Due to the ongoing situation with Covid-19, we are offering 3 months free on the agent monthly membership with coupon code: COVID-19A
With an RE Technology membership you'll be able to view as many articles as you like, from any device that has a valid web browser.
Purchase AccountRE Technology lets you freely read 5 pieces of content a Month. If you don't want to purchase an account then you'll be able to read new content again once next month rolls around. In the meantime feel free to continue looking around at what type of content we do publish, you'll be able sign up at any time if you later decide you want to be a member.
Browse the siteMarch 13 2024
Redfin expanded its Sign & Save program to more than a dozen additional markets this week, including Chicago, Los Angeles, Philadelphia, San Diego and San Francisco. With Sign & Save, homebuyers who sign up to work with a Redfin agent before the second tour can get a refund of 0.25 - 0.5% of the purchase price at closing.
"With Sign & Save, Redfin is giving consumers a better deal in real estate," said Jason Aleem, Redfin's senior vice president of real estate operations. "This program rewards customers who commit to working with a Redfin agent early in the process, which is helping drive more sales for our agents. Not only are we putting money back in our customers' pocket, we're also educating them about how real estate commissions work and how Redfin can help them win. This is good for our customers, our agents and our growth as a brokerage, which is why we're expanding it everywhere we can."
The program was piloted in a handful of markets in September 2023, launched in additional markets in January 2024, and is now available to Redfin's home buying customers nationwide, except in states where commission refunds are prohibited by law: AK, IA, KS, MS, MO, OK, OR, TN. Redfin encourages policymakers in these states to change these laws and allow commission refunds, which can help consumers save money and drive more competition and innovation in the real estate industry.
When a homebuyer goes on their first home tour with a Redfin agent, the agent learns about the customer's goals, explains the benefits of working with Redfin to achieve those goals, and asks the customer to sign a buyer agency agreement. This is a contract that creates a formal working relationship between the customer and Redfin. Customers who sign up to work with a Redfin agent before the second tour and go under contract to purchase a property within 180 days of signing the agreement get a refund when they close on their new home.
The standard Sign & Save refund is 0.25% of the purchase price. An eligible homebuyer purchasing a $500,000 home will save $1,250 with Sign & Save. For customers who purchase a luxury home through Redfin's Premier service, Redfin offers a 0.5% Sign & Save refund. For a $2 million Premier home, Sign & Save customers will get a $10,000 refund. Because Redfin earns a larger commission on a luxury home sale, it's able to give the homebuyer a larger refund.
Sign & Save eligibility is subject to minimum buyer agent commission and lender and seller approval. More details are available here.