Redfin listing
(Via Redfin)

Home sellers who list with a Redfin agent in the Seattle metro area are going to gain access to a money-saving trial program starting today, the real estate brokerage announced.

Redfin is offering sellers a 1 percent listing fee, which amounts to substantial savings when compared to the 2.5 to 3 percent of the home’s price in commission that sellers typically pay in the market.

The incentive, which has been offered in Washington, D.C., Maryland and Virginia for two years, will also be offered in the Chicago and Denver metro areas, Redfin said in a news release.

The minimum fee in Seattle will be $4,000 and in Chicago and Denver it will be $3,000. With a 1 percent fee, sellers working with a Redfin agent will save about $10,000 on a $500,000 home sale.

The fee is being offset by a reduction in the refund that Redfin gives to its buyers. That amount, which is usually seen as an added bonus at the end of a transaction, will be $600 to $2,000 lower, depending on the home purchased.

“Because of our technology, Redfin can offer the best listing service in the industry, while still saving people thousands in fees,” Karen Krupsaw, vice president of real estate operations at Redfin, said in a statement. “In fact, in today’s market, many home sellers are negotiating lower fees with traditional agents. However, with Redfin, there’s no negotiation necessary. Our lower fees are completely transparent, as is the high-level service we offer.”

The Redfin listing service includes:

  • A full-service agent.
  • Free professional photography.
  • A Redfin 3D Walkthrough tour to allow potential buyers to virtually tour the home.
  • A comprehensive digital marketing campaign.
  • Professionally designed print brochures for every listing.

Redfin says it is planning to run the 1 percent listing experiment for about a year and will evaluate it on an ongoing basis.

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