In a move that the brokerage says reflects its growing focus on offering savings to home sellers, Redfin has announced plans to slash or eliminate the rebate it offers to buyers whom the firm refers to non-Redfin agents, known as “partner agents.” The changes to Redfin’s partner agent rebate policy will take effect Feb. 1.
- As of Feb. 1, buyers referred by Redfin to its 'partner agents' will receive a much smaller rebate, or no rebate at all, when they close transactions with Redfin partner agents.
- Redfin will continue to charge a 30 percent referral fee to partner agents, keeping the entire fee for itself, rather than requiring partner agents to pay a rebate -- which was traditionally half of the 30 percent referral fee -- to buyers referred by Redfin.
- Redfin will no longer lower its referral fee to 25 percent (from 30 percent) if a partner agent receives stellar customer satisfaction ratings from buyers referred by Redfin.
- The rebate reduction reflects Redfin's growing focus on offering savings to sellers, and marks the latest in a long string of cutbacks the firm has made to its rebates over the years.