Redfin- the real estate company is testing out a new feature for home buyers to pitch in their bid online. Now, you can bid for a property that you like on the company’s website, marking a new trend in the real estate industry. Launched in Boston, an interested buyer can bid online, while sellers can accept the offer. There would be a 2 percent fee charged by Redfin. That’s actually half of the normal fee that’s generally charged in Boston.
The new feature is actually an update of an older feature launched nearly a decade ago. Back in 2006, Redfin had launched “Redfin Direct” and had marketed it as the first home-buying service. Now, more than a decade later, the feature has come back again with a revamped launch. Redfin also released some stats saying that five homes out of 120 listed were bought online through the new feature.
That’s a promising start into the online world and Redfin CEO- Glenn Kelman also thinks so. With the retail sector thriving online now, it’s time that the real estate industry also taps into the potential of the internet. Already, buyers search for property online; it was only apt that Redfin included the option of buying online as well. Redfin is also working on expanding the online feature into more areas and markets. “We’re going to expand one market at a time,” the CEO said in a statement.