Today we issued a press release in response to Redfin's new business model. While we think these changes are good for Redfin and consumers, we think that they still have customer service issues that need to be resolved. Today we are issuing a "customer service challenge" to Redfin, encouraging customers to compare the services offered by findwell as an alternative to Redfin.

findwell Issues Customer Service Challenge to Redfin

Redfin Customers Defecting to New Seattle Startup

SEATTLE – November 6, 2008: In response to Redfin’s announcement to raise their fees and change their customer service model, findwell, Seattle’s newest online real estate brokerage, responded today calling the announcement good news for the real estate industry, but still highlighting customer service limitations when working with Redfin. findwell issued a “customer service challenge” to Redfin, urging consumers to compare the customer service level at both companies.

“We are flattered that Redfin is taking a closer approach to findwell’s business model. Redfin has great technology, but they are missing the mark on customer service,” says Kevin Lisota, findwell President and co-founder. Lisota referenced the stream of former Redfin customers that findwell has seen in the past month. “From what we are seeing, Redfin still faces obvious customer satisfaction issues. We have four new customers just this month who “fell through the cracks” with Redfin agents. These customers tell us they had difficulty in scheduling showings and receiving call backs. One customer was even stood up twice while trying to see a home they wanted to buy. With recent layoffs, this level of service can only get worse.”

Lisota further challenged Redfin’s service model. “We feel so strongly that our service is better than Redfin’s that we are willing to put our money where our mouth is. We’ll give Redfin customers $500 off of our already low commissions if they use findwell to buy or sell their homes.”

Graham & Natalie Dent purchased a home through findwell this past July. “I expect my real estate agent to accommodate my busy schedule. I attempted to use Redfin, but was never able to get showings at times that worked for me. Out of frustration, I sought out an alternative and discovered findwell. I appreciated working with findwell’s professional, knowledgeable agent and loved the quickness of the process. I’m looking forward to spending my commission rebate on our new home.”

Alex McEwen is another example of a disgruntled Redfin customer. “I was originally planning to engage with Redfin to place an offer on a new home. I set up two different appointments with a Redfin agent to view the property, and twice I got stood up! I called findwell and met with an agent almost immediately. After working with findwell now for almost three weeks, I can’t imagine going through this process without a full service agent. The complexities that we have encountered have been handled with the utmost professionalism by findwell.”

findwell launched their brokerage services earlier this year and offer full service representation at half the commission. findwell offers the following premium services over Redfin:

• Dedicated, Full-Time, Experienced Agents – Each customer works with a team of 1-2 agents through the entire process of buying or selling a home. findwell does not use contracted agents to show homes and will not pass customers off to a transaction coordinator half-way through the process.
• In-Person Agents –The findwell agent who negotiates the purchase or sale of each home has actually seen the home in-person and will also tour 5-10 comparable properties in the neighborhood.
• Comprehensive Listing Services – Home sellers do not have to “do it themselves” and benefit from comprehensive listings services including:
  • Comprehensive online marketing program, including all major real estate search sites and traffic monitoring
  • Automated agent feedback system that gives real-time responses from agents who have shown the property. Sellers regularly see a 60%-80% response rate from showing agents.
  • Public Open Houses and Broker Open Houses hosted by findwell.
• “Above and Beyond” Service – findwell agents have found themselves replacing toilets, balancing pH levels for the hot tub, or showing 75 homes in one week. “We do what it takes to get the job done!” says Lisota.

To take advantage of the customer service challenge, customers should call findwell at 206-462-6200 and mention that they are a Redfin customer. The challenge is valid through the end of 2009. Lisota adds, “Redfin has a great website when searching for a home. Feel free to use it. But when it comes time to buy or sell, findwell provides superior service at the same price.”

About findwell

findwell (www.findwell.com) is a real estate brokerage that offers a smart approach to buying and selling your home. We are a full service brokerage offering exceptional customer service, technology-based marketing and data-driven market analysis. Founded by real estate professionals and technology industry veterans, we have “done the math” and are able to offer real estate services at ½ the “traditional” rate. Buyers receive a rebate that is ½ of our commission, and sellers pay ½ of the typical listing commission. Our average customer saves $7,500 on each transaction. Visit our website at www.findwell.com or stay on top of the Seattle real estate market at blog.findwell.com.

Press Contact

Kevin Lisota, President and co-founder, findwell

kevin@findwell.com

206-462-6200

www.findwell.com

blog.findwell.com

We've just issued a press release about the trends we're seeing this month in our brokerage. Here is the release.

findwell sees increase in business despite slower real estate market

Consumers seeking low-cost alternatives due to economic turmoil

SEATTLE – October 13, 2008: Seattle’s newest online real estate brokerage, findwell, reported today a significant increase in home buyers and home sellers using their service despite recent turmoil in the financial markets. In the past four weeks, findwell has seen a 31% increase in the number of active home buyers and sellers using their service, a 42% increase in traffic to their website, and a 37% increase in incoming phone calls from prospective customers.

A findwell survey of these new customers indicates that buyers and sellers in Seattle are increasingly seeking lower-cost alternatives to traditional real estate brokers. In today’s market, buyers say they are looking for larger concessions from both sellers and real estate agents. Sellers say they are looking to minimize their transaction costs and improve their bottom line in an environment where inventory is high and time on market is longer.

“The past month has seen unprecedented turmoil in our financial markets with the failure of giants like AIG and WaMu, the ups and downs of the government bailout package, and a wildly volatile stock market. Combine that with seasonality in real estate, and we anticipated a substantial downturn in our business, yet our business is up significantly. While we are optimistic about our prospects, our forecasts remain conservative,” said Kevin Lisota, findwell President and co-founder.

Recent chatter on prominent real estate websites shows agents rallying to maintain their full 6% commission in the slowing market. “Regardless of the state of the financial markets, the costs of helping someone buy or sell a home have changed dramatically because of access to online data. We will continue to see the market apply downward pressure on real estate commissions,” claims Lisota. findwell's goal is to provide the same level of service as traditional brokerages such as Windermere and John L. Scott at half the cost.

After months of planning and hard work, we have officially launched findwell in the Seattle real estate market! Here is our launch press release.

findwell Stirs Up Seattle Housing Market

Start-Up Lowers the Cost of Full-Service Real Estate

SEATTLE – September 8, 2008: findwell, Seattle’s newest full-service real estate brokerage, launched several new services today designed to fill the gap left by discount and online brokers. findwell saves home buyers and sellers thousands of dollars on each transaction, yet provides them with the full-service approach that they are accustomed to from traditional agents.

Using findwell to buy a home, consumers receive a rebate of ½ of the buyer’s agent commission that they can use towards closing costs or other expenses. Sellers are also able to save with listing office commissions that are ½ the typical commissions being charged today. “In today’s challenging real estate market, these huge savings can make a big difference in our customers’ ability to buy or sell a home. Our average customer is able to save $7500 on each transaction,” said Kevin Lisota, findwell President and co-founder.

findwell’s low fees are a reflection of the changes that the Internet has brought to the real estate industry, similar to the changes that previously happened in the investment and travel industries. findwell saves customers money by paying agents a salary – not a sales commission – and by avoiding high franchise fees. “We have done the math on how much time and effort it takes to buy or sell a home and are able to offer full service at half of what other real estate agents charge,” said Lisota.

Unlike other discount or online real estate brokers, findwell provides the same level of service that is customary with traditional real estate agents. “While we love the innovation that discounters like Redfin have brought to the real estate market, our customers have told us that they want to work face-to-face with an agent, and they are uncomfortable buying or selling a home that their agent has never seen. We fill the gap left by companies like Redfin,” said Lisota.

Initial reaction to findwell has been positive with over $6.6 million in closed sales in the first quarter of operations, saving consumers more than $99,000 through rebates and reduced commissions.

In addition to half-price commissions, findwell is offering “Open House Anytime” – a free, no-obligation service that gets potential home buyers into any house at any time. To use this service, customers can hop a ride in the “findwell MINI” – a festive green MINI Cooper marked with the findwell logo and quipping the phrase “Full Service. Mini Commissions.”

Sellers receive a free home pricing analysis from a findwell agent after an in-person visit. Sellers also receive comprehensive online and in-person marketing services – including professional photography, listings in all major search websites, staging advice, and weekly status reports.

Those with specific real estate questions can stop by the findwell office on the first Wednesday of every month, where findwell hosts “Ask the Agent” events with free pizza. Explains Lisota, “In a world where information is easily gathered online, there is still a need for in-person customer service at reasonable prices. Our goal is to provide both.”