Tuesday, February 21, 2023

Redfin opens up Redfin Premier luxury services to homebuyers

Seattle-headquartered real estate company Redfin is opening its luxury division’s services up to qualified homebuyers, the company announced on Wednesday.

Redfin Premier launched in February 2020, with services catered to luxury home sellers who have properties worth $1 million or more. At that time, the brokerage offered home sellers across 11 markets professional drone footage, twilight photography, premium brochures and printed marketing materials, high-end, burgundy-and-rose-gold yard signs, and far-reaching social media and print campaigns to reach local and international buyers.

Now, Redfin Premier’s personalized services will extend to both luxury homebuyers and sellers across the following 28 markets:

  • Atlanta
  • Austin, Dallas, Houston
  • Boston
  • Chicago
  • Denver
  • Fort Myers, Palm Beach, Tampa, Miami
  • Hawaii
  • Inland Empire, Sacramento, Lake Tahoe, Palm Springs, San Diego, Los Angeles, Orange County, San Francisco
  • New Jersey
  • New York
  • Phoenix
  • Portland
  • Seattle
  • Washington, D.C., Maryland and Northern Virginia

When asked why Redfin waited three years to open up the luxury service to homebuyers, Vice President of Redfin Premier Mia Simon said that the brokerage thought it made sense to start the service out with sellers, since they typically are the ones paying for a home sale’s fees.

“Since sellers typically incur the fees associated with a home sale, it made sense for us to start Redfin Premier as a service for luxury home sellers who didn’t want to pay more for the exceptional service they needed,” Simon told Inman in an email.

“We knew that our expertise with professional listing photography, concierge design service, and sophisticated digital marketing could provide excellent value for our customers and help build the Premier brand. Now, as home prices continue to rise and more of our customers have a need for personalized service from a luxury expert, we’re excited to make this service available to buyers as well.”

When a homebuyer requests to tour a luxury home on Redfin.com or one of the company’s apps, they are matched with a Premier Agent with experience in their area and who has the capacity to take on another client, Simon explained, but buyers can also of course reach out to a specific Premier agent directly if they choose.

Premier Agents rank in the top 1 percent of luxury agents in the field, according to Redfin’s press release, and will help homebuyers gain an edge on the competition through their relationships with other local agents and luxury sellers. The brokerage updates listings every five minutes, ensuring that buyers can have a first look at the latest listings both online and through home tours.

“If you’re buying a luxury home, your agent’s personal relationships and credibility are your most important asset,” Redfin Premier Agent Costanza Genoese-Zerbi said in a press statement. “Redfin Premier Agents have spent years building their reputations and relationships with other agents, which means we can get buyers in to see Premier homes faster and help negotiate successful offers. It also means we have the depth of experience necessary to anticipate and manage any challenges that may arise throughout the buying process.”


Revamped Redfin Premier Agent profiles | Credit: Redfin

In addition to expanding Redfin Premier to homebuyers, the company has also rolled out new designs for its Redfin Premier Agent profiles and listings. Agent profiles will include a sleek black and white “P” logo next to an agent’s name, and listings will include a black banner with white text and a diamond graphic indicating the property is a “Premier Home.”

“Buyers are also welcome to reach out directly to a Premier Agent if they find one whose experience or specialization aligns with their goals,” Simon added. “Our newly designed Premier Agent profiles make it easy for buyers to learn more about agents in their area and identify who they might want to work with.”

Sellers who work with Redfin Premier will continue to have access to Redfin’s elite Premier Agents, a design concierge prior to listing, and sophisticated marketing tactics, all at Redfin’s 1 percent listing fee (which does not include the buyer’s agent commission and is subject to other terms).

On Thursday Redfin reported a revenue loss of 25 percent year over year during the fourth quarter of 2022, amounting to a total loss of $61.9 million.


This article was written by Lillian Dickerson from Inman News and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.