Chris Rediger is the CEO of Redefy Real Estate, a technology-based residential brokerage. In his day-to-day work, Chris oversees the technology, marketing, and sales of his company. In his segment, Chris shares how Redefy leverages tech to make their processes faster, and how a fixed fee brokerage works.
According to Chris, Redefy is a technology company that is also a brokerage. They used their expertise with tech to make the consumer experience around real estate far better and more efficient. This allows them to pass along those savings to the consumer. For example, they charge a flat $3,000 fee for their listings while still offering a co-op.
Their model is quite different to the typical US brokerage, but is not dissimilar from the Australian model. There are also other discount brokerage models around the world that is similar, but they don’t quite have the technology chops Redefy possesses.
Chris claims that they built and worked on it for five years. And now it's complete in suite where the consumer can be interactive. Customers understand where their file is, they also have a real live broker that they can talk to with any point if they need it, or they can just do it on their own and then let the system guide them through the process.
Redefy offers customers a way to log onHere’sto their site and list their home in the middle of the night without talking to anybody.
The future of brokerages
Chris looks at the industry like a bell curve. Their model fits the middle 80%. People are always going to want a luxury broker to market a luxury property, and there will always be low ends of the book sale. Redefy is right in the middle of that. Chris believes that consumers are going to look for more options in the next few years and choose the broker that best fits their needs.
Since Redefy is digital and cloud based, it doesn't necessarily need to plant a flag, get an office and then sell around it. They can split up digital presence in any market as long as they've seen the leading indicator direction.
“The software is scalable, right? It’s already built and we just need to run the playbook.” He says. But to grow properly, getting good people to execute is the key.
It looks like Redefy’s model is really working well for them since they sold around 2000 homes in 19 states last year.