FAIRFIELD: Connecticut has a new real estate company that is hoping that their expertise in software and digital marketing will allow them to disrupt the traditional real estate sales model.
Redfin [NASDAQ: RDFN] is a Seattle, WA based pubic company with $2.6 billion market cap they call themselves “the next-generation real estate brokerage”. The company says it “pairs personal service from Redfin agents with technology to create a better home-buying and selling experience that costs less.”
Connecticut homebuyers can use Redfin's website and iOS and Android app to search all the agent-listed homes for sale, receive updates on their smartphone the “moment a new home hits the market” and book home tours with Redfin agents online.
Redfin gives part of its commission to buyers who purchase with Redfin agents.
According to the company homeowners can sell their homes with a Redfin agent for a 1 percent listing fee, subject to a minimum of $3,000.
Redfin says its agents “provide a complete home-selling service including pricing and staging advice, free professional photography, a 3D virtual tour and digital marketing.”
Unlike the typical residential real estate company, Redfin agents are employees of the company who are paid a salary and earn bonuses “based in part on customer satisfaction” - not commissions. The company posts customer reviews for its agents on their online profiles.
Richard Thomas, will lead the brokerage's operations in the state., Thomas has worked as an agent, managed brokerage offices and operated his own real estate company. Most recently, Thomas was a regional manager overseeing three Century 21 real estate offices serving Hartford, New Haven, Middlesex and Litchfield counties.
"What attracts me the most to Redfin is how the company uses technology to make the entire home buying and selling experience better for consumers," said Thomas. "Folks here will be blown away when they learn about our complete selling service for a 1 percent listing fee and see the technology that only Redfin offers-- tools like Price Whisperer, which lets you test a price with potential buyers before going on the market, Deal Room, which helps you track your home sale from start to finish, and the targeted digital and social media advertising that markets your home to active buyers. It's thrilling to be able to introduce Redfin's modern approach, premium service and savings to Connecticut's buyers and sellers."
Redfin will initially serve Fairfield, New Haven, Hartford, Middlesex, and southern Litchfield counties, and plans to expand to other parts of the state over time.
"Given Connecticut's population, healthy real estate market and adjacency to other thriving Redfin markets in New York and New England, we see expansive opportunities to grow the business here," said Taylor Connolly, Redfin District Manager for the Northeast. "Entering Connecticut was a natural next step and one we would have taken far sooner, if not for state laws that prevented us from opening in Connecticut until Redfin was a publicly-traded company."