Agents need to be in the know when it comes to Redfin. This modern brokerage represents a trend in real estate, where technological advances are upending the status quo, and relatively new players are quickly becoming big players. Even if you have no interest in working for Redfin, you should familiarize yourself with the company’s revolutionary approach.
Here is a quick overview for agents that want the low down in 2 quick minutes.
1. Redfin pays agents a salary and provides full benefits.
This model is nearly unheard of in the world of Realtors®. The reason entering the field of real estate is relatively easy is because agents are tasked with directly earning their own income and paying for insurance. This is universal, and the fact that Redfin is offering salary with benefits is a testament to their unconventional approach.
2. Salary might be good for an average agent…
But for folks who are driven to go above and beyond 6 figures, they have to rely on the bonuses given out by Redfin, and at that point, it might be more lucrative to strike out at a conventional brokerage.
3. Pay depends upon your market.
If you work in San Francisco, you’ll make more than someone in Oregon (that said, your living expenses will be much higher). Here’s a link that breaks down pay, but the difference is usually commensurate with the cost of living in a particular area.
4. You’re still going to have grind.
The fact that they feed you leads is a blessing and a curse. It means you don’t have to do a lot of the cold calling and prospecting that agents dread, but it does mean that you’ll be working with a lot more prospects. Less cold calling, more footwork.
5. They are huge on tech.
Where much of the real estate industry is playing catch up in the data arena, Redfin is a vanguard when it comes to innovation. Every aspect of the buying/selling process, from getting an estimate to booking an appointment is streamlined through online tools like the Redfin Home Dashboard.
Redfin could be a great option for new agents looking to gain experience in the industry. One of the hardest parts of being a rookie is getting your business off the ground. Redfin provides a ton of leads, and when it comes to marketing a home, they pretty much have it down to a science. All of this streamlining is possible because of their revolutionary platform. According to CEO Glenn Kelman, “It’s supposed to be a marriage of technology and service.” The company at large handles a lot of the tedium when it comes to prospective buyers and sellers, but the agents are held to a high standard when it comes to providing the service.
So if you want something more consistent, Redfin is a viable option. One of the most amazing aspects of being a REALTOR® is that you are your own business. It’s why the entrepreneurial-minded have always been drawn to the career. Redfin very much makes you an employee, so if you thrive as a member of a team, then the model makes sense. If you are looking to become a top producer, then go it alone, always with an eye on technology.