RedFin in NYC

They are in New York, just not NYC. Essentially they need a more typical MLS to function. I don't think anyone is nervous, it's just another way the market has evolved and grown. I have been offering rebates coupled with a full service model for 10 years in NYC. Some interesting comments early on, however we are now part of the 'system', last year I ranked #188 on the real trends/Wall street Journal list; not bragging, just to point out our services have been welcomed and appreciated.

We certainly are not putting anyone out of business and that was never a goal :) We simply wanted to offer a brokerage model to a niche group who self identified on boards like streeteasy etc. Think Expedia, E-Trade or Turbo Tax users.

I don't think the NYC brokerage community has ever been better, with numerous and diverse companies offering a smorgasbord of choices for the consumer. Much different than when I started at JI Sopher in 1990.

Keith Burkhardt
www.theburkhardtgroup.com

Redfin is actually operating in NYC now, just not at a large scale like they do elsewhere – to my knowledge, there is just one guy, and he is in REBNY. I have one deal in contract with him on a Village co-op (I’m repping the buyer), and we actually had a busted condo deal together on a Long Island City condo earlier in the year (I was repping the buyer there as well – seller decided not to sell). Not sure why they haven’t expanded more deeply into the market here. My company has been doing rebates (more generous than Redfin’s) and discounted sales for a few years now and has been able to generate solid traction, so the NYC market is definitely open to alternative commission models.

Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com