Redfin Launches in Vancouver with Full-Service Agents and a One Percent Listing Fee

Redfin Launches Brokerage Service with Five Listings Totalling Nearly C$9 Million

VANCOUVER, British Columbia, April 26, 2019 /CNW/ -- (NASDAQ: RDFN) —  Redfin, (www.redfin.ca) the tech-powered real estate brokerage, launched brokerage service in the greater Vancouver area today with a team of full-service agents at a one percent listing fee. This is the second Canadian city for Redfin, which launched in Toronto in February and plans to expand to other Canadian cities in the future. Redfin agents will serve homebuyers and sellers throughout the region from Delta extending up through the Whistler ski area.

"We've been encouraged by a few early sales in Toronto, and have reason to believe we can start just as strong in Vancouver," said Redfin CEO Glenn Kelman. "As a Seattle-based company, we already have a presence in the region. Given how expensive housing still is here, even after all the changes in the market, we hope that tech-savvy Vancouver homebuyers and sellers will be drawn to our combination of great service and low prices."

By meeting customers through the Redfin website and using technology to make the buying and selling process more efficient, Redfin's local agents are able to provide full service and charge a lower fee. In Vancouver, Redfin will sell homes for just a 1 percent listing fee and refund a portion of its commission to its home-buying clients. The 1 percent listing fee does not include a buyer's agent commission, which is typically paid by the seller. With Redfin's Book It Now feature, homebuyers can schedule a home showing with a Redfin agent with a few taps on a smartphone.

On www.redfin.ca and Redfin's mobile apps, customers can search for homes for sale in most provinces. Redfin.ca currently displays homes for sale in British Columbia via the Canadian Real Estate Association Data Distribution Facility (DDF®). In the coming months, Redfin.ca will add more listing and home sale data from the local Multiple Listing Service^® and other sources.

Redfin agents are employees, who are paid a salary and receive bonuses based in part on customer-satisfaction, which makes them accountable to deliver results for their clients. Redfin customers are asked to review the service they received from their Redfin agents and the reviews are published on the agents' online profiles.

Brooks Findlay will run the company's real estate operations in Vancouver as Managing Broker, bringing local real estate sales and leadership experience to the Redfin team.

"The response to Redfin in Vancouver has been fantastic so far. Consumers have been eagerly awaiting our launch," said Findlay. "Already we have five listings on the market, totalling nearly C$9 million, a testament to the desire for our service here in Vancouver. Other brokerages have offered sellers low prices, but never with the promise of an experienced, full-service agent, professional photography, 3D virtual tour, premier placement on Redfin.ca and targeted digital marketing campaigns to get your home in front of buyers. Our technology and marketing advantage makes our service tough to beat at any price, especially when paired with a business model that puts the customer first."

By working with a local Redfin agent, a seller in Vancouver could save approximately C$10,000 on a C$1 million home sale when compared to paying the tiered listing commissions common in British Columbia (e.g., 3 percent on first C$100,000 plus 7 percent on balance of purchase price). For every listing, Redfin agents provide a complete home-selling service that includes:

• Premier placement on Redfin.ca and syndication to Realtor.ca and other Canadian real estate websites via Multiple Listing Service^® systems
• Pricing and staging advice
• Free professional photography
• 3D walkthrough of the home
• Open houses
• Yard signs
• Beautifully designed marketing materials

Because Redfin customers, agents and support staff all work together on Redfin's proprietary tech platform, Redfin can provide a consistent experience for every customer and offer unique tools and data that no other brokerage can. Today, Redfin is rolling out many of its popular features in Canada, including:

• Book It Now: A first of its kind in Canada, this tool lets you book a home showing with a Redfin agent with a few clicks.
• Instant Updates: Get notifications by email or on your mobile device when new homes are listed or prices drop.
• Deal Room: A real-time guide through the closing process, including milestones, tasks and deadlines, which keeps you informed at every step.
• Shared Search: Collaborate on home search with your partner or co-buyer by sharing favourite listings, commenting on each other's favourites and getting input from your agent and other advisers.
• Draw Your Own Search: Customize your search by drawing a line around the exact area you want to search for homes.
• Open House Notifications and Scheduler: Save a list of upcoming open houses and sign up to be alerted when you are near a favourite listing with an open house.
• Tour Insights: See notes from Redfin agents about homes they've toured.
• Offer Insights: See real-time statistics and notes from Redfin agents about offers submitted on behalf of Redfin clients.
• Agent Profiles and History: Review Redfin agents' past customer reviews and real estate experience.

Over time, Redfin expects to bring additional services and features to Canada, including:

• Redfin Estimate: Provides a highly accurate automated calculation of the market value of an individual home.
• Redfin Hot Homes: Helps Redfin buyers know when to act fast by informing them if a home is likely to sell in two weeks or less based on our proprietary algorithm.
• Search by School: Shows all homes for sale served by a particular school.
• Compete Score: Helps buyers understand how likely they are to face competition for homes in a given area.

Visit www.redfin.ca to start searching for homes and to get connected to a Redfin agent in Vancouver and Toronto. Download the Redfin app for iOS and Android.

About Redfin Canada
Redfin (www.redfin.ca) is a technology-powered, residential brokerage with a mission to redefine real estate in the consumer's favor. Redfin is now available in Toronto and Vancouver, joining more than 85 markets throughout the United States where Redfin already serves homebuyers and sellers. Redfin's iOS and Android mobile apps and the Canadian version of its industry-leading website allow consumers to search for homes for sale across most of Canada. In a commission-driven industry, Redfin's local, full-service agents put the customer first. By pairing Redfin agents with technology, Redfin offers a service that is faster, better, and costs less. Redfin is headquartered in Seattle and Redfin stock is listed on the Nasdaq Global Select Market under the ticker symbol "RDFN."

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SOURCE Redfin

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