September 06, 2006
Redfin Launches Industry's First Online Home-Selling Service

Adds New Web Site Features Including Ask an Agent, Neighborhood Search, Improved Map Experience

SEATTLE - Sep. 6, 2006:
Online real estate broker Redfin Corporation today launched the industry's first online home-selling service and a new version of Redfin.com that lets buyers submit questions about a property to sellers and listing agents.

The online home-selling service, Redfin Direct for Sellers, is based on a Web application for capturing the information required to list a property in the multiple listing service (MLS). As with Redfin Direct for Buyers, experienced local agents handle offers, negotiations, contingencies and closing. Redfin gives every seller the same 100-percent-satisfaction service guarantee that the company launched in August for its buyers program.

Redfin Direct for Sellers costs $2,000, saving sellers more than $10,000 in commissions on a $500,000 listing. Since July, more than 25 customers in Washington and California have participated in a limited release of the Redfin Direct for Sellers program, each saving an average of $10,000; 96 percent sold their property 4 percent, on average, over asking price.

Beta customer Joseph Parker received an offer two days after listing his Seattle condominium in Redfin: "The team from Redfin answered all of my questions promptly, guided me towards a successful sale, and even negotiated a higher asking price."

The Tuttle family of Seattle used Redfin Direct for Sellers, selling their home over asking price. "Our experience buying our new home and selling our old one with Redfin exceeded our expectations," said Jon Tuttle. "The model really does work as advertised."

"After seeing how easy it was, I can't see myself ever going back to a traditional service," said Redfin customer Peter Turok, who saved $27,900 in commissions.

In addition to the sellers program, Redfin launched a new version of Redfin.com, the leading map-driven real estate search Web site. New features include:

  • Ask an agent: gives buyers the ability to request agent-only comments for any property and submit questions to the seller and listing agent.
  • Neighborhood search: allows users to search by neighborhood, easing map navigation for home-buyers unfamiliar with zip codes and addresses.
  • Improved map experience: lets users rapidly move around the map using a list of properties sorted by price, square footage and time-on-market.
  • Property tabs: lets viewers track multiple properties in a tabbed interface for easy navigation between listings and the map.
  • Appreciation statistics: gives buyers appreciation values based on comparisons between a property's listing price and previous sales price.
  • Self-service documentation: supplies new information on how to buy or sell a property through Redfin, including home tours, staging and marketing.

"Many customers are now using Redfin to buy a new home and to sell the other, saving over $20,000 on the two transactions," said Redfin CEO Glenn Kelman. "Customers get to work with the same local agent on both transactions so we can coordinate the timing on a worry-free move."