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Sign into your accountHow to Compete as Redfin Lowers Their Listing Fees
September 27 2017
Redfin recently rolled out an initiative to drop their listing fees, significantly undercutting the industry average listing fee. The company tested the strategy in major markets—such as Washington D.C., Seattle, Chicago, Denver, and San Diego—and, not surprisingly, saw a substantial increase in business. In many of these markets, the typical listing fees are around 2.5 percent, yet Redfin has lowered their fee to 1 or 1.5 percent. Redfin has claimed that their listing count has grown in every market where they've dropped their listing fee.
The new low-fee strategy is spreading into residential real estate, which is leaving many brokerages concerned about how they'll compete. Lower listing fees will put pressure on your pricing, which is painful in an industry with already dwindling margins.