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August 7, 2007

Redfin vs. Deborah Arends UPDATE

Remember all of the hullabaloo back in May regarding the 60 Minutes piece about the changes the internet is bringing to the real estate industry and how Redfin is an innovator and one of the driving forces and champions behind this change and how 60 Minutes also interviewed Deborah Arends from Re/Max and represented her as having the "old school" real estate mentality and didn't really portray her in the most positive light?

Well, I just started laughing when I was browsing the mls just now looking for home for a client of mine and saw a house that I think could possibly be a good candidate for them. One thing that I noticed was that the home had been on the market for almost 100 days. Here's the amusing part, the home was originally listed by Redfin back in late April and they just lost the listing to none other than Deborah Arends. I'm sure that's making her feel good. Beautiful...just beautiful.

UPDATE:

After being on the market for 94 days with Redin, Deborah Arends was able to get an offer on the same property within 3 days of being listed with her. While the property did sell for $7k less than asking (this could be due to the seller crediting the buyer for issues with the home), Deborah did tell me the seller's were happy with the outcome. There are some people who think that just by listing the property on the mls means that the property will sell and when all is said and done it's just a waiting game so the services of a real estate broker are ridiculous and expensive. Obviously this could be true if a seller has all of the time in the world to sell a home and no real motivation to move. Why not just try selling it $50k above what the market will bear? Because it won't sell until the market catches up to that price. I asked Deborah what she did different. Why was she able to sell the house and Redfin couldn't? She told me that she directly and actively markets a home (at the right price) to agents who work in a particular neighborhood, community or area, has broker's opens, etc. The key it seems is to price and market the home to the right people.

It's all about active marketing, not just posting a sign and spending $500 to list your home on the mls. Hire an experienced agent who knows the neighborhoods, knows the inventory, knows how to showcase a home and knows how much money a homeowner will pocket at the end of the day.

Previous Articles:

Waiting for the Dust To Settle - 360 Digest

60 Minutes Aftermath: Hell Hath No Fury Like a Realtor Scorned - Redfin Blog

Redfin on 60 Minutes – Something to Monitor - Rain City Guide

60 Minutes’ Redfin.com story delivers 400 hits in 60 minutes flat . . . - Bloodhound Blog

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