Redfin Will Launch Real Estate Brokerage and Search Site in Canada in Early 2019
Buyers and sellers in Toronto and Vancouver will soon be able to work with Redfin agents
TORONTO, Jan. 14, 2019 /PRNewswire/ -- (NASDAQ: RDFN) -- Redfin (www.redfin.ca), the next-generation real estate brokerage, plans to launch a national Canadian real estate search site and brokerage service in Toronto and Vancouver by March, with plans to expand to other provinces in the future.
"Our goal is to make buying and selling Canadian homes more affordable, with Redfin agents who always put customers first," said Redfin CEO Glenn Kelman. "We believe Canadians will love our local full-service agents, low fees and on-demand home showings. Our website and mobile apps will show all the homes for sale via the local Multiple Listing Services used by brokerages. And Redfin will show sale prices for Toronto and Vancouver homes that for years had been unavailable to consumers."
As a technology-powered real estate brokerage, Redfin can provide full service and charge less because it attracts most customers through its site and has built software to automate tasks and paperwork, making the entire process more efficient. Once someone chooses to work with a Redfin agent, the service is tailored to each client's needs with Redfin agents guiding clients through the entire home-buying and selling process. Redfin's local, full-service agents are employees, not independent contractors, and their bonuses are based in part on customer-satisfaction.
For home sellers, Redfin will charge a 1 percent listing fee. Redfin agents provide a complete home-selling service, including pricing and staging advice, free professional photography, a 3D walkthrough of the home, open houses, yard signs and beautifully designed marketing materials. Redfin listings will receive premier placement on Redfin.ca and will be displayed on Realtor.ca and other Canadian real estate websites via the Multiple Listing Services.
By working with a local Redfin agent, a seller in Toronto will save $11,250 on a $750,000 home sale when compared to paying a listing commission of 2.5 percent. The one-percent listing fee does not include a buyer's agent commission, which is typically paid by the seller.
Homebuyers who work with Redfin also save because the company refunds part of its commission to the buyers it represents. Redfin technology helps buyers act fast with instant alerts that let them know when homes hit the market or drop in price. With Redfin's Book It Now feature, homebuyers can set up property showings with a few taps on a smartphone.
Blair Anderson, a Toronto native with more than a decade of experience in real estate, will lead Redfin's operations in the greater Toronto area.
"I was attracted to Redfin's mission to redefine real estate in the consumer's favor and have experienced firsthand that it isn't just a nice sound bite, it's truly a mindset that is woven into the fabric of who we are as a company," said Anderson. "I'm proud to introduce Redfin to Canada. Canadian consumers are discerning and tech-savvy and I believe they will be blown away by Redfin's unmatched combination of agent service, technology and value. Not only will we provide full real estate services for a lower fee, the Redfin model rewards customer service, so our agents are accountable to deliver the best outcome for their clients."
Redfin customers, whether they buy a home or not, are asked to review the service they received from their Redfin agent. The reviews are published on the agent's online profile and agent bonuses are based in part on these reviews.
By posting agent reviews and agents' insights on client offers they've written and homes they've toured, Redfin aims to empower consumers to make more informed homebuying and selling decisions. Redfin supported making Canadian home sale data more accessible to the public in testimony to the Canadian Competition Tribunal in 2015. Appeals for that case concluded in August 2018, with a Canadian court ruling that real estate sales data can be shared online, paving the way for Redfin to provide this valuable information to Canadian consumers.
For more information and to sign up to be alerted when Redfin launches in Canada, visit www.redfin.ca.
About Redfin Canada
Redfin (www.redfin.ca) is a technology-powered, residential real estate brokerage with a mission to redefine real estate in the consumer's favor. Redfin will launch brokerage services in Toronto and Vancouver in early 2019, joining more than 85 markets throughout the United States where Redfin already serves homebuyers and sellers. In its first non-US expansion, Redfin will launch mobile apps and a Canadian version of its industry-leading website, allowing consumers to search for homes for sale across most of Canada. In a commission-driven industry, Redfin's local, full-service agents put the customer first. By pairing Redfin agents with technology, Redfin offers a service that is faster, better, and costs less. Redfin is headquartered in Seattle and Redfin stock is listed on the Nasdaq Global Select Market under the ticker symbol "RDFN."
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