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Redfin Launches Updated Service, Raises Prices

Seattle-based Redfin, the real estate service run by Glenn Kelman, said Friday that it has launched "Redfin 3.0", the third major upgrade of its service--and is also raising prices. The firm said that the updates to the service includes the hiring of 50 additional agents, including field agents to host tours of homes, equipping agents with iPads and wireless computers, and more. However, Redfin also says it is increasing its prices, and will now offer a fixed-dollar refund--instead of a percentage--of commission for buyers. Previously, Redfin refunded 50% of the commission it got for a seller. Now, Redfin says it will refund 25% for a $300,000 home, and 45% for a $1M home--with refunds depending on the home price.


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