due each month. Those factors include the interest rate of the loan. Since this is not simple math and something that every customer could easily know, it would be helpful to have the option to figure that price out through Redfin.
The Bottom Line
Redfin's business model of paying their agents based on their customer's satisfaction with the services provided puts the customer's needs as the top priority. They also provide a lot of information about the listing and the surrounding areas to help the customer make the best decision possible.
RedFin is a top recommended real estate search engine tool based off:
- High number of listings
- Strong features
- business motto
However, if the customer does not live in one of their designated areas, they will not be able to work with a Redfin agent or get all the listing information.