Mention “Redfin” to many real estate traditionalistas and among the “Yeah, buts…” the closer is usually, “Yeah, but they aren’t profitable.”
Congratulations, Glenn.
As we ponder the future of this business, the impact that technology is having and will have, and why it is taking so long to see real change, Redfin’s success proves that, sooner or later, money talks and bullshit lets its license expire.
Greg Swann says:
Good on ya, Glenn. Bravo!
> why it is taking so long to see real change
It’s happening now. I’m seeing a big change, month by month. And I’m doing an Amazon.com transaction, selling a home entirely by web protocols.
July 13, 2009 — 7:39 am
Brian Brady says:
Big congratulations are in order for Glenn and his crew. I think they made some hard choices that really panned out.
July 13, 2009 — 8:21 am
Dan says:
Great Job Glenn. Well deserved. BTW – great chapter in Reality Check. Thanks for the transparency.
July 13, 2009 — 10:25 am
laval says:
Well done Glenn. I own an internet based property agency myself and only charge commission on one side.
July 13, 2009 — 11:19 am
Michelle DeRepentigny says:
Congratulations, but didn’t Redfin change their business model last year? I don’t stalk their news as they aren’t in my market yet, but I seem to remember an expanded alacarte menu & changes in their service level where fees became more similar to “traditional” fee structures.
Ok let me answer my own question, a quick glance at their website shows a 15% rebate in some areas instead of 50%.
What would be really interesting to see is the numbers broken down a little further.
July 13, 2009 — 5:27 pm
Eric Blackwell says:
Congrats Glenn. Well done. Looks like the hard choices panned out.
We celebrate achievements around here.
**raises glass**
Eric
July 13, 2009 — 5:32 pm