Redfin slashes seller fees
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Redfin slashes seller fees


POT. IT’S CALLED POTCOIN.>>>YOUR MONEY MATTERS IN SAN DIEGO NOW IN PEAK HOMEBUYING SEASON. SELLERS ARE CASHING IN EXCEPT WHEN IT COMES TO REAL ESTATE FEES.>>CONSUMER REPORTER JON HORN LOOKED INTO WHETHER ONE COMPANY’S OFFER 2/THOSE FEES COMES WITH A CATCH.>>Reporter: THIS THREE BEDROOM HOME IN OCEANSIDE IS ON THE MARKET FOR $775,000. THAT MEANS TENS OF THOUSANDS OF DOLLARS IN FEES TO REAL ESTATE AGENTS WHEN YOU SELL IT. BUT THE BROKERAGE, REDFIN, GIVING HOMEOWNERS ACROSS SAN DIEGO A BRAKE OTHOSE FEES. TWO REAL ESTATE AGENTS USUALLY HAD A LADY. ONE REPRESENTS THE BUYER, THE OTHER, THE SELLER. THEY’RE TYPICALLY SPLIT A 5% COMMISSION ON THE FINAL PRICE AND IT COMES OUT OF THE SELLER’S POCKET. BUT REDFIN, A TECH HEAVY REAL ESTATE FIRM, IS SWEETENING THE OFFER TO HOMEOWNERS ACROSS SAN DIEGO COUNTY WHO HIRE THEM TO SELL THEIR HOME. THE COMPANY WAS ALREADY ONLY ASKING FOR 1.5% COMMISSION BUT IT JUST/THAT TO 1%. THE LATEST DISCOUNT WOULD SAVE SOMEONE WHO WAS SELLING THE MEDIAN PRICE HOME MORE THAN $2500 IN FEES. MARKUS GOLDEN, A SAN DIEGO STATE REAL ESTATE LECTURE SAYS DISCOUNT BROKERAGES SOMETIMES OFFER FEWER SERVICES OR LESS EXPERIENCED AGENTS. BUT REDFIN’S ANNA NOVARTIS SAID SELLERS DON’T LOSE ANYTHING BY GOING WITH THEM. THEIR TECH HEAVY MODEL LETS THEM CHARGE LESS.>>WE HAVE SO MANY BUYERS SEARCHING ON A WEBSITE. WE KNOW WHAT THEY ARE LOOKING FOR. WHEN WE HAVE A LISTING WE KNOW THE BUYERS WHO ARE LOOKING AT THAT LISTING. WE TARGET EMAILS TO THOSE SPECIFIC BUYERS AND GENERATE MORE INTEREST.>>Reporter: THEY RECOMMEND OFFERING THE HOMEBUYER’S AGENT 2.5% COMMISSION. IT HELPS MAKE SURE THEY ARE MOTIVATED TO SHOW YOUR HOME. I’M 10NEWS CONSUMER REPORTER, JON HORN. YOUR MONEY MATTERSPICTURE REDFIN DOES CHARGE SELLERS A MINIMUM OF $4500 COMMISSION BUT

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