Eight Best Marketing Practices to Fund New Loans Faster

Join our expert panelists to learn which best marketing practices will help you get to your customer quickly with your best offer – and win their business for another loan term.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Behind the executive exodus at Fannie Mae

What's behind the wave of executive departures at Fannie Mae? It's not just money, according to former employees of the GSE.

2021 Agent Rankings now live

Today RealTrends + Tom Ferry announce the 16th annual The Thousand of America's top 1,000 real estate sales and professionals and teams.

Real EstateFintech

Redfin launches widespread expansion of 1% listing fee

Rolls out lower listing fee in 18 new markets

Redfin, the online real estate brokerage, announced Monday that it is launching a widespread expansion of 1% listing fees, bringing the lower fees to 18 new markets.

The nationwide rollout follows successful tests of lower listing fees in markets like Washington, D.C., Chicago, and Seattle.

According to Redfin, approximately 80% of Redfin’s home selling customers will pay Redfin just 1% of the final sale price, subject to a minimum of between $3,000 to $5,500, depending on the market.

“This pricing better reflects how our customers want to pay a real estate agent,” Redfin CEO Glenn Kelman said.

“Especially in today’s hot market, the most value-conscious customer is the one selling, not buying, a home,” Kelman continued. “We first tried shifting more savings from buyers to sellers nearly three years ago, with 1% pricing in Washington, D.C., and then later in four other markets, and our overall share gains in those markets have outpaced other Redfin markets.”

Redfin previously offered a 1% listing fee in Baltimore, Chicago, Denver, San Diego, Seattle, Washington, D.C., and Northern Virginia.

Now, the company will offer a 1% listing fee in markets like Los Angeles, Boston, New York, as well as the following markets:

Inland Empire, California

Lake Tahoe, California

Orange County, California

Sacramento, California

Hawaii (statewide)

New Jersey (statewide)

Reno, Nevada

New Mexico (statewide)

Hudson Valley, New York

Long Island, New York

Portland, Oregon

Rhode Island (statewide)

Austin, Texas

Dallas, Texas

Houston, Texas

In all other markets where Redfin operates, the company will offer 1.5% listing fees.

“Offering the Redfin home-selling experience for just a 1 percent listing fee builds on Redfin’s mission to make real estate better for consumers,” said Karen Krupsaw, senior vice president of real estate operations. “We are addressing every pain point for sellers– not only the cost of selling a home– but the challenges of setting the right price, getting the property ready to list, making a strong debut on the market and keeping track of logistics and paperwork.”

Most Popular Articles

Fannie Mae gives go-ahead for digital verification

Fannie Mae has given mortgage servicers the green light to use third-party digital vendors to verify income and asset information. Mortgage tech firms are thrilled.

Jun 10, 2021 By

Latest Articles

Mortgage forbearance drops as expiration date nears

Mortgages in forbearance fell for the 15th consecutive week last week to 4.04% of servicers’ portfolio volume ― a 12 basis point decline, according to a survey from the Mortgage Bankers Association.

Jun 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please