I'm starting to see Redfin "for sale" signs pop up in my area(Baltimore), so I did a little research online to see how their process works. I'm mainly a fix & flipper, but one of my goals in the next few years is to get my RE license to save some money on the front and back end of my deals. Has anyone decided to hang their license with Redfin as an investor and how is this working out for you? I know this is a fairly new concept, but I'm hoping someone has had some experience with this.
I'm a Redfin real estate agent in Northern Virginia (about to move to Nebraska) is looking to build a investment portfolio myself.
There are two kinds of ways to hang your license with Redfin - as an associate agent, paid on a 1099 contract basis per-task, such as showing homes, attending inspections, walk-throughs, etc. Then there are full time agents, who have salaries, benefits, and bonuses per transactions.
If you're flipping, I think that the associate agent position is what you're looking for (can't take on the full-time expecations of deal-writing agent). However, they're sometimes weary of an investor just looking to hang their license for the discount and will ask upfront that you commit a certain amount of hours a week (that's up to your local hiring team).
As an associate agent you wouldn't be taking the transactions across the finish line yourself, including your own, but you WOULD save more money as Redfin gives a big discount to their associate agents for their personal transactions above and beyond normal customers get, but there is a limit (~2 a year I believe).
I LOVE LOVE LOVE Redfin, but from my experience it's not a place to just hang a license - they'll be wanting to hire and train someone who be at least part-time.
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Thank you so much for clarifying this! Such a big help! Sounds like Redfin is not the best place to be as an investor.
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