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Seattle-headquartered brokerage Redfin has launched operations in Hilton Head, South Carolina, the company announced on Thursday.
Consumers looking to buy or sell in the second-home and vacation market can now do so with Redfin agents and the aid of Redfin’s tech tools.
“Buyers and sellers across South Carolina have enjoyed working with our agents because of our highly personalized service and technology that makes the moving process easier,” Tammy Trenholm, Redfin’s South Carolina market manager, said in a statement.
“Those who meet us in places like Charleston or Greenville also want to work with Redfin when they buy their vacation home or investment property. We are excited to finally offer that service to consumers who are in the second home market, as well as those who choose to call Hilton Head home.”
Redfin has set itself apart in the U.S. brokerage community by making its agents employees, rather than independent contractors, and by charging a low 1 percent listing fee for sellers who use Redfin agents for their next home purchases. Even when sellers don’t buy their next homes with Redfin agents, they’re charged a 1.5 percent listing fee, which is still much less than the typical 3 percent of standard brokerages.
In addition to its expansion into Hilton Head, the brokerage also announced that its listing search coverage now encompasses 95 percent of the U.S. population. Thus far in 2022, Redfin has added roughly 570 new counties across 15 states to its listing search feature on its website and mobile app. For the first time, every county in Arizona, Indiana, Kentucky, Texas and Washington will be searchable for listings through Redfin.
“Everyone deserves access to fast notifications about new listings and personalized home recommendations through Redfin, so we’re excited to have brought the site to over 95 percent of the population,” Redfin Chief Growth Officer Christian Taubman said in a statement. “You can now use Redfin to help you move almost anywhere in the U.S.”
During the second quarter of 2022, Redfin reported a 29 percent increase in revenue alongside a 6 percent decrease in gross profits. The drop in profits marked the first time in the brokerage’s five years as a publicly traded company that it had not met its revenue projections.
The earnings report followed Redfin’s announcement in mid-June that it would be laying off 8 percent of its employees amidst faltering homebuyer demand.