Okay, I'm with you. Ziiiiiiiiiiiiippppppppppp!

Amen, Norm.  That's what I was trying to figure out.  Less than thirty transactions in a year for an entire brokerage?  I don't see anything significant there...

I whole heartedly agree with you Norm.  Realtors who make noise about Ridfen and others like it are just helping to keep it afloat.  If it can make a profit, it deserves to survive.  If it can't make a profit, it will go out of business and disappear.  But, history will repeat itself, so if it makes a profit, it will have many competitors.  If it goes out of business, there will be many more who try to do the same thing before they go belly up.  Spend your energy strengthening your own business model instead of fighting against something you have little control over.

I can't help but think, if "we" didn't charge the 6% their "system" would not work!

Today was the first day I had ever heard of Redfin via a radio talk show discussing the current real estate market.  I then visited the site to read what all the buzz was about heightened by a recent special on 60 Minutes (I believe).  After reading their home page, etc. I quickly realized that they are just trying to differentiate themselves, but at the expense of traditional brokerages.  I can never quite understand why someone who develops a new business model must try to destroy the traditional model.  Not to mention they are getting paid and refunding their customers off of our seller's agreed upon commission. Amazing!!!

Or how about listings that are Variable Dual Rate...or those that offer a different split to NON MLS participants....how does that work.  If you offer 1% instead of 3% to a buyers agent who is not an MLS member, because they are not paying the same expenses as you, then that kinda shoots their model in the foot.   And if they want to take over real estate, then who will be left to pay the buyer's agent anyway.

This is making more and more sense to me...kinda like MLM and Pyramid payouts that eventually have to hit saturation.....

Norm, I agree with you 100%. I was never sure why the commotion anyway? I think we have given them more press than they would have normally received. I did not write any letters to CBS complaining about the half sided report. It would have just validated what they were saying about us anyway.

At least, for a few days we were ganged up against redfin and not fighting amongst ourselves..... I am so ready for new topics and appreciate those that have deviated with varied posts recently.

Good for you Norm 30 listings a year for a whole company? We have agents here on P2 that do that in 6 months by themselves!

What a joke!

We do not have a Redfin in our market area, it appears that they do not list property, only sale listings marketed by other companies throughout the mls system.  When an agent gives a rebate back to a client, since the commission is earned income that is taxable to the agent, what is the IRS position with fee spliting.  Does that buyer have to report it as income.  Since the MLS system has co-op agreements to compensate the buyer's agent, it is actually the broker who is passing the commission to the co-operating broker, I would think that rebates should be reported to the IRS.  Any Ideas?

Never heard of "Redfish" until the free infomercial on "60 Minutes". They are not in my area and from looking at their web site, reading other posts about how they operate, and from where their revenue comes from, I don't think they will survive. I agree, zip it and forget it. We have a lot more to offer our customers and clients.

Norm, excellent post. You are so right about Kelman.

Great post!  I am over it now anyhow!  :)  So, mums the word for me!

Red who?

Leslie who with 60 what?

I have no idea what you guys are talking about!  ;)

60 minutes had a segment on sunday about the Real Estate Market. One of the things they dicussed was this company Refin. Now you have everyone talking about a company that more than likely won't last!!!

That is amazing....to get on 60minutes with only 30 closings!

I wish I could do that but I couldn't because I am an honest hard working broker. I am zipping it up too...enough is enough.