Mention “Redfin” to many real estate traditionalistas and among the “Yeah, buts…” the closer is usually, “Yeah, but they aren’t profitable.” That is no longer the case. 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 […]
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Marlow Harris of 360Digest.com took these clips of Redfin’s Glenn Kelman as he spoke with us Thursday afternoon at Zillow.com headquarters in Seattle: Technorati Tags: BloodhoundBlog Unchained, disintermediation, real estate, real estate marketing, Redfin.com
I had this news last night, under embargo, but I was tied up with geek stuff. The Cliff’s Notes: In areas where Redfin.com has MLS reach but does not have its own agents on the ground, starting today it will begin offering client referrals to agents it has screened and whose performance it will monitor […]
I’d like to introduce you to some really nice folks. Take a look: The couple on the left are the Anybodys, Jeff and Janice. Jeff is a middle-manager for GE. Unless he owns a Pizza Hut. Unless he’s a Civil Engineer for the county health department. Janice is a schoolteacher — or a stay-at-home mom […]
When I represent buyers, I see my biggest responsibility as taking the fear away. Yes, I need to find and show houses. Yes, I need to write contracts and supervise inspections. Yes, I need to husband everything through the lender and the title company. But the job of jobs is to serve as a security […]
Via intrepid startup blogger John Cook from his new weblog Where are John and Todd?: Redfin today said it is cutting 20 percent of its staff as the Seattle online real estate broker prepares for what Chief Executive Glenn Kelman described as a “big dip.” About 20 employees were let go, bringing total staff at […]
The uncontested brilliance of the free market is that it is self-correcting. People like me have been bitching all along that Redfin.com’s approach to buyer representation was misguided if not outright evil. Conceding some huge chunk of the buyer’s agent’s commission to the buyer was certainly consumer-friendly, but pushing the cost of buyer representation off […]
Redfin.com has news this midnight, but it’s the sort of thing I would normally ignore: It’s basically the kind of rah-rah-for-us stuff I leave for the vendor cheerleaders and the mainstream media. But: I gave Redfin a lot of grief last year when they made a similar announcement, so today I’ll give them a bit […]
Here’s the news, snipped to the quick: Online real estate broker Redfin Corporation today released Redfin Listing Metrics, a dashboard for Redfin’s listing customers to analyze neighborhood inventory trends and recent sales, and to compare their listing’s online traffic to that of other listings in the neighborhood. That sounds slick, doesn’t it? A Redfin listing […]
Oh, wait, that’s not the big news from Redfin.com. In fact, I reported the really big news last night: Redfin will either make money or it won’t, and, in the long run, if it endures into a long run, it will become more like traditional real estate even as traditional real estate becomes more like […]
by Brian Brady
Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL
Glenn Kelman appeared on NBC. This time, he wasn’t the smartest kid in the class; he imitated Tom Bodett. Greg points out the “Duh” factor in the most recent Redfin Revelation: Here’s real justice: Someday, an actual reporter is going turn to Kelman and say, “Glenn, you’re the expert. How do you set up a […]
Take a look at this map: That’s the route from my home, in North Central Phoenix, to Johnson’s Ranch, a master-planned community in Queen Creek, AZ. The distance is 55 miles by the odometer, but travel time is more like two hours. It’s a brutal, awful trip, over two-lane roads for the last third of […]
Last week Peter Coy at BusinessWeek made a point of asking Redfin’s Glenn Kelman a real estate question. Kelman’s answer wasn’t awful, but it wasn’t great. (The negotiation advantage for unsold spec home occurs once a quarter, not just once a fiscal year.) But it was funny to me, because of this: Why would anyone […]
John Cook’s Venture Blog: Despite challenges in the national real estate market, Chicago discount real estate service Iggy’s House plans to try its luck with an initial public offering that could raise up to $15 million, according to a filing with the Securities and Exchange Commission. If successful, that would be just $3 million more […]
This is me, guest-posting at Blown Mortgage while Morgan Brown is on vacation: So why is a limited-service listing unlikely to succeed? If you’re in a high-demand market like Seattle, it just might. But in most of America, right now, a home must be marketed perfectly from the first day or it will sell slowly […]