Redfin is expanding its incentive aimed at getting sellers to list their homes with the Seattle-based real estate company’s agents, bringing its 1-percent listing fee to 18 new U.S. markets, it announced Monday.
Sellers typically pay their listing agent a commission of 2.5 to 3 percent of the home’s sale price, but in New York, Boston, Dallas, Los Angeles and more new places, that rate will drop.
Redfin says that the 1 percent fee will save a seller working with one of its agents between $7,000 and $10,000 on a $500,000 home sale. The fee does not include buyer’s agent commission and is subject to a minimum of between $3,000 and $5,500 depending on the market.
The incentive, which was initially rolled out as a trial program in Washington, D.C., Maryland and Virginia in 2014, was added to Seattle, Chicago and Denver markets a year ago after being well received by sellers.
A previous Redfin survey found that in today’s market, many home sellers are negotiating lower fees with traditional agents. Redfin says that its already low fees eliminate that need.
Here is the complete list of 25 markets where Redfin will offer the 1 percent listing fee:
- Inland Empire
- Lake Tahoe
- Los Angeles
- Orange County
- San Diego
New Jersey (statewide)
New Mexico (statewide)
- Hudson Valley
- Long Island
- New York City
Rhode Island (statewide)