Boston Real Estate for Sale

Redfin hits Boston; real estate company offers refunds to buyers of real estate

Redfin’s Boston website is up and live.

I’d be interested to hear what people think about it.

The company’s official press release, below.

Redfin Launches Real Estate E-Commerce Service for the Boston Area

Boston Market Inaugurates Redfin Expansion to East Coast

BOSTON, April 26, 2007: Online real estate broker Redfin Corporation today launched its real estate e-commerce service in Boston. Separately, Redfin also today launched a new version of its website with a new color scheme and logo, better performance and simpler navigation.

Redfin is the first major online real estate brokerage to open for business in Boston, with coverage across Essex, Norfolk, Middlesex and Suffolk counties, which includes Cambridge, Concord, Lowell, Newton, Marlborough and Stoughton. Boston is the first East Coast market Redfin has opened as part of a national expansion effort that began with its February launch in Southern California.

For customers who can find a home to buy on their own, the premise of the Redfin service is to use technology to offer better service from offer to close than a traditional agent, and to refund most of the commission. Boston-area consumers now can buy or sell MLS-listed properties online, using the Web to gather basic information and then work with a local, experienced Redfin agent on pricing, negotiations and escrow.

Massachusetts buyers who work with Redfin get two-thirds of the commission refunded at closing; for a $500,000 house offering a typical three percent commission to the buyer’s agent, the refund would be $10,000. For a $1 million house, the refund would be $20,000. Redfin also offers each home-buyer a free afternoon of home tours, scheduled via its website.

Sellers pay a flat fee of $3,000, saving $12,000 over a typical seller’s agent commission of three percent on a $500,000 house. Unlike any other brokerage, Redfin pays its agents bonuses based on customer satisfaction, not commissions, and offers a 100-percent-customer-satisfaction guarantee, refunding all commissions and fees if the customer is dissatisfied.

Redfin Boston expansion increases the number of listings available on Redfin site by more than 20,000.

Boston is chock full of the kinds of consumers likely to use our service: under 45, highly educated, technology-savvy said Redfin CEO Glenn Kelman.CEO her reason we were eager to launch this market in the spring is that the lead engineer for our expansion is a die-hard Red Sox fan who becomes useless as the season heats up.

About Redfin

Redfin (www.redfin.com) is the real estate industry’s first online brokerage, currently available in Greater Boston, the San Francisco Bay Area, Greater Seattle and Southern California, including Los Angeles, Orange County, the Inland Empire and San Diego. By combining maps, listings, tax records, analytics and eyewitness property reviews, Redfin has become one of the most popular brokerage sites. Customers who use Redfin.com to buy or sell properties earn a refund of most of the commission traditionally due their broker, and get full support in paperwork, offer presentation, negotiations and closing. Redfin has one of the highest customer satisfaction rates in the industry, and is the only brokerage with a 100 percent customer satisfaction guarantee. To give the Redfin service a try, visit www.redfin.com, or keep track of our daring exploits via our blog, at blog.redfin.com.

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