Comments on: A public apology http://360digest.com/2007/03/04/a-public-apology/ Seattle Real Estate Blog for those interested in Seattle real estate, popular culture, tech, news and opinion. Sun, 29 Apr 2012 14:47:03 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Paul http://360digest.com/2007/03/04/a-public-apology/comment-page-1/#comment-12758 Paul Thu, 08 Mar 2007 01:23:17 +0000 http://360digest.com/2007/03/04/a-public-apology/#comment-12758 "That means that approximately 1/3 of all companies that sold properties during that time frame had a better list price to sale price ratio for their buyers then Redfin did." So again, fledgling Redfin beat out 2/3 of all companies on their list/sale price ratio. And then they gave thier customers a 2% rebate on top of that. But this being presented as a negative for Redfin. Thats doubleplusgood interpretation. “That means that approximately 1/3 of all companies that sold properties during that time frame had a better list price to sale price ratio for their buyers then Redfin did.”

So again, fledgling Redfin beat out 2/3 of all companies on their list/sale price ratio. And then they gave thier customers a 2% rebate on top of that. But this being presented as a negative for Redfin. Thats doubleplusgood interpretation.

]]> By: Scott http://360digest.com/2007/03/04/a-public-apology/comment-page-1/#comment-12731 Scott Tue, 06 Mar 2007 16:59:07 +0000 http://360digest.com/2007/03/04/a-public-apology/#comment-12731 It is very interesting to go through Redfin's website and see all of the smoke and mirrors, and the outright misrepresentations. And the recent Seattle Times article on them was an unfortunate regurgitation of their press releases. Just a few examples from that article and the Redfin website, and comparing it to reality: 1) Redfin fee for listing is "$2,000". The author apparently fell for that soundbite misdirection too, since it is actually 3% + $2,000, and they hide that fact very well on their website until someone gets down to the nitty gritty. 2) They claim to do a CMA yet acknowledge that they won't even go to the listed home. That's not a professional CMA, that's effectively a mindless broad Zillow Zestimate. 3) They specifically state that traditional agents do not do Internet Marketing. That is so obviously false that it doesn't need further explanation. 4) Open Houses: on one side of their mouth they specifically state "Yes" that they do them, and then they show that they actually just list it on their website and they do not actually do them. As mentioned, they also do not show the home to prospective buyers. 5) Actual cost is $3,000, not $2,000, if payment is made at closing instead of upfront, though this is again buried in the details (and similarly not mentioned in the article, for instance). I have no problem at all with honorable discount brokers such as ZipRealty that use the MLS within its expectations and agreements, but I do have a problem with Redfin's unilateral decisions to make listing agents do their work for them, yet they get the accolades while sitting in their paper processing plant abusing the time of hard working agents elsewhere. No need to apologize to Glenn, Marlow. It is very interesting to go through Redfin’s website and see all of the smoke and mirrors, and the outright misrepresentations. And the recent Seattle Times article on them was an unfortunate regurgitation of their press releases. Just a few examples from that article and the Redfin website, and comparing it to reality:
1) Redfin fee for listing is “$2,000″. The author apparently fell for that soundbite misdirection too, since it is actually 3% + $2,000, and they hide that fact very well on their website until someone gets down to the nitty gritty.
2) They claim to do a CMA yet acknowledge that they won’t even go to the listed home. That’s not a professional CMA, that’s effectively a mindless broad Zillow Zestimate.
3) They specifically state that traditional agents do not do Internet Marketing. That is so obviously false that it doesn’t need further explanation.
4) Open Houses: on one side of their mouth they specifically state “Yes” that they do them, and then they show that they actually just list it on their website and they do not actually do them. As mentioned, they also do not show the home to prospective buyers.
5) Actual cost is $3,000, not $2,000, if payment is made at closing instead of upfront, though this is again buried in the details (and similarly not mentioned in the article, for instance).

I have no problem at all with honorable discount brokers such as ZipRealty that use the MLS within its expectations and agreements, but I do have a problem with Redfin’s unilateral decisions to make listing agents do their work for them, yet they get the accolades while sitting in their paper processing plant abusing the time of hard working agents elsewhere.

No need to apologize to Glenn, Marlow.

]]> By: Kevin Boer http://360digest.com/2007/03/04/a-public-apology/comment-page-1/#comment-12674 Kevin Boer Mon, 05 Mar 2007 16:06:17 +0000 http://360digest.com/2007/03/04/a-public-apology/#comment-12674 Tell me what you want me to prove and I'll find a data set and a methodology that proves it. Tell me what you want me to prove and I’ll find a data set and a methodology that proves it.

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