Tuesday, October 14, 2008

 

Redfin Commentary

I hope Redfin will do well.

I wrote some entries a while back about Redfin and although I haven't been using the website I still think it's a great search service to monitor real estate.

I haven't checked Redfin's rules yet but in this market of shrinking buyers I think Redfin might want to open up some of its self imposed barriers to get business.

1. Handle short sales
I remember the reason given was that it takes too long. In this tough market, I don't think Redfin should leave that on the table. When times are bad, any potential opportunity is worth pursuing.

2. Remove the buyer's bid limit
With buyers shrinking and sellers unable to sell, I think Redfin should be more open to present any offer a buyer can present. I know some sellers will just reject the first low offer they receive but that's the market, supply and demand. I think Redfin should not side with the sellers and create a false sense of demand.

3. Provide "hand-holding" services
I'm not sure if Redfin is already doing this but I think Redfin agents should be more reachable. This is also in response to some of the topics I read in the Redfin forums about some buyers having difficult experiences getting their offers through. I know this will put a strain on the agents' working hours but in a job like this working set hours just doesn't make sense. It's even more important during tough times to have agents help buyers along starting with educating them on the buying process and keeping them up to date during the offer stage.

4. This one might be my perspective but I think the website should open up more to traditional buyers.
I know Redfin has lots of information on the website about the buying process but I think there are still a good number of folks who prefer to physically talk to someone. I'm not sure how yet but the website needs to be more friendly and approachable for these traditional buyers. Rather than forcing them to read through lots of text to get started there should be a better way to convince, educate, "hold their hands" along the buying process and eventually win their business.

I hope Redfin will do well. I really like their business and the website. I also hope one day I can join the team and contribute to the business. :) (I know it's not the right time now but I'll keep trying. :)

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