Thoughts on Redfin?

Question

I've been doing research to get into the REI game in the Central Florida area over the last couple weeks and I had heard that Redfin was almost as good or even as good as the MLS for major metropolitan areas. I've been surfing Redfin over the last couple weeks and have found they their listings have a lot more information than Zillow or Trulia.

I just wanted to get your thoughts on this. Is Redfin a good MLS alternative if you're not an agent?

Russell Brazil · Answer

I am an agent, and I actually use Redfin a lot more than I use the MLS.  I check all new properties to the market on Redfin, and if I find one that warrants further investigation, I then look it up on the MLS. I find Redfins interface to be very intuitive, and better laid out than our MLS.

I would however not ever use a Redfin agent, particularly as a buyer.  In my area, buying with them has not been very successful for many buyers.  This is probably a combination of their business structure of providing kind of bottom of the barrel service, combined with a freeze out from other agents.

Malita R. · Answer

@Samuel Muniz

Its been good. No deals yet. But recently signed my first 2 contracts. And I have a meeting this weekend with another seller.

I send out between 250 and 500. But mainly 250 every week because Click2Mail has an ongoing deal for 250 stamped postcards for $85/flat.

I've used ListSource once since I started.  That was the list I first mailed out to.  Not many hits from that list and that was a list of 500.

My target group is absentee (of course).  But also tax delinquent.  However, I pay special attention to absentee owners who are ALSO tax delinquent.

Shara Carlton · Answer

I use Redfin also. When I first got into wholesaling, another wholesaler (who eventually became my mentor) introduced me to it. It is a pretty good way to run comps if you don't have access to MLS.

Malita R. · Answer

@Samuel Muniz

I'll send out my postcards.  Once I receive a call from a seller, if I can answer right away I do, if not, I let it go to VM (I still have a day job..so most of my calls go to VM).  I then do research on the property before I give them a call back so I can be more prepared for the call.

If they are truly motivated and we can set up a meeting to come out do a walk-through, I then I hope on Redfin for comps, I also check Zillow and Trulia for other information that can be helpful for me.  I also check my county public records online for any back taxes or judgments. So a lot of online research.

Triston Murray · Answer

Redfin is good. Used them to find my first place, and used on of their agents. He was super knowledgeable and we went on like 20 different showings in the span of a week without a problem. I can't say their agents are better than traditional/ independent agents, but I was extremely pleased,.

Alina Ptaszynski · Answer

Hi there, I'm new to the forums here. I work for Redfin in Washington, DC. In response to the original question, Redfin displays every listing that is in the MLS on our site, plus a lot more rich data such as neighborhood market data, walk score information and local school ratings. Because we are a brokerage, we have access to the most up-to-date information from the MLS and get data faster than other portals.

Investors should definitely consider working with a Redfin agents to buy and sell properties. Our agents are paid based on customer satisfaction, not commission. This means two things. First, Redfin agents are incentivized to make you happy and negotiate the best deal for you... not the best commission for us. And second, Redfin gives a portion of our commission back to you at the end of the deal. You can see the exact refund on the top right corner of every listing. We charge a 1.5% listing fee for sellers. This includes everything you get from other brokerages, and then some -- professional photography, 3D virtual tour, digital marketing, high-end flyers and materials, and a amazing seller dashboard to see how many people are viewing and visiting your home in real time.

Every client who works with a Redfin agent, whether they close with us or not, is asked to rate their experience with their agent. EVERY review is posted on Redfin's website, so you can see your agent's experience and customer reviews and decide for yourself if he/she is a good fit.

Shara Carlton · Answer

I usually compare like-properties as well as fixed-up properties to figure out how much to wholesale for. Once I settle on an ARV using the "fixed up" comps (as well as other resources), I do my 65%XARV-repairs (estimated) calculation, then, I compare that number to the other properties being sold in the same condition. You might as well use as-is comps as well as after repair comps to be on the safe side and double check your numbers.

Malita R. · Answer

@Richelle T. Hi.  There's no code required.  It just has to be one of their standard B&W postcards.

Richelle T. · Answer

@Malita Robinson Thanks for the click2mail tip! Is there a special coupon code you need to use?

Samuel Muniz · Answer

Awesome. Great info. Thanks all!

Thoughts on Redfin?

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