Redfin Profitable
Says CEO Glenn Kelman, via Techcrunch
…the run rate is around $15 million. 2007 revenues were $5 million, 2006 revenues were $1 million.
Congrats to all the folks at Redfin. Their model, while clearly controversial, seems to be succeeding.
Their web site is world class (see 10 Kick Ass Real Estate Search Sites) and the company has pushed a number of novel consumer-focused ideas lately; including introducing ratings for all of its agents.
Now the road to profitability has been rocky (see Redfin Downsizes To Keep Swimming) but this is definitely good news for the Seattle-based brokerage.
Hopefully we continue to hear much more from them in the future.
Photo by buildingresults
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10 Comment(s)
2 Trackback(s)
- From The school of Redfin revisited | 1000Watt Consulting | Jul 14, 2009
- From Congrats to Redfin… « Lightning | Twice | Jul 14, 2009
James E Gallagher | Jul 13, 2009 | Reply
Redfin is controversial because they don’t play the game the way it has been played since the Indians sold Manhattan for 24 bucks. You know some agent took a 6% commission on that one. Personally I don’t think giving back your commission to buy clients is a very sustainable model. Time will tell. I am watching them and Zip closely. If the survive the next two or three years they’ll survive long term.
Apartments in Barcelona | Jul 13, 2009 | Reply
Redfin seems to be doing great and is just witnessing SUCCESSES!
Bartley Wilson | Jul 13, 2009 | Reply
You guys were off the air for three days. What happened?
Joel Burslem | Jul 13, 2009 | Reply
@Bartley – had some server issues over the weekend and also did some general maintenance on the blog. Upgraded it to 2.81 and cleaned out some plugins that were slowing it down.
Should be working smoothly now – let me know if you find any issues!
Sorry for the interruption!
Robert Worthington | Jul 14, 2009 | Reply
Redfin is something I may also have to model in order to stay in business. I think the Redfin idea is very innovative which is why I support them so much!
Houston Realtor | Jul 15, 2009 | Reply
I have to admit, there website does kick @$$! No question about it.
Les 100% Mortgage | Jul 21, 2009 | Reply
Good to see a different technique and success in the current economic climate.
Well done Redfin, keep it up!
Apartments in Barcelona | Jul 24, 2009 | Reply
I agree, redfin seems to be a cut above the rest when it comes down to the nitty gritty.It certainly has a model for the rest of us to follow.
jack | Aug 15, 2009 | Reply
Information overload doesn’t translate easily into a quality. What I see from my experience as real estate agent is client who in order to get attractive property and simply make decision needs guiding help. I see many people trying on they own to locate right property for them and simply not able to to process info and make right choices in right time. Everybody is so exited by the pictures and other colorful info misleading them about possibilities and choices. In few zip codes I work mostly there is on average 1500 single family listings (plus condos etc) In order to check them all average buyer will have to spend 150 days looking at 10 homes every day to see real thing, area,conditions,smells etc. More than full time job. Do not be carried away by all this new toys and tools. Some of them are useful but all the info overload actually stops people from making decisions
Barcelona vacation | Nov 30, 2009 | Reply
I totally agree with you James E Gallagher, I also think that Redfin is controversial.