Redfin Real Estate Agents Earned More than Double that of Traditional Agents in 2017
Redfin Agents Also Received Comprehensive Healthcare Benefits, Paid Time Off, Parental Leave and Growth Opportunities
SEATTLE, Jan. 25, 2018 /PRNewswire/ -- (NASDAQ: RDFN) -- Redfin (www.redfin.com), the next-generation real estate brokerage, today issued a report detailing how much its real estate agents earn compared to the rest of the real estate industry, and compared to other professions. The report also outlines the other benefits of working at the company, including comprehensive benefits and opportunities for advancement. Redfin agents also share the mission of all company employees--to redefine real estate in the consumer's favor.
"The only way to deliver the best service is to employ the best agents," said Redfin CEO Glenn Kelman. "At every Redfin board meeting, the first issue we address is what Redfin is doing to be the best employer in real estate. Every year we try to get better, through investments in technology, support staff and culture, but also by paying people well."
The report finds that Redfin agents who worked nine months or more in 2017 earned a median income of $90,166, including salary, bonuses and stock-based compensation. This is compared to $43,625 for traditional real estate agents who closed between three and 150 deals in 2017, in the same markets Redfin serves. Redfin agents in the 85th percentile earned a median income of $153,017, compared to a median of $119,986 for the 85th percentile of traditional agents in the same markets.
In addition, Redfin pays an average of just under $20,000 per agent per year on benefits and other expenses. Traditional real estate agents pay for all of this out of their own pockets, as well as self-employment taxes.
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Redfin Agent Pay vs. Non-Redfin Agent Pay
|
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|
Redfin
|
Non-Redfin
|
% Difference
|
|
| Median |
$90,166 |
$43,625 |
+107% |
| 85th Percentile |
$153,017 |
$119,986 |
+28% |
| *Includes Redfin agents who worked at least nine months between January and December 2017, and traditional agents who closed between three and 150 transactions during the same time period. |
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The report also includes details about the work experience at Redfin and examples of how people have built their careers at the company. For example, Redfin agents work directly with software developers to create tools and technology that make their jobs easier and more efficient. Redfin agents are also supported by professional teams within the company that field customer inquiries, coordinate logistics and manage paperwork of a sale.
To read the full report, which also shows how Redfin-agent pay compares to other professions, and the education levels of Redfin agents, click here.
About Redfin
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.
SOURCE Redfin
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