Washington Lawyers Realty » redfin

WaLaw Buyer’s Agent Commission Rebate: 81% More than Redfin Rebate on $500,000 Home

Claire — Mon, 02 Apr 2012 20:58:51 +0000

It’s official, WaLaw Realty is 81% better than Redfin.

Did anyone else notice that Redfin has recently brought a new pricing structure to Seattle?

They now rebate between 15% to 50%, with more expensive homes getting a larger percentage. What that means to you: On a $500k house with a 3% commission, the rebate is $5,364, compared to our $9,739. Our rebate is 81% larger than theirs.

It seems like Redfin is making it even easier for you to make the smart choice by using WaLaw Realty.

There Are New Ways to Buy a Home, but Bowie said it best: “Ch-ch-ch-changes…”

Craig — Fri, 05 Feb 2010 17:11:17 +0000

Turn and face the strain. Changing the real estate industry is not easy – a strain indeed. Thankfully there are many people out there who are putting their shoulder into this heavy work. One of the leaders of that effort has been and continues to be Glenn Kelman, CEO of Redfin, a longtime mover and shaker in the “Reform RE” movement. His recent post on the Redfin blog does a great job of identifying those changes that will improve the industry by putting the focus on the consumer.

And just for the record, no, we did not have ANYTHING to do with this post — even if No. 1 on the list is EXACTLY what we’re doing here at WaLaw. We don’t charge a commission, and our fee is not paid by the seller. Rather, we charge a flat fee paid to us directly by the client. When our client is a buyer, we rebate the entire commission back to the client. In other words, there is no conflict of interest whatsoever between us and our client in regards to our compensation.

Keep up the great work, Glenn!

It’s Official: WaLaw Realty is a “Game Changer”

Craig — Tue, 26 Jan 2010 20:44:28 +0000

There was an interesting piece in Seattle Magazine regarding FindWell, Redfin, and changes in the RE industry generally. As you may know, both FindWell and Redfin rely on a robust web presence (primarily a search engine) PLUS a deeply discounted commission (about one half back to a buyer) as their business model. As noted by the author, this “alternative” model has yet to revolutionize the industry as some thought would happen, in large part because, when push comes to shove, EVERYONE still relies on the commission, the only issue being how big.

Of course, WaLaw is certainly not “everyone.” We are the true game-changing model, in that we charge a flat fee for the transaction. Hey, we work hard for everybody, not just those buying a seven figure house. Why should we be paid so much more for an expensive transaction? We don’t think we should. Plus, as the article notes, a commisison creates an inherent conflict of interest, particularly from the buyer’s perspective. The buyer wants to pay as little as possible, but the agent gets paid based on the price so the agent has a disincentive to negotiate aggresively.

On top of that — and unmentioned in the article — what happens if the buyer decides to not close at the last minute? I think its safe to say that the vast majority of agents would encourage the buyer to close, because no close = no pay. On a flat fee model, the attorney is not invested in the outcome at all and is happy to go in whatever direction you want.

So if you want “new and improved” go with WaLaw, not one of those other “alternatives” that really aren’t all that different.