Publishing this data is possible because of an upcoming settlement agreement between the
"Homebuyers will finally see how much money their agent stands to earn on any home for sale, letting them evaluate whether they're getting good value for their money," said Redfin CEO
Redfin has long been a leader in offering full service for a lower fee. When a homebuyer purchases with a Redfin agent in select markets, Redfin gives a portion of the commission it earns back to the buyer in the form of refund at closing. The average Redfin Refund was
In addition to making buyer's agent commission fees public, the NAR/DOJ agreement also forbids real estate agents from misrepresenting that buyer broker services are free. According to a 2019 survey commissioned by Redfin, 61% of homebuyers did not fully understand how their agent was paid. This leaves buyers unable to compare agent services and evaluate them on service and price.
Redfin now displays commission for listings in approximately 65 MLSs and will add data in additional areas as it becomes available.
As of today, Redfin is publishing the commission for approximately 65 multiple listing services (MLSs) and the company will publish the data from the remaining MLSs it belongs to as soon as they make the data available. The buyer's agent commission can be found in the property details on individual listing pages on Redfin.com.
Buyer agent commissions declined in
For more information visit: www.redfin.com/news/real-estate-commission-transparency/.
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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Redfin Journalist Services: Alina Ptaszynski, 206-588-6863, email@example.com