What’s the difference between the recent 60 Minutes media hype about Redfin Real Estate and fee-for-service options in Portland, OR? In two words, state law.
Oregon real estate law does not allow Realtors to give buyers and sellers kick-backs or rebates. Redfin Real Estate, which primarily operates in Washington and California, has built their business model around providing buyers and sellers with cash back rebates at closing.
Oregon Realtors are allowed to discount real estate commissions on the listing side when a seller signs a listing contract. However, outright discounted commissions to buyers are illegal unless disclosed in writing to the seller and agreed to by all parties.