socialmedian: Online Real Estate Broker Redfin Adds More Recent Sales Data And Links To Blogs

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Online Real Estate Broker Redfin Adds More Recent Sales Data And Links To Blogs

Source: TechCrunch

Nov 05, 2009

Summary

Online real estate broker Redfin is revamping its website to add recent data and photos of recent home sales as well as links to blog discussions of a listing. The Seattle-based startup, which is profitable, represents buyers and sellers in home real estate transactions for far less than the industry rates that take 5%-6% of the sale price of a home and split it between buy and sell brokers. On the buy side they reimburse 50% of the fee they receive back to the buyer. On the sell side they charge a $5,000 – $7,000 flat fee. The normal broker fees on a million dollar house are up to $60,000, so the savings for the consumer can be significant.

With the addition of 9.6 million photos for 1.4 million recent property sales, the total amount of data and photos stored by Redfin has increased by 340%, empowering consumers with more information about the homes they are considering buying. With the upgrade, Redfin users can access sales information of properties within 15 minutes of the property’s being taken off the market, including the photos used to sell the proper

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