Rocket, Redfin roll out buyer incentives and new products

Rocket Cos. is encouraging homebuyers and sellers to use its mortgage lending subsidiary and recently-acquired Redfin with the launch of a new offering.

Eligible buyers and sellers can save up to $20,000 on their next home when they buy and sell with a Redfin agent and finance with Rocket Mortgage, the companies announced in a press release Tuesday. The savings will be delivered through a combination of lender-paid credits from Rocket Mortgage and commission discount from Redfin.

"We brought Rocket and Redfin together to make the path to homeownership simpler, more connected and more affordable," said Heather Lovier, chief operating officer of Rocket Companies, in the release. "Now clients can experience that promise in a way that matters: more money staying in their pockets and an easier homebuying journey from start to finish."

New clients can save 0.75% of the loan amount, up to $12,000, when they buy and sell with a Redfin agent and finance with Rocket. The lender's nearly 10 million existing clients can save 1.5% of the loan amount, up to $20,000, according to the release.

The offering builds on Rocket Preferred Pricing, an incentive program introduced after Redfin was acquired last summer that also encourages consumers to use both its mortgage and real estate services, the release said.

Rocket rolled out a similar promotion when it partnered with Compass in February. Through the collaboration, homebuyers can receive a one-percentage-point interest rate reduction for the first year of their loan or a lender credit of up to $6,000. Rocket Mortgage and Compass also share listings on Redfin as part of the deal.

Redfin launched a product Monday as well. Redfin Early Access, a new search category, features homes that can only be found on Redfin, plus premarket listings from Compass' portfolio of brands, Redfin announced in a press release. Buyers can now get an early look at homes, while sellers can test pricing and demand before a broader market debut.

Listings on Redfin Early Access do not accrue days on market or publicly display price-drop history. These listings also get premium placement in search results and are marked by special icons, so buyers know it's unique to Redfin.

"A lot of homeowners want to sell, but are not ready to commit to full exposure," said Redfin Chief of Real Estate Services Jason Aleem in the release. "Giving sellers more control over how they enter the market gives them more confidence. Redfin Early Access lets sellers test the market before going all-in, while giving buyers a first look at homes they won't find on other major sites. That's good for sellers, good for buyers and good for a housing market that desperately needs more inventory."