Latest Innovation in Home Selling Targets Interested Buyers with a Virtual Auction-Like Experience
SEATTLE — April 28, 2015 — Redfin (www.redfin.com), the next-generation real estate brokerage, today announced a home seller’s dream come true: ‘Last Call.’
Using massive amounts of Redfin proprietary homebuyer data, Redfin agents can now send out a “Last Call for Offers” email to people interested in a client’s home, with just enough time to gather additional offers. Recipients include those who have added that particular home to their favorites list onRedfin.com, viewed the property on Redfin.com or theRedfin Real Estate app, attended an open house or toured the home.
Over the past three months, 49 percent of homes sold by a Redfin agent received multiple offers, but when a Last Call was issued, that number jumped to 60 percent. For example, Sylva Khayalian, a Redfin real estate agent in Los Angeles, sent out a Last Call email after receiving an offer on her clients’ home. As a result, two more people made an offer on the home, and the home ultimately sold for $32,000 above the asking price. In addition, the buyer allowed the sellers to rent the home for 60 days to give them time to move into their new one. “My clients were thrilled with the outcome,” Khayalian said. “With several offers in hand to choose from, they felt confident that they were getting the best possible price.”
The Last Call email includes a photo and description of the home, the offer deadline and the Redfin listing agent’s name and contact information, so it’s easy for buyers to move quickly. And while Last Call was built to benefit Redfin home sellers, buyers are also happy not to miss out on a home they really wanted.
"Redfin's big data platform zeroes in on the people who are mostly likely to be interested in a Redfin listing, and gives them one last chance to make an offer,” said Bridget Frey, Redfin chief technology officer. “We're creating a real estate marketplace that brings homebuyers and home sellers closer together than ever before."
Last Call is the latest in a series of features designed to benefit people who sell a home with a Redfin real estate agent. The company also offers 3D Walkthrough, which lets people shopping for homes on Redfin move virtually from room to room, viewing a home as if they were there. Only Redfin offers this service standard with every listing. Redfin clients also receive the Redfin Home Dashboard, a personalized Web page with real-time data on how many people are viewing their property online, what their Redfin agent is doing to sell their home and what the next steps are in the selling process, including reminders about important tasks to complete.
Last Call, 3D Walkthrough and Home Dashboard are disruptive new features for sellers, but Redfin also offers more traditional marketing services to its clients. Everyone who sells their home with the brokerage gets premium placement of their listing on Redfin.com, targeted emails and advertisements to homebuyers who are searching for homes in the area and free professional photography for listing photos. In a study of more than 50,000 home listings across the country, data showed that homes listed with a Redfin agent sell an average of eight days faster and for an average of $5,100 more than comparable listings.
Redfin has a different business model than most real estate brokerages. Redfin real estate agents are paid a salary and receive benefits, and their bonuses are based on customer satisfaction. When they help someone buy a home, they give about half of their commission back to that person in the form of a refund. When they help someone sell a home, they charge a fee of only 1.5 percent of the price of the home, instead of the typical 3 percent. This varies in some areas; more information is available onRedfin.com.
For screenshots of the “Last Call” service and more information on Redfin technology for home buyers and sellers, please visit:http://blog.redfin.com/blog/2015/02/redfin-last-call-service-informs-you-when-to-make-an-offer-soo.html
Redfin (www.redfin.com) is a next-generation real estate brokerage that represents peoplebuying andselling homes. Founded and run by technologists, Redfin has a team of experienced, full-servicereal estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not just commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offersonline tools that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed nearly $20 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.
Redfin Journalist Services: Christin Camacho, firstname.lastname@example.org, 206-588-6863