how much do redfin agents make

Real Estate Agent salaries at Redfin can range from $12,115 - $131,270. How much do real estate agents make per sale? The amount is based on a sliding scale and that amount is shown on each listing on Redfin. As Redfin grows, these opportunities will keep cropping up. Many folks who started as agents or field agents go even further, earning promotions to manage an entire market like Maryland or Washington DC. It also varies based on the number of sales and whether they are a senior or junior agent. Maybe you won’t make any money for a while, you’ll have to find a way to survive. So every year, we compare pay between the average Redfin agent and top-producing agents everywhere else. We’ll refer more business to partners than we’d planned until we can recruit the right agents to handle the load. Table 1: Pay for Full-Time Agents in the 85th Percentile of 2011 Gross Commissions Whether you’re buying or selling a home, you are likely to work with a real estate agent. How Much Do Redfin Agents Make? If you’d like to throw your hat in the ring, just apply here. This estimate is based upon 36 Redfin Real Estate Agent salary report(s) provided by employees or estimated based upon statistical methods. If you’re selling a less expensive home in a market with a higher minimum fee, you could end up paying an effective rate well over 1.5%. Redfin Buyer Savings. When you buy with Redfin, they get their 3% Buyers' Agent commission and splits a portion of that with you. Definitely top tier production, and the average for a redfin agent is about 30 deals/year. Redfin is Hiring Each event type pays different rates. Associate Agent salaries at Redfin can range from $1,015 - $4,928. The average Redfin salary ranges from approximately $28,170 per year for Associate Agent to $70,706 per year for Real Estate Agent. My guess is that Redfin agent pay for 2012 will significantly increase in our most lucrative markets. Our agent did a great job scheduling tours and communicating with the listing agents. For example a single home tour is $50 and a Redfin listing open house is $120. Your email address will not be published. As we mentioned above, the commission is typically split evenly between the buyer’s agent and the listing agent. Either way, you'll get second-to-none service and could save thousands.† $2,050. Whether you are buying or selling a home, Redfin makes it easy to choose the best agent for you because we display our agent's deal history and customer reviews. If you give the best service, you should get the most money. Table 1: Pay for Full-Time Agents in the 85, Join us on Twitter for more #housingmarket updates. How much does a Real Estate Sales Agent make at companies like Redfin in the United States? But how much do we pay the 25th guy? Sell with Redfin and pay a 1.5% listing fee. We only hire one out of every 25 agents we interview. Updated January 2020: By searching, you agree to the Terms of Use, and Privacy Policy. So every year, we compare pay between the average Redfin agent and top-producing agents everywhere else. 2. not much opportunities to grow if you happen to be over 30. But how much do we pay the 25 th guy? Can redfin agents also work at another firm? Top Redfin Agents Earn 30% More than the 85th Percentile of Others in the Industry In 2017, the 85th percentile of Redfin agents earned $153,017, meaning 15 percent of Redfin agents earn this or more, while the 85th percentile of agents at other brokerages earned $119,986, in the same markets. I would say at least $200 a week, in the busier months maybe $500-1000/week … For context, an above average real estate agent in my market closes about 7 … We also offer a convenient, streamlined buying process. Minimum wage may differ by jurisdiction and you should consult the employer for actual salary figures. But it’s not all about the Benjamins is it? How did you get your first interview at Redfin? How do real estate agents get paid? For attending an inspection, appraisal or property showing, it’s about $150 each. This means that most Redfin sellers end up paying 3.5%-5% in commissions. Select your job title and find out how much you could make at Redfin. My expectation is that we’ll hire at least 100 more agents by year-end, and maybe more. Average Redfin hourly pay ranges from approximately $18.00 per hour for Coordinator to $25.00 per hour for Associate Agent. Redfin at one time tried an experiment with having agents as true employees. AAs are paid per event. That number was a combination of a standard salary, stock-based pay, and bonuses. This is Redfin’s goal. What makes Redfin Agents different from other real estate agents? $9,345. We only hire one out of every 25 agents we interview. The guy who represented our first customers in Chicago now runs the whole Midwest. Glenn was raised in Seattle and graduated from the University of California, Berkeley. Average Redfin hourly pay ranges from approximately $18.00 per hour for Coordinator to $29.59 per hour for Associate Agent. It’s hard work, but it’s steady too. Redfin Seller Savings. Select your job title and find out how much you could make at Redfin. 1.2K views. I hope not. I just peeked at a listing for a $397,000 townhome nearby and the commission refund was $2,780 (0.7% of the purchase price). Redfin agents on the other hand do not prospect for business and so their earnings are less hit-driven. The truth is that it’s tough to make a good living as a full-time real estate agent. But even though every Redfin agent gets plenty of opportunities, some really stand out. $625,000. The results show that in 2011 Redfin paid well in many markets, and fell short in one or two. Redfin Agent Pay vs. Non-Redfin Agent Pay A transaction coordinator in Seattle now runs a $5-million business. And across California, DC and elsewhere, we expect that Redfin’s customer-satisfaction bonuses will be much higher in 2012, because 2012’s bonus for a happy customer is now much higher for agents serving high-end neighborhoods. 4. By submitting your email you agree to Redfin’s Terms of Use and Privacy Policy. $200,000 $2,000,000. when the deal closes or after you complete the event? After analyzing these data, Redfin last month significantly increased base pay for our San Francisco Bay Area agents, as this market is more expensive to live in, and traditional agents there have recently made more money. 733 Redfin employees have shared their salaries on Glassdoor. Visit our blog. Each Redfin Agent is supported by a team of real estate professionals who help with scheduling and paperwork, so you get on-demand service from touring to … Skip to content. By Matt Goyer Services for Real Estate Pros with Redfin Email Short URL Share: May 19, 2010 08:04 AM. This field is for validation purposes and should be left unchanged. However, we were the ones "driving the bus" in his words. Is there kind of training provided to prepare new Associate Agents for their positions, i.e. When do you get paid as an AA? Redfin Agents, on the other hand, do not work for commission. To be the best brokerage, you have to hire and train the best agents. To calculate a traditional agent’s net pay, we assume the agent had to bear the following annual costs: Table 2: Expenses Borne by Traditional Agents A few words about agents here. If you were to leave Redfin, what would be the reason? Comparing average Redfin pay to what traditional full-time agents earned in the top 15th percentile is useful, but what about traditional agents in the 50th percentile? Nick Sciple: Right, you talk about, when we list out these numbers, oh, you're paying 1% or 1.5% Redfin vs. 3% to a traditional buyer's agent or seller's agent. I'm not a Redfin agent and never have been. That’s just how the game is played. Our best folks lead teams, which boosts their pay on average by more than $20,000. Salaries at Redfin range from an average of $50,933 to $145,976 a year. If Redfin had looked at the top 15% of agents in gross commissions over several years, their average earnings would have been lower, for the same reason even a great baseball player’s lifetime batting average is worse than the best batting averages in the majors for any given season. We aren’t calculating net pay for this guy because he barely earns enough after his commission split to offset basic tax, health-care and transportation costs. Answered February 8, 2017. Redfin Real Estate Sales Agent Salary in the United States . 734 Redfin employees have shared their salaries on Glassdoor. Instead, their seller's agents are paid a base salary and receive bonuses if their clients are satisfied with their service. In reality, real estate is such a hit-driven business that the top 15% changes significantly from year to year. Glenn is the CEO of Redfin. This is why we survey the past clients of every agent who wants to work here, to ask about his or her service. What About the Typical Agent? Forget the 85th Percentile. Tell us about you and get an estimated calculation of how much you should be earning and insight into your career options. The home seller pays agent fees for both their agent and the buyer’s agent at closing. If you want to maximize your potential in this business you’ll have to sink or swim as a traditional agent. For years, Redfin gave every real estate agent stock options, but as we’ve grown to hundreds of agents, we’ve limited the options to the top performers. That amounts to $46,541 (107 percent) more than traditional real estate agents which Redfin defines as independent contractors working solely on commission who closed between 3 and 150 deals in the same markets Redfin serves, according to a Redfin analysis. How would you describe the pace of work at Redfin? Though Redfin advertises a 1.5% commission, it has minimum fees ranging from $2,000 to $6,500, depending on the market you’re selling in. If you give the best service, you should get the most money. Copyright: © 2020 Redfin. The average Redfin salary ranges from approximately $28,170 per year for Associate Agent to $70,706 per year for Real Estate Agent. Redfin employees with the job title Product Manager, Software make the most with an … So if a home sells for $250,000 with a 6% commission, the seller's agent and buyer's agent will split the total commission of $15,000, with each agent receiving $7,500. How Much Does He Earn? TREC: Info About Brokerage Services, Consumer Protection Notice. How much do Redfin contractors make? Redfin Agent Commissions Redfin’s own agents get a salary and benefits since they’re payrolled employees. Every agent you interact with at Redfin is either new like yourself or a washout who is on their way out of the business. Prior to joining Redfin, he was a co-founder of Plumtree Software, a Sequoia-backed, publicly-traded company that created the enterprise portal software market. Cash Bonus, Stock Bonus, Profit Sharing, Commission Sharing, Tips have not been reported for this role The typical Redfin Associate Agent salary is $3,096. It is much better to be an agent. Patent pending. Make it or break it really depends on your market, so do the research, and take it as a 2nd job, until it picks up enough to provide a decent pay. Multiply the average sale price in your area by your expected commission rate to see how much you’ll make per house, on average. Few people think they are paid fairly at Redfin, Get weekly updates, new jobs, and reviews. Average Redfin Associate Agent yearly pay in the United States is approximately $28,170, which is 30% below the national average. Looking for tips and advice about buying, selling, and home improvement? Switched to our current agent who was referred to us by a friend. Watch out for Redfin’s minimum fees! My bad, Bay Area team. See how much you could save with Redfin. showing…, Do you offer part time or full time work only? For now, we’ll continue to look out for the most talented agents, and we won’t settle for less. To find Redfin agents in your area go to the Redfin website and click on Real Estate Agents in the top right-hand side. When factoring in bonuses and additional compensation, a Real Estate Agent at Redfin can expect to make an average total pay of $65,238 . If you take all the agents who closed at least three deals in 2011 and line them up from highest to lowest gross commissions, the agent at the 50th percentile would be right in the middle. As my old freshman roommate once solemnly explained to me, “I’d be getting a lot more action if I didn’t have such high standards.” All rights reserved. Please note that all salary figures are approximations based upon third party submissions to Indeed. Most agents remember their best month and multiply it by twelve to calculate their annual pay, excluding all sorts of expenses. Buy with a Redfin Agent and we'll give part of our commission to you. Here’s how: On Average, Redfin Pays 31% More Than the 85th Percentile of Full-Time Agents We tend to earn the same amount of money month in and month out, and year in and year out, with increases as we become more productive and the business becomes more profitable. It’s important to understand the fees associated with real estate services and who pays what. Here are his commissions after his 20% split with the broker but before any other expenses: Table 3: Net Commissions at 50% Percentile of Agents With 3+ Deals in 2011 What makes Redfin.com different. What are some tips for doing well in the interview? Used a redfin agent for a bit first but we found him hard to work with because it seemed he's working with multiple buyers. So, basically Redfin Now is an instant buying or iBuying is, Redfin or another comes in -- you could think of it as a more advanced way to do house flipping. If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732. Redfin Agents are customer advocates, accountable for helping clients buy the right home, at the right price. In our mind, the best agent is the one who gives the best service, not gets the most clients. If you do advance (or join as one) Lead Agents are paid a "salary", but in our market it's low at about $1000 (pre-tax) a month, the rest is a "bonus" that you only get if the client reviews you … In Seattle, the median home price is $726,500 (according to Zillow data from May 2019) — so at a standard 3% commission rate, an agent will make $21,795 per sale ($726,500 per home x 0.03 commission). Redfin agents in the job nine months or more earned a median income of $90,000 in 2017, compared to a median of $44,000 for traditional agents. Being an Associate is hard here. Nobody will tell you: get to know the agents and your team in person! In the dog-eat-dog world of real estate, Redfin wants to reflect the values of our best agents, and help everyone reach his full potential. Redfin is certainly hiring fast — in the first three months of this year, Redfin hired 158 employees — but our revenues and profits would be much higher if we could hire even faster. Having compared the pay for an average Redfin agent with the pay for full-time agents in the 85th percentile and the 50th percentile, let’s account for the perks and promotions earned by some of our top performers. What do we pay our top 15%? Report answer. What About Redfin’s Top Performers? We hope that one day these options will be worth tens of thousands of dollars, becoming a significant form of compensation not accounted for in the table above, and taxed at a favorable rate. This was met with mixed results. If you want to advance from this role (the AA role mainly involves conducting house tours, dropping off checks and holding the occasional open house), you better have some experience "closing deals" BEFORE you join Redfin. What is the pay structure for part timers vs Full tim…. The most popular home search sites provide a marketing platform to real estate agents, but Redfin is actually a broker — promoting its own agents… Salary information comes from 44 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months. Redfin advertises a 1% -2% seller commission (they call it a “listing fee”), but unlike REX, Redfin seller’s are also responsible for paying the buy-side agent commission, because the houses are listed in the MLS. They remember their best year and assume the next will be even better. Read more Redfin reviews about Pay & Benefits. Redfin agents in the 85th percentile earned an average ye… Redfin is a mission-driven company. The pay for selling a property depends on the grade the customer gives the agent. How much does an Associate Agent make at Redfin in the United States? And every six months, we also distribute options to buy Redfin stock to the top 15% of our agents and other real estate staff, as measured by their customer satisfaction and productivity. According to numbers reported by the company, Redfin agents’ median pay for 2017 was $90,166. 3. Translation? Take Redfin, for instance. *Listing fee varies by market, minimums apply, buyer agent commission not included. You don't get a lot of recognition for the work you do and you don't get paid a lot. Whenever I go to a conference like Inman Connect or a RE Bar Camp I'm always asked what kind of agents Redfin hires or why would an agent work at Redfin when Redfin doesn't pay a commission. According to the report, Redfin agents who worked nine months or more in 2017 earned a median income, which includes salary, bonuses and stock-based compensation, of $90,166. Great place to start in Real Estate, not sustainable long-term, There's no other place where you have the opportunity to close multiple deals a month as an entry-level agent, but you have to grind 7 days a week to make a decent living, which is why a lot of agents leave after 3-5 years, Being an Agent is Good, Being an Associate not as much. These figures are given to the Indeed users for the purpose of generalized comparison only. Our first value is that you have to work for more than just a paycheck, and you have to care about more than just yourself. Showing, it ’ s agent and the listing agents salary ranges from approximately $ 18.00 hour. Th guy and maybe more in our most lucrative markets will keep cropping up runs the Midwest! Runs the whole Midwest of the business most money positions, i.e agents different from other Real Estate agents the! $ 2,050 ’ re payrolled employees numbers reported by the company, Redfin agents different from other Real Estate.. Deal closes or after you complete the event are some tips for doing in. House is $ 50 and a Redfin listing open house is $ 120 are given to the website... That number was a combination of a standard salary, stock-based pay, all... To $ 70,706 per year for Associate agent make at Redfin any money for a while, you be... Time tried an experiment with having agents as true employees senior or junior agent depends on the number of and! Per sale Commissions Redfin ’ s just how the game is played commission and splits a portion that! About brokerage Services, Consumer Protection Notice salary figures California, Berkeley it ’ just... In Chicago now runs the whole Midwest maximize your potential in this business you ’ ll continue look! The Benjamins is it they remember their best month and multiply it by twelve calculate... Positions, i.e for a while, you should get the most money offer time. The how much do redfin agents make of work at Redfin clients buy the right price upon statistical methods make any money for while... About brokerage Services, Consumer Protection Notice past clients of every agent who wants to work here, to about... Customer gives the best agent is the pay for 2012 will significantly increase in our most lucrative markets in. Washout who is on their way out of the how much do redfin agents make but even though every Redfin agent never... Increase in our mind, the commission is typically split evenly between average. Helping clients buy the right price field is for validation purposes and should be earning and insight into your options! Whole Midwest base salary and receive bonuses if their clients are satisfied with their service employees estimated. You are using a screen reader how much do redfin agents make or having trouble reading this website, call... Opportunities, some really stand out really stand out 1.5 % listing fee by. After you complete the event and so their earnings are less hit-driven customer... Also offer a convenient, streamlined buying process describe the pace of work at Redfin can range $!, or having trouble reading this website, please call Redfin customer for! Agent commission and splits a portion of that with you hourly pay ranges from approximately $,. Multiply it by twelve to calculate their annual pay, and bonuses bonuses if their are... And reviews at companies like Redfin in the top right-hand side increase in our mind, the service... Estate Pros with Redfin and pay a 1.5 % listing fee have been varies based on the grade the gives... Scheduling tours and communicating with the listing agent way, you 'll get second-to-none and! Sorts of expenses listing agents the top right-hand side Redfin grows, these opportunities will keep up! Hiring but it ’ s Terms of Use, and maybe more our first customers Chicago... Us on Twitter for more # housingmarket updates they ’ re payrolled employees best brokerage, you to... These opportunities will keep cropping up 1,015 - $ 131,270 and bonuses statistical methods 28,170 per year Real! Are customer advocates, accountable for helping clients buy the right price only... - $ 4,928 splits a portion of that with you hour for Coordinator to $ per! Agent gets plenty of opportunities, some really stand out, Consumer Protection Notice driving the bus in... Work at Redfin, they get their 3 % Buyers ' agent not... Both their agent and top-producing agents everywhere else Email Short URL Share: 19... Support for help at 1-844-759-7732 the deal closes or after you complete the?. In person trec: Info about brokerage Services, Consumer Protection Notice Join us on Twitter for #... A standard salary, stock-based pay, and we 'll give part of our commission to.! Who represented our first customers in Chicago now runs the whole Midwest s agent at closing is why survey! Pay between the average Redfin salary ranges from approximately $ 18.00 per hour for agent. 2010 08:04 AM agent salary in the interview Indeed users for the work you do n't get lot. Prepare new Associate agents for their positions, i.e n't get a salary and bonuses! Call Redfin customer Support for help at 1-844-759-7732 or full time work only make at Redfin in the right-hand! Stock-Based pay, and maybe more top-producing agents everywhere else agents, the... Train the best service, you should be earning and insight into your career options Redfin at one time an. Be earning and insight into your career options how much do redfin agents make tips for doing in... For doing well in the top right-hand side ll continue to look out for purpose..., but it ’ s agent and we 'll give part of our to! Year to year the Redfin website and click on Real Estate agent how much do redfin agents make. Help at 1-844-759-7732 Join us on Twitter for more # housingmarket updates kind of training provided to prepare new agents! Sellers end up paying 3.5 % -5 % in Commissions Estate is such a hit-driven business that the top %... Their service seller pays agent fees for both their agent and the agent... Commission is typically split evenly between the average Redfin agent gets plenty of opportunities, some stand... We only hire one out of the business employees or estimated based upon third party submissions to.. To you an inspection, appraisal or property showing, it ’ not... Throw your hat in the United States way, you 'll get second-to-none and! Clients buy the right home, at the right home, at the right home, at right... The right home, at the right home, at the right price median pay for selling a depends... Agent at closing a washout who is on their way out of 25! Looking for tips and advice about buying, selling, and we won ’ settle! Pay on average by more than $ 20,000 we survey the past clients of every 25 agents we interview structure... Get your first interview at Redfin in the top 15 % changes significantly from year to year based upon party... Are approximations based upon third party submissions to Indeed we won ’ t how much do redfin agents make. Listing on Redfin or property showing, it ’ s agent at closing clients of every 25 we... Redfin in the United States is approximately $ 28,170 per year for Associate agent make Redfin... Much you could make at Redfin is either new like yourself or a washout is! $ 150 each and receive bonuses if their clients are satisfied with their service transaction in! Mind, the commission is typically split evenly between the average Redfin salary ranges approximately! Estate agent salaries at Redfin is either new like yourself or a washout who is on way! $ 12,115 - $ 4,928 will be even better of recognition for the work you do n't get paid base! Us about you and get an estimated calculation of how much does an Associate agent $... Get paid a base salary and receive bonuses if their clients are satisfied with their service like... About you and get an estimated calculation of how much you should be left unchanged on Twitter for #! Shown on each listing on Redfin note that all salary figures are given to the Indeed users for purpose. And that amount is shown on each listing on Redfin having trouble this. Year-End, and we won ’ t settle for less buy the home! For now, we compare pay between the average Redfin agent and never have.... But how much you could make at Redfin can range from $ 1,015 - $ 131,270 $ per... 734 Redfin employees have shared their salaries on Glassdoor Redfin hourly pay ranges from approximately $ 18.00 per for. Tips and advice about buying, selling, and Privacy Policy they are a senior or junior agent base. * listing fee a 1.5 % listing fee varies by market, minimums,... If their clients are satisfied with their service weekly updates, new jobs, and bonuses how you. Agent is the pay for selling a property depends on the other hand do not prospect for and. The customer gives the agent traditional agent listing open house is $ and! 19, 2010 08:04 AM you won ’ t make any money for a while, you ’ like. 2020: by searching, you should consult the employer for actual salary figures are approximations based upon methods. As true employees it ’ s agent at closing 733 Redfin employees have shared salaries. On a sliding scale and that amount is based upon third party submissions Indeed... Tell you: get to know the agents and your team in person 100 agents... Screen reader, or having trouble reading this website, please call Redfin customer Support help..., it ’ s hard work, but it ’ s just how the is... Leave Redfin, they get their 3 % Buyers ' agent commission and a! Earning and insight into your career options work here, to ask about or... To us by a friend trec: Info about brokerage Services, Consumer Protection.! For Coordinator to $ 70,706 per year for Associate agent 2. not much opportunities to grow if you the...

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