Redfin raises more CASH

Redfin has announced more funding (see below)

Redfin has closed a $12 million Series C round of financing. Redfin is doing their best to completely remove real estate agents and brokers from at least half of a home sale. The company combines MLS listing information (homes for sale) with historical sales data (homes already sold) into a single map. If you find a home you like and want to place an offer, Redfin will represent you in the buying process (they have a call center with licensed real estate professionals to guide you). They then reimburse 2/3 of the buy-side real estate fees to you on closing. The average home buyer saves around $10,000 on a transaction. The company will also represent sellers in home sale transactions.

Since May the company has completed more than $350 million in real estate transactions and has saved customers around $6 million in commissions.

Realtors are fighting back mainly by trying to limit the MLS data that the company can show on its site, and trying to stop the company from showing customer reviews alongside that data. They’ve also seen an increasing number of realtors refuse to accept offers from Redfin customers.

Online services like Redfin, no matter how good they are, can’t fully substitute live agents, but they sure can win a part of the market and create incentive for real estate agents to cut commissions and improve service.

Zillow adds Discussion Forum

Zillow has added a discussion forum which makes for entertaining reading on FSBOS in Seattle and the rest of the country...Check out the posts on FSBO to see FSBO sellers square off against agents who as usual are comparing themselves to doctors, lawyers, college professors etc...

Comments anyone??

REDFIN ON 60 MINUTES

Great story on 60 min last week lick link to view and please comment:


http://www.cbsnews.com/sections/i_video/main500251.shtml?id=2796105n


Redfin does not do flat-fee MLS listings but does $3,000 "agency" listings.

CaptainFSBO.com can get you listed on the MLS from $399 AND you can avoid paying the buyer's agent commission too!

Seattle By Owner News

Hi All--

This Blog is dedicated to the news and events related to the Residential For Sale by Owner (FSBO) market in the greater Seattle area.

The first topic will explore myth and facts in the FSBO market in Seattle and nationally.

The first issue to raise is the TRUE percentage of FSBO homes for sale.

The National Association of Realtors is clearly fearful of the growing trend in FSBO sales. You only have to look at the national television campaign to see this.

Then there's Century 21. They have FSBO fear campaigns that are comical. Check back as I will post a link to some of these ads that most consumers can see right through.

I have yet to hear any realtor or realtor trade association or anyone in the brokerage side of the business publically admit what is obvious- more people are selling FSBO than ever before, and the percentage is higher than ever before.

I will post FACTS to support this claim of a growing FSBO trend so please check back.

There is also a huge increase in the Flat-Fee MLS listings which typically charge $500 to $1000 for listing on the MLS instead of the "standard" 6% commission.

The internet has spawned this trend as well as the increase in housing prices.

SO...let's have your guesses for TRUE FSBO percentage of homes for sale in the Greater Seattle Market...let's say King, Pierce, and Snohomish County only.

I'll do the research and provide my methodoly in the next post so check back. Give me one week or so..

My guess is 10%. This would be for TRUE FSBO- not on the MLS at all.

I'll guess another 2% for Flat-Fee MLS.