Want to Sell Your Home for More Money and With Less Risk? List with a Redfin Agent

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Want to Sell Your Home for More Money and With Less Risk? List with a Redfin Agent

On average, homes listed by Redfin agents sold for $3,000 more*

The original version of this blog post, based on 2015 home sales data, was published on January 26, 2016. The updated post below was published on January 23, 2017 and is based on 2016 home sales data.

We crunched the numbers once again and found that homes listed by Redfin agents in 2016 sold for more money, with less risk and in fewer days than homes listed by other brokerages.

Sell_for_More

For this study, we analyzed 9,535 Redfin listings and 117,389 comparable listings in 54 U.S. markets that went on the market in 2016*. On average, homes listed by Redfin agents sold for $3,000 more** than comparable homes listed by other brokerages.

Redfin listings also had a higher chance of selling, with 75 percent of listings selling within 90 days, compared to 71 percent among comparable listings across the country.

And Redfin listings sold six days faster with an average of 29 days on market compared to 35 days for other brokerages.

Accurate Pricing, More Exposure, Targeted Marketing, Accountable Agents Lead to Better Results

It all starts with the right price. Redfin agents are able to use the newly launched Redfin Comparative Market Analysis (CMA) tool to give their customers the most accurate home pricing recommendations based on recent local sales and homebuyer demand. The tool is built upon the same algorithm that powers the Redfin Estimate, which means that Redfin agents use the most up-to-date data available on home listings and sales, plus their own neighborhood expertise, to price homes.

Redfin.com is consistently ranked as the most-visited real estate brokerage website in the markets we serve. Redfin listings come up first in relevant searches on Redfin.com and our mobile apps, where they are promoted in specialized ads. As a result, Redfin listings get three times more online views than other listings on Redfin.com. In addition to maximizing exposure, we do our best to ensure that Redfin listings get in front of serious buyers who are searching for a home just like yours. We use the data we track on homebuyers’ visits to our site and apps and their home searches and Favorites to create customized, highly targeted email and online marketing campaigns for each Redfin listing.

Better Service; Lower Commission

Redfin also charges a lower commission, which puts even more money in sellers’ pockets. Instead of a 2.5 to 3 percent commission, Redfin only charges 1.5 percent of the home’s final sale price. In the Baltimore, Chicago, Denver, Seattle and Washington, D.C. metro areas, Redfin charges sellers even less–a 1 percent fee***. See full terms and conditions.

How can Redfin give better service but charge less? Millions of people visit Redfin.com to find homes and connect with agents, which means Redfin agents spend zero time finding new clients and all their time serving them. Redfin returns the cost savings from this efficiency to customers through lower commissions.

Check out the Redfin Home Sale Calculator to see how much you could save.

Selling With Redfin

Because Redfin agents are paid in part based on customer satisfaction, not just commissions, we are motivated to help clients attract and negotiate the most desirable offer. The more satisfied the customer, the larger bonus the Redfin agent receives. What’s more, Redfin surveys every client about their experience and posts all reviews, both positive and negative, on Redfin.com.

Redfin agents help clients properly price their home and guide them through the home-selling process from start to finish.  Every seller who works with a Redfin agent receives:

  • free professional photography;
  • a Redfin 3D Walkthrough tour, allowing potential buyers to virtually tour the home;
  • open houses (as many as appropriate);
  • online marketing and email campaigns targeted to buyers who are searching for similar homes;
  • professionally designed print brochures for every listing;
  • access to the Redfin Home Dashboard, which allows sellers to track online visits to their listing and the latest competitive market conditions in their neighborhood;
  • a dedicated listing agent with experience selling homes in the local area, backed by a team of support staff who make the process run smoothly.

In addition to customized marketing for each home, Redfin is constantly improving its technology and creating new features, including:

  • Last Call helps ensure that home sellers who list with Redfin get the highest offers from all interested buyers. When a Redfin listing is about to go off the market or is approaching its offer deadline, Redfin agents can send a “Last Call” email to people who favorited the home or viewed it on Redfin.com or the Redfin mobile app inviting them to make an offer.
  • Redfin Price Whisperer allows prospective home sellers to get feedback on a price before listing.

The Redfin App for Apple Watch, iPhone, iPad or Android will immediately notify interested buyers about your new property listing and enable them to schedule a tour of your home with ease. Find a Redfin agent in your area to sell your home.

How Did We Come up With These Numbers?

For each Redfin listing that came on the market between January 1 and December 6 in 2016, we looked at a group of listings of the same home type (single-family home, condo, etc.) in the same ZIP code that were comparable in terms of price, square footage and listing date. We included all Redfin listings for which we could find at least one comparable listing in the same zip code. All told, we looked at 9,535 Redfin listings and 117,389 comparable listings in 54 U.S. markets.

We calculated the days on market and the ratio of the sale price to the original list price for each sold home. To determine the sale price performance advantage, we calculated the average difference between the sale and list prices of Redfin listings versus that of comparable listings. The close rate is determined by calculating the percentage of homes listed and sold within 90 days.

*In Chicago, we analyzed 752 Redfin listings and 6,135 comparable listings. On average, homes listed by Redfin sold for $1,900 more than comparable homes listed by other Chicago brokerages. Redfin listings also had a higher chance of selling, with 61.0 percent of listings selling within 90 days, compared to 50.1 percent among comparable listings in Chicago. And Redfin listings sold 16 days faster in Chicago with an average of 51 days on market compared to 67 days for other brokerages.
**$3,000 is the average difference between the sale and list prices of Redfin listings versus that of comparable listings by other brokerages. Based on a study of 126,924 properties sold in 54 markets in 2016.
***Buyer’s agent commission not included. For example if the buyer’s agent commission is 2.5% and Redfin’s listing commission is 1%, seller will pay a total commission of 3.5%.

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