Redfin Expands Redfin Next Agent Pay Plan to 25 Additional Markets

Redfin Next offers agents the best of both worlds: big commission splits with zero expenses and free Redfin.com customer introductions, benefits and support

(NASDAQ: RDFN) — Redfin announced today it is expanding the Redfin Next agent compensation plan to 25 additional markets. Under Redfin Next, agents in these markets earn competitive splits as high as 70%, have virtually all business expenses covered, and get technology, support, benefits and customer introductions from Redfin.com, the #1 brokerage site in the United States.

“Redfin Next has proven to be even better than we imagined at igniting our salesforce, helping us recruit new talent,” said Jason Aleem, Redfin’s chief of real estate services. “When you pair a competitive traditional split with the technology, customer introductions, benefits and support that only we offer, there’s really no limit to what you can achieve at Redfin. We give agents everything they need to amplify their business and focus on serving their customers well. Redfin Next is also helping us gain market share faster in our early markets, which means we’re helping more customers get a better deal when they’re buying or selling. This expansion is a big step toward making this opportunity available to all Redfin agents as we continue to transform our brokerage and grow our presence nationwide.”

Redfin initially announced the plan in San Francisco and Los Angeles in October 2023 and has since expanded it to San Diego, Orange County, Chicago, Connecticut, Dallas, Miami, New York, Palm Beach, and Washington, D.C. Since launch, the brokerage has recruited more than 140 top producing agents in Redfin Next markets. Because of this recruiting success and the positive reception among Redfin’s existing agents, the company is now expanding the plan to the following markets:

• Austin
• Boise
• Coastal North Carolina
• Columbus
• Denver
• Fort Myers
• Grand Rapids
• Indianapolis
• Inland Empire, CA
• Kansas City
• Maryland
• Memphis
• Minneapolis
• Nashville
• New Mexico
• Palm Springs
• Portland
• Raleigh
• Sacramento
• Salt Lake City
• San Antonio
• Seattle
• Spokane
• St. Louis
• Virginia

The Redfin Next plan includes:

• Big splits. Zero expenses: At Redfin, what you earn is what you keep because we cover all your necessary business expenses and cover benefits, mileage, payroll taxes and listing expenses.
• Meet over 100 customers a year: By plugging into the Redfin platform and the 49 million people who use Redfin’s app and website every month, agents can grow their business rapidly.
• Business in a box: Redfin's technology and staff handle qualifying new customers, scheduling tours, conducting follow-up tours, and coordinating sales & listings. Agents focus on closing deals for customers.
• Top-tier benefits: Redfin’s benefits package includes medical, dental, and vision insurance; fertility benefits; 401(k) employer match and employee stock purchase program.
• Define the future of real estate: Redfin puts the customer first, makes the industry more fair and transparent, and uses technology to modernize the real estate experience and make it better.

Agents in the Redfin Next plan will continue to work as employees, not independent contractors. Redfin’s unique employee agent model was built to put the customer first by ensuring agents are held to a high standard and have the support they need to deliver consistently great service. Redfin uses technology to make real estate more efficient, which is one reason Redfin has the most productive agents in the industry, closing more than twice as many transactions as the average agent every year.

Michael Odeh, a Redfin Premier agent in Chicago who has been on the Redfin Next plan since early May, said the new compensation plan is a welcome change. “Ever since I started at Redfin in 2019, I’ve thought that whoever could combine the financial rewards of a traditional brokerage with the efficiency of Redfin’s model would be the future of real estate,” he said. “That’s what Redfin Next is. It gives agents the comfort and security of a traditional career by providing virtually unlimited earnings opportunities, while taking everything else off their plate so they can focus on what really matters: the client. I am so excited about the future and what Redfin Next will bring.”

The 25 expansion markets will move to the Redfin Next pay plan on August 11. Redfin is actively recruiting experienced agents to join the company in markets around the country. Visit our site to start a conversation about how to grow your business and career at Redfin.

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

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, email press@redfin.com. To view Redfin's press center, click here.

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