About a year after the launch of the new agent payment plan, Redfin has announced that it will expand Redfin next to agents across the country, according to an announcement on Monday.
Starting October 27, all Redfin agents who sign up for the plan will receive a commission split of up to 75%. They will also have almost all of their business expenses covered, along with receiving technology, support, and benefits from Redfin. These agents remain employees of Redfin and not independent contractors.
“We are fully committed to Redfin Next as it has played an important role in transforming our business and fueling our growth,” Jason Aleem, Redfin’s head of real estate services, said in a statement.
“Redfin Next has enabled our agents to strengthen their businesses and unlocked the opportunity for them to make more money, while also inspiring other enterprising agents to join us. Having the best agents in the industry is critical to our mission to make real estate better for consumers, and with Redfin Next we know we can continue to grow our impact.”
Agents working in Redfin Next markets, first launched in October 2023 in San Francisco and Los Angeles, can earn commissions of up to 75% on transactions they generate themselves and up to 40% on customer leads they receive through the website from Redfin.
Agents in the Redfin Next payment plan are W-2 employees who receive benefits including healthcare, 401(k) matches, mileage, contributions, technology tools and team support. They also paid all advertising marketing costs, including photography, staging, yard signs and other collateral.
In December 2023, the Glenn Kelman-led company announced it was expanding its payroll structure to the San Diego and Orange County, California, markets. That was followed by a second expansion in March 2024 to seven additional markets – including Chicago, Connecticut, Dallas, Miami, New York City, Washington, DC and South Florida’s growing Palm Beach.
In August, Redfin Next launched in an additional 25 markets. These include Austin; Boise, Idaho; coast of North Carolina; Columbus, Ohio; Denver; Fort Myers, FL; Grand Rapids, MI; Indianapolis; Inland Empire, California; Kansas City, MO; Memphis; Minneapolis; Nashville; New Mexico; Palm Springs, California; Portland, Oregon; Raleigh; Sacramento; Salt Lake City; San Antonio; Seattle, Spokane, Washington; St. Louis; and Virginia.
In addition to expanding Redfin Next, the company said it plans to hire “hundreds of additional” agents in the coming months. The brokerage said the program has already helped recruit hundreds of agents in the Redfin Next markets.
