Frequently Asked Questions
How does your $3500 flat fee work?
There are three main costs when selling a house. Paying the listing agent, paying the buyer’s agent and title fees. We save money on the listing side of the transaction by charging a flat fee of $3500 instead of a commission (typically around 3% of the price of a home). Home sellers will still be responsible for paying the buyer’s agent and title fees.
When do I pay the $3500?
Our $3500 flat fee begins with a $500 non-refundable deposit paid at the time you sign a listing contract with us. It is used to pay for the marketing of your property. The deposit is part of the $3500 fee and is deducted from the $3500, so at closing, you’ll only owe the remaining $3000. The $3500 ONLY covers the listing agent’s commission. You will still be responsible for paying the buyer’s agent commission. (broker co-op).
What is a broker’s co-op?
The broker’s co-op is the split in commission between a buyer’s agent and a listing agent. Traditionally the broker’s co-op was split at about 3% to the listing agent, and 3% to the buyer’s agent. At Redefy, we replace the listing agent commission with a $3500 flat fee, but the seller is still responsible for the full buyer’s agent commission.
What is the title fee?
The title fee is paid to the title company, whose job is to ensure you actually own your home and prevent anyone else from claiming rights to it.
Do other realtors avoid Redefy?
No, they do not. To a buyer’s agent, Redefy is no different than other brokerages. This is because the home seller determines what to offer the buyer’s agent as payment. At Redefy, we recommend home sellers set the buyer’s agent’s commission to be comparable to the market rate. This ensures that the buyer’s agent will be properly motivated to take his clients to view the listed property.
How can you only charge a flat fee of $3500 and still make money?
Redefy is profitable because it has created a repeatable process, with defined roles that consistently generate business and keep agents selling. We create efficiency by incorporating technology into a team approach. Our field agents meet with customers and are supported by in-house agents who focus on customer service and processing the transactions. The result is a higher volume, which keeps our agents busy and lets us pass the savings back to the customers.
How do you market your listings?
All of our listings are marketed the same way. They are listed on the MLS, which is syndicated to hundreds of national websites, including Redefy.com, Zillow, Trulia and Realtor.com. This ensures the highest visibility for listings. According to the National Association of Realtors, over 92% of homebuyers search for their home online. In addition we market homes through online and offline channels, driving home buyers to view your property. Lastly, we place a yard sign. Neighbors and people driving by often know someone who wants to live in your neighborhood. These methods make up over 99% of all home sales in the US.
How long has Redefy been in business?
Redefy has been selling houses since 2011 and has been growing quickly ever since. The concept of flat fee real estate commissions has been around much longer, but Redefy is the first company to successfully systemize the flat fee, full service model on a national scale.
What makes Redefy different?
Redefy is different for a few reasons. Though flat fee real estate isn’t new, we are the first company to operate a flat fee brokerage on a national level. But our biggest differentiator is that we are a full service brokerage. You’ll receive all the same services that you would with a traditional agent, but you only pay a flat fee of $3500. We strive for the highest customer satisfaction ratings, while providing the smoothest and least stressful transaction. This is how we’re changing the way real estate is sold!
What don’t we get with Redefy?
We typically do not hold open houses on our listings. Due to internet technology, open houses are a thing of the past. The same can be said for printed flyers, so we do not usually print them for your listings. We’ve found that both open houses and flyers tend to only draw the attention of curious neighbors and people who aren’t serious buyers. Other than these two items, Redefy does everything you would expect from a full service brokerage.
Is Redefy full service and what does that entail?
Yes, we are full service. At Redefy, full service means complete representation by a licensed agent throughout the entire real estate transaction process. We’ll list your home on the local MLS, which publishes the listing to hundreds of other national websites like Zillow, Trulia and Realtor.com. Additionally, you’ll receive an in-home consultation, comparative market analysis (CMA) of your home, yard sign, showing service, lock box for showings, home staging advice and contract negotiations. Redefy will be with you from start to finish to ensure that your property gets sold.