{"id":15399,"date":"2013-06-13T05:00:46","date_gmt":"2013-06-13T12:00:46","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=15399"},"modified":"2020-10-05T13:12:20","modified_gmt":"2020-10-05T20:12:20","slug":"redfin-ends-commission-savings-for-oregon-home-buyers","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-ends-commission-savings-for-oregon-home-buyers\/","title":{"rendered":"Redfin Ends Commission Savings for Oregon Homebuyers"},"content":{"rendered":"

In Oregon today, Redfin is ending our commission savings for homebuyers, for\u00a0any customers who have not begun touring homes with a Redfin agent by June 14, 2013. We will continue to charge 1.5% of the final sale price as our fee for representing homesellers, much lower than the average in Oregon. We will also continue to offer commission savings to homebuyers in the 21 other markets we serve, as well as Washington cities<\/a> in Greater Portland such as Vancouver<\/a>, Camas<\/a> and Washougal<\/a>.
\n\"Portland
\nSo why are we ending the commission savings only for buyers, only in Oregon? And why now? It turns out that an Oregon law<\/a> against commission refunds to homebuyers is harder to accommodate in a seller\u2019s market.
\nIn our first three years representing buyers in the Oregon real estate<\/a> market, Redfin found a way to offer commission savings that complied with the law. We asked the seller\u2019s agent to change his or her listing agreement so as to lower Redfin\u2019s commission; we then asked the seller to factor that savings into the price paid for the house or into the closing costs.
\nThis worked well when sellers\u2019 agents weren’t so busy, and when the seller gratefully and carefully evaluated any offer. In 2013, with sellers often evaluating several offers, this approach has proven cumbersome for sellers\u2019 agents and unsettling for their clients.
\nWhy would an agent at another brokerage re-write his contract for a Redfin buyer when another buyer is often willing to pay as much with no changes? Our Oregon homebuying customers want the house more than commission savings, which has made us hesitant to ask for any kind of accommodation in an offer. We can thus no longer consistently deliver commission savings to a homebuying customer without compromising his or her position in a bidding war.
\nOf course, winning the home or saving on commissions is not a choice a homebuyer should have to make; none do in any other state Redfin serves.
\nWho\u2019s to blame? The problem is not with the sellers, nor with their agents, nor with the Redfin agents seeking to charge a lower price. The problem is with the law, which makes everyone a party to a circuitous work-around. Rather than asking sellers\u2019 agents to accommodate that work-around for our clients\u2019 benefit, we are looking to address the problem at its source, with the law.
\nRedfin is thus asking the Oregon legislature to join 40 other state governments<\/a>, including most recently in New Jersey<\/a>, in allowing commission refunds. Every Oregon broker<\/a> should be able to make its own decisions about how to provide value to its clients, without our having to ask one another for permission.
\nEnding the law against commission refunds is good for consumers, good for free markets and good for the real estate<\/a> industry. And it\u2019s the only way lower fees for buyers can dependably work in a housing market now moving as fast as Oregon\u2019s is.
\nIn the meantime, Oregon homebuyers will still hire Redfin agents for our unique service: we hold our agents accountable for getting our customers the right house, not just getting the sale, and we use technology to give our customers the best information and the fastest service at every step.
\nThis service is the main reason why Redfin in Oregon has nearly doubled from year to year, into what is now a multi-million dollar business, with 98% customer satisfaction. It is why we expect to continue to grow, whether we offer homebuyers savings or not. \u00a0But when Oregon changes its law, we expect to offer commission savings for buyers once again .
\n(Photo credit: Jami Dwyer on Flicker<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"

In Oregon today, Redfin is ending our commission savings for home-buyers, for\u00a0any customers who have not begun touring homes with a Redfin agent by June 15, 2013. We will continue to charge 1.5% of the final sale price as our fee for representing home-sellers, and will continue to offer commission savings to home-buyers in the 21 other markets we serve.<\/p>\n","protected":false},"author":13210,"featured_media":15403,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[57],"tags":[68],"dashboard":[],"coauthors":[],"class_list":["post-15399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news","tag-local"],"acf":[],"yoast_head":"\nRedfin Ends Commission Savings for Oregon Homebuyers - 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