One of America’s fastest-growing real estate firms has now launched in Canada.
Redfin positions itself as a “technology-powered residential brokerage with a mission to redefine real estate” to favour consumers; and has expanded swiftly in the US with 85 markets. It has also launched a homebuying service and mortgage operations south of the border.
For Canada, the firm has begun with a Toronto launch Tuesday. Vancouver will follow in the spring with further cities expected to be added later.
"I'm not sure when I've seen the people at Redfin as excited as we are today to open for business in Toronto," said Redfin CEO Glenn Kelman. "Many of us have lived, worked or traveled in Canada, and we're excited to give the people here our best service, good value, and all the benefits of our technology."
Tech savings cut costs
The firm says that its efficiency savings through using technology means they can offer a 1% listing fee for sellers and can refund of portion of its commission to its homebuying clients.
“Our technology makes it easier to buy and sell for clients, and our business model rewards agents for delivering the best service," said Blair Anderson, who will run Redfin's real estate operations in Toronto. Anderson brings over a decade of local real estate experience to the Redfin team.
Although tech is at the heart of the firm, it employs its own real estate agents who are salaried and paid a bonus based on customer satisfaction. Customer feedback is published on agents’ profiles.
Along with its Toronto launch, the firm has also launched its redfin.ca search site and mobile apps where customers can search all the agent-listed homes for sale in most provinces and see sale prices of homes in the GTA.
"Canadians are discerning and tech-savvy, and I suspect they'll be very receptive to Redfin's unmatched combination of agent service, technology and value. Especially given today's shifting Canadian real estate market, buyers and sellers will appreciate the transparency of the data Redfin provides on recent home sales and market trends," Anderson said.
More market update: