Pros/Cons of Working at Redfin as a Lead Agent

redfin.com

I have been working full time as a Real Estate Broker since 2012.

Winter of 2015 with a baby and the sole provider for our family, I was looking for a job with more support and stability. I loved what I did, but the lack of structure and not knowing when my next paycheck was coming was creating more stress than I was comfortable with. I knew about Redfin, and had always been intrigued by them, but didn't really know much about them. I didn't want to give up my flexibility since I was also a full-time mom. But, I was almost desperate for a move, so I reached out to my friend who was a recruiter at Redfin, and so began my journey.

January 2016 - After speaking with my recruiter friend, I discovered there was a listing agent position open in West Seattle (where I lived), so this was perfect timing. She got me connected with the recruiter in charge of my market, and I had an initial interview with him. He set up my in-person interview at their corporate office downtown, which was on 1st Avenue at the time.

The position: Listing Agent. This position was looking for an experienced agent who would work primarily with sellers in West Seattle.

Interview: For the interview, I had to prepare a mock listing presentation. They gave me the address of a home and wanted me to put together a listing presentation. I met with three experienced agents who looked at my presentation and asked me some questions. After that interview, I then was set up on another interview with the manager at the time. We met at a coffee shop downtown and discussed the position more.

After my interview, I received a call that the position had gone away. They didn't need for it anymore. They said the position would come back, but they didn't have any idea when. They did say they should have a buy-side position open soon, though, and would I want that? I told them no, I didn't want to leave my current business to only work with buyers. I held tight. (At Redfin, they have their lead agents specialize, so there are buy-side agents and listing agents, these agents also specialize by area).

Around June, they told me they would be reopening the listing agent position in the next month or so, and they wanted to offer it to me first. This is when I sat down and made a pros/cons list. It was mostly about money. How much money could I make at Redfin versus staying at Keller Williams and running my own business? I took into consideration the benefits offered at Redfin, which my partner at the time was paying out of pocket through his business, so that alone was the thing that tipped the scales.

Redfin compensation: Redfin lead agents are salaried employees. They get paid a small salary (think minimum wage, or less), plus bonuses for every transaction they make (this is where the money is made), excellent benefits, incentives (stock options, trips, awards). It is a sales position, just like any real estate agent role, so the harder you work, the more money you make, but in this role, you have protection when the market is slow: you at least have your salary and your benefits. And the longer you work at Redfin, the higher your salary is. Also, the more deals you do, the higher your bonuses will be.

Redfin benefits: Medical, dental, vision, 401k, stock options, incentive trips...the whole gamut. This is what I miss the most. The benefits were (are) really, really good. I paid less than $200 for my family of four for medical, dental and vision.

PROS

• Stable salary

• Benefits (medical, dental, vision, 401K, stock options)

• Leads provided

• Support of a national, well-recognized, reputable company

• Low listing fee attracts sellers

• Great coworkers

• Fun office days

• Redferno (annual conference)

CONS

• You have a manager and have to hit certain metrics

• You have to sell A LOT to make a decent salary

• You don't have control over the entire process

• You can't provide/receive referrals from/to non-Redfin agents

• You have to like your manager

• No work/life balance

• If you don't sell much, the salary is not enough to live on

• Company politics

Redfin is a great place for new agents, agents who don't need to make millions of dollars, and agents who love real estate and want more structure and stability.

I LOVED my time at Redfin, and I was expecting to retire there. The reason I left was because I felt like I had capped. I was a top producer selling 80+ homes/year, and I felt like if I left to run my own business, I could make a lot more money and work a lot less.

So far, that has been true.

In 2021, the last full year I was at Redfin, I sold 85 homes, $63 million.

I left Redfin June 1, 2022, and from June 1, 2022 to June 1, 2023, I sold 19 homes, $16.5 million.

I made MORE money and sold 1/4 fewer homes, meaning I had ALL that extra time to spend with my kids. It was much needed.

Redfin was a great spot for me. I learned so much while I was there. The training is incredible. The people are incredible. Glenn, the CEO is incredible. It really is an incredible place to work.

Ask me if I miss Redfin. :) There is a lot that I miss, but leaving was what I needed to do for me and for my business at that time.

I am happy to answer any questions you have, don't hesitate to reach out! INSTAGRAM, JULIE.GRANAHAN@COMPASS.COM