Redfin was one of the early pioneers of the real estate buyer’s rebate. Founded in 2004, Redfin initially gave buyers 2% of their purchase price in the form of a cash back rebate. Over time they reduced the amount of the cash back rebate, and it is now around 0.4% in the Bay Area (Redfin does not disclose the percentage, but it can be approximated from active listings).
At Unlocked, we agree with Redfin that technology can be leveraged to provide a better buying experience to Bay Area homebuyers. We created Unlocked to deliver an even better buying experience than Redfin. Here’s how we’re different / better:
Unlocked offers a 1.5% cash back rebate, compared to Redfin’s 0.4%. That is five times the rebate, and is the largest rebate offered in the Bay Area! On a $2,000,000 home that’s another $32,000 rebated to you. That additional money can be put towards renovations, new furniture or even paying down your mortgage.
Unlocked's licensed real estate agents aren’t your typical real estate agent. One of us is a Yale Law JD and the other is a Stanford MBA. We’ve worked at the top management consulting, law and private equity firms (Bain & Company, Boston Consulting Group, Wachtell and Bain Capital). We bring more to the table than the typical real estate agent, and get great client feedback on our customer service, data-driven approach and thoughtful advice.
GREATER TRANSPARENCY / MORE DATA:
The Redfin Estimate is useful tool for approximating a home’s value. However, the estimate itself is a “black box”, which makes it less useful when it comes time to actually submit an offer. At Unlocked, we provide our clients with our Custom Valuation Report, an easy-to-interpret dataset of recent comparable transactions, competing listings and third-party valuations. This tool provides our clients with greater transparency, and is a more useful tool for determining what offer price to submit on a home.
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