05-19-2008 06:54 PM
05-20-2008 01:58 PM
05-21-2008 02:11 PM
05-29-2008 07:37 AM
06-15-2008 09:24 PM
It would be helpful to me to know if it is "costly" for a brokerage, Redfin or other, to write up and present offers. Does the process consist mainly of a clerk's putting entries in boilerplate forms?
06-16-2008 09:41 AM - edited 06-16-2008 09:42 AM
This does not mean that our focus is on closing a deal rather than getting a good price for our client. We know that what makes us different is a data-driven approach to negotiating and a fanatical commitment to customer service. MLS data show that we get a better price than traditional brokerages because of how we involve our client in the negotiating process, and because of how we pay our agents (customer service bonuses, not commissions). A Redfin agent gets the same customer satisfaction bonus whether a particular deal closes or not. Failed offers are, for us, a cost of doing business that the corporation absorbs, not the individual agent.
But we are conscious of how it affects our reputation when we submit an offer 12% below asking on a property in Queen Anne likely to get three or four offers at the asking price. And we do ask that our clients are as respectful of our time as we are of yours. We don't mind taking a run at a property that has been long on the market, especially for someone still trying to sound out the market. It's a little harder when we work with someone who has made a half-dozen offers, all far below list, on properties in neighborhoods where demand is still strong.
In those cases, we may ask the client if we can float the number past the listing agent and the seller before writing it up. Sometimes that works for the client, sometimes a more formal offer makes sense.
Message Edited by Glenn on 06-16-2008 09:42 AM