Relationship Leverages Redfin's Strong Digital Presence
and RE/MAX's Extensive Network of Highly Productive
Agents
DENVER and SEATTLE, March 18,
2019 /CNW/ -- RE/MAX Holdings, Inc. (NYSE: RMAX), parent
company of RE/MAX, one of the world's leading franchisors of real
estate brokerage services, today announced a strategic alliance
with Redfin (NASDAQ: RDFN), the technology-powered real estate
brokerage. The alliance formalizes and expands a long-standing
relationship between Redfin and RE/MAX agents via the Redfin
Partner Program.
In areas where Redfin does not have capacity to serve customers,
Redfin refers customers to approved Partner Agents at other
brokerages, including participating RE/MAX agents. When the
customer closes on a home purchase or sale, Redfin receives a
referral fee.
Starting today, participating RE/MAX agents will have the
exclusive opportunity to meet customers from almost 5,000 U.S.
postal codes where Redfin.com currently does not promote any
agents. In addition, Redfin will only partner with RE/MAX in
Canada. Redfin launched its
Canadian real estate search site on February
12, bringing its industry-leading search experience to most
Canadian provinces. RE/MAX is the market share leader in
Canada, selling more real estate
than any other brand in 2018, as measured by residential
transaction sides.
"Teaming with Redfin further enhances the value we offer to our
network of highly productive agents and differentiates RE/MAX from
the competition," said Adam Contos,
CEO of RE/MAX, LLC. "By combining our expansive network of
professional agents across the U.S. and Canada with Redfin's massive online audience,
consumers are connected with best-in-class agents, and our
affiliates are given exclusive access to a rich source of
referrals. Everybody wins."
"The RE/MAX agents who are already our partners get some of the
highest customer-satisfaction scores in our program," said Redfin
CEO Glenn Kelman. "Our own research
has shown that RE/MAX agents are more likely to stay at their
brokerage than agents at any other major traditional brokerage, and
it is well known that RE/MAX agents are far more productive than
the industry average. Happy customers, happy agents, with
significant experience at every stage of a sale: these were the
reasons that we concluded a RE/MAX partnership would lead to better
service for customers browsing Redfin.com and Redfin.ca in the
areas where Redfin doesn't employ one of our own agents."
RE/MAX agents have participated in the Redfin Partner Program
since its launch in 2009 and consistently receive high customer
satisfaction scores from Redfin-referred customers. Redfin surveys
Partner Agent customers just as it surveys customers of Redfin
agents. Partner Agents who do not deliver high quality service are
removed from the Redfin Partner Program.
As part of the agreement, Redfin is streamlining the onboarding
process for RE/MAX agents to join the Redfin Partner Program and
reducing the referral fee for RE/MAX Partner Agents in Canada and almost 5,000 U.S. zip codes from 30
percent to 25 percent of the commission. The exclusivity agreement
will last for two years to start, at which time the companies will
have the opportunity to extend.
Where both companies have agents, the current spirit of
competition will continue, and the agreement does not prevent
either brokerage from serving clients anywhere. Where Redfin
already works with Partner Agents from different brokerages, those
Partner Agents can continue to participate in the Redfin Partner
Program. Agents from different brokerages can continue to apply to
become Redfin Partner Agents in areas not covered by the
exclusivity agreement.
About the RE/MAX Network
As one of the leading global
real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX
Holdings (NYSE: RMAX) with over 125,000 agents in more than 110
countries and territories. Nobody in the world sells more real
estate than RE/MAX, as measured by residential transaction sides.
Dedicated to innovation and change in the real estate industry,
RE/MAX launched Motto Mortgage, a ground-breaking mortgage
franchisor, in 2016 and acquired booj, a real estate technology
company, in 2018. RE/MAX agents have lived, worked and served in
their local communities for decades, raising millions of dollars
every year for Children's Miracle Network Hospitals® and other
charities. To learn more about RE/MAX, to search home listings or
find an agent in your community, please visit www.remax.com. For
the latest news about RE/MAX, please visit
www.remax.com/newsroom.
About Redfin
Redfin (www.redfin.com) is a
technology-powered real estate brokerage, combining its own
full-service agents with modern technology to redefine real estate
in the consumer's favor. Founded by software engineers, Redfin has
the country's #1 brokerage website and offers a host of online
tools to consumers, including the Redfin Estimate, the
automated home-value estimate with the industry's lowest published
error rate for listed homes. Homebuyers and sellers enjoy a
full-service, technology-powered experience from Redfin real estate
agents, while saving thousands in commissions. Redfin serves more
than 85 major metro areas across the U.S. and Canada. The company has closed more than
$85 billion in home sales. For more
information or to contact a local Redfin real estate agent,
visit www.redfin.com. To learn about housing market trends and
download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, subscribe here. To
view Redfin's press center, click here.
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SOURCE RE/MAX Holdings, Inc.