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Adam Welling (Redfin)

Feb 27, 2017|

Adam Welling (Redfin) by The Financial Exchange

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

About thirty days ago I learned about read my daughter tell me about it because she used it when choose looking to buy a condominium in Boston. And so I asked talkers to reach out to read and and have somebody come on air and explain how this whole thing works because I'm not sure I fully understand just yet. Adam dwelling is the Boston area market manager for red. And he joins us now on the show I Adam Curry. I got sick throughout this morning appreciate it. Glad to how long have you all been in business written. The broker and about. Okay and what's the what's the business model for your real state it's a real estate brokerage operations just like. I guess like century 21 but it's a different business model. From the way other companies were from what I can gather. That it is similar but it's I went. Read in the national poll service real estate brokerage. And technology company so Ripken agents are full time skilled group a professional that help read in customers buy and so on. We also have a lot of engineers and help make the whole process easier and faster. But the realtors get paid differently greatest their rate they kiss the woman I'm it. Was actually a salaried employee of breadth and and she got the she she was he'd beside comedy showings she did is I understood. Agent are compensated differently they're salaried. They receive health insurance all of them are all eight. And they receive it customer satisfaction though so at the end of the transaction. You're the go through and that your daughter purchased about. Is that you deserved it. And you don't let that survey and based on the results of the survey the agent could receive an additional customer satisfaction. OK so it's it's a lot different because most realtors that I know are basically independent contractor trite and me. The they're not employees of the local brokerage operation there independent contractors and they get paid on commission based on how much they sell. That's correct that the vast majority industry. And depending on. Adam one question that I have for you obvious early your cost typically are significantly less than those. Of a lot of competitors out there how are you able to do that how were you able to undercut the market by so much there. It's really be in the position they. Our agents are focused on. Advocating but it they're not out looking for food business that are not. They're not out looking for clients they just look at the thunderbird and they're helping neck. Is there anything on the back and in terms of the technology or you know any of the equipment or facilities that you give your agents. That allows them to work more efficiently as well. Sure the the web site update. Every fifteen minutes extremely fast start I've been made aware. Of properties I think on the market every it in. We got a lot of tools at our disposal. OK now tour's. Think who absolutely he'd and can be so that second a quiet learn about a property coming on the market. They can set up in an alert that made aware of that property market. Bright when it I'm not there to look setup of the tour as soon as they want with the applicable. They were able to get them in and out of the property buried very quickly. And also to rap offers for our client is these some saw where we critic. Are able. Strap and have an offer hectic it is in submitted and under step in and so there's really a lot of heat inconvenient then. That would enable it to do we. My daughter Adam received is going to receive a fairly significant rebate. After buying her place can you explain how that's a calculated in and give somebody maybe give the audience an example of how that works if your home buyer. Sure absolutely you will receive a Ripa. He could on the property that you purchased. There that an accurate and customer. And if you go on by. You'll feel that he'd be exact amount. Of what that refund will be. When you closed so that numbered regardless whether that site goes so Ratner and a and a and indeed it would refund that you get the number that is arm. Different than they 500000 dollar. Agreed to refund on that would be roughly 2800 dollars. So it's it's in its money that comes back to the buyer. After the close. What about the seller out of the cellar save money because the seller also gets reduced fees in the list with a red and as I understand. I blew it so into these standard. I respect and that is that a a listing agent in charge of ballot. But then I've heard is one percentage point the recharge or purse. So it's a lower cost if you're selling and you get a rebate if your body in my correct. Correct. And how many markets he would like to use or all of New England are you in on Cape Cod are human heart burger you you know where are you geographically. We are on the case we're not the message is that we're in 83 market the cut a country which make up. Approximately 70% of the United States. He just go on the web site to see if your read if there's a red in realtor and your out ticking for home seller. Right so somebody wants to sell their home they just couldn't rent and will website how to they find when your realtors. They would literally pick used on the West Bank and it for a listing well. And you know must stop that the people liquor. Reviews I read in the mid on the button and choose what would have liked to Wear it. And on a buyer standpoint you do is go in you browse the markets that you hear it looks a lot like zillow is what I noticed when I was on the web site. In terms of the where the listings are and how works. If it can be similar we are brokered it in pillows I think that beat you different but this bet you have a lot of similar. At a do you have any information on how many of you beat your agents are used as a buyer's agent vs a seller's agent is there any outbreak down there can give us. How many it. How many agents are on the back side there's this doubt about it that the question. Yet it just what percent of your transactions tend to be on each side. I don't have the number up that problem I had enough to get back you on that. We we do you have more buyers agents and sellers agents currently I don't know exactly that would be to get back. There get Adam thank you very much for time or per share. Adam Welling from rich thin. Chuck is this a generational thing okay because I talked to my friends and none of them would even consider it tucked it weirdo party on Saturday. And I asked my friends since we've ever heard this read thin and would you be in and explained it makes. None of lament heard bitten on the news is is it just might yet elect is your generation using right and I'm not. Nobody your friends though you peers they're not know poker and it just yours is it. It's in general it. I make use someone like that if five words simply just buying a place but the sell I probably would feel more comfortable. With someone. Who's a little bit more experience I'd be willing to pay a little bit more to get a little bit more. It needs it it's the single biggest purchase you'll ever make it's not a time to cut costs in my opinion.