Real estate website and brokerage Redfin has launched a 1 percent listing fee in San Diego that could save home sellers hundreds of dollars in commission costs.
It’s not the first time the website has rolled out the feature — or the only city — but this is its first time in California. It previously had an already below average listing rate of 1.5 percent.
Low listing fees are often associated with agencies that don’t do as much for clients. But, Redfin says its business model allows it to charge less and do as good of a job as traditional agencies.
The typical listing fee is about 2.5 percent, which can mean thousands of dollars in a high-priced market, and also usually means an additional 2.5 percent for the buyer’s agent.
For a San Diego County median priced home of $525,000, a buyer would typically expect to spend around $26,000 in commission fees. Under Redfin’s deal, one could conceivably save nearly $8,000.
Redfin spokeswoman Alina Ptaszynski said the move is possible because of its emphasis on technology and a different real estate agent model.
“We’re delivering the same level of service — we would argue higher level of service,” she said.
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