Redfin
{{Short description|Real estate brokerage}}
{{About|real estate website|Redfin perch|European perch|South African redfin barbs|Pseudobarbus|and|Barbus}}
{{Infobox company
| name = Redfin Corporation
| logo = File:Redfin logo.png
| image = File:Redfin screenshot.png
| image_caption = Screenshot of Redfin map browser
| type = Public
| traded_as = {{ubl|{{NASDAQ|RDFN}}|Russell 2000 component}}
| subsid = RentPath
Bay Equity Home Loans
Title Forward Settlement Solutions
| industry = Real estate
| foundation = {{start date and age|2004}}
Seattle, Washington, U.S.
| founders = {{ubl|David Eraker|Michael Dougherty|David Selinger}}
| location_city = Seattle, Washington
| location_country = U.S.
| key_people = Glenn Kelman (CEO)
Bridget Frey (CTO)
Chris Nielsen (CFO)
| services = Real estate agent
Broker
Mortgage origination
| area_served = 100+ markets in the United States and Canada
| revenue = {{increase}} {{US$|1,043 million|link=yes}} (2024)
| operating_income = {{increasenegative}} {{US$|-155 million}} (2024)
| net_income = {{decrease}} {{US$|-165 million}} (2024)
| assets = {{decrease}} {{US$|1,012 million}} (2024)
| equity = {{decrease}} {{US$|-83 million}} (2024)
| num_employees = 4,778 (2024)
| website = {{URL|https://redfin.com/}}
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001382821/000138282125000046/rdfn-20241231.htm | title=Redfin Corporation 2024 Annual Report (Form 10-K) | date=February 27, 2025 | publisher=U.S. Securities and Exchange Commission}}
}}
Redfin Corporation is an American company that provides residential real estate brokerage and mortgage origination services. Based in Seattle, the company operates in more than 100 markets in the United States and Canada. In 2024, the company had a 0.76% market share in the United States by number of units sold and had an average of 1,775 lead agents.
History
Redfin was founded in 2004 by David Eraker, Michael Dougherty, and David Selinger. Eraker had dropped out of medical school at the University of Washington for a career in software design and Dougherty received degrees in electrical engineering and international studies from Yale University.{{Cite news | url=https://archive.seattletimes.com/archive/?date=20040926&slug=homeredfin26 | title=A sit-down, flyby real-estate overview | first=Elizabeth | last=Rhodes | work=The Seattle Times | date=September 26, 2004}}{{cite news| url=https://www.bloomberg.com/news/articles/2013-03-07/why-redfin-zillow-and-trulia-havent-killed-off-real-estate-brokers | title=Why Redfin, Zillow and Trulia Haven't Killed Off Real Estate Brokers | first=Brad | last=Stone | author-link=Brad Stone (journalist) | work=Bloomberg News | date=March 7, 2013 | url-access=subscription}} David Selinger, an alumnus of Stanford University who had previously led the research and development arm of Amazon's data mining and personalization team, joined Redfin as the third founder and CTO. Selinger helped build Redfin's mapping and real estate data analytics engine.{{Cite web | url=https://www.entrepreneur.com/author/david-selinger | title=David Selinger | publisher=Entrepreneur}}
In January 2006, Redfin named Glenn Kelman as CEO.{{Cite news | url=https://www.bizjournals.com/seattle/stories/2006/01/09/daily4.html | title=Redfin raises $1.25M, names new CEO | work=American City Business Journals | date=January 9, 2006 | url-access=subscription}} The company's website began to show available homes on an interactive map in 2007.{{Cite news | url=https://www.vox.com/2015/8/10/9110233/redfin-glenn-kelman-profile | title=Redfin set out to change real estate. Then real estate changed Redfin. | first=Timothy B. | last=Lee | work=Vox Media | date=August 10, 2015}}
In 2012, Redfin began an automatic agent rating system. After it drew criticism for using inaccurate data, the system was discontinued.{{cite news | url=https://archive.nytimes.com/bucks.blogs.nytimes.com/2012/05/01/new-battle-on-providing-real-estate-agent-performance-data/ | title=New Battle on Providing Real Estate Agent Performance Data | first=Ann | last=Carrns | work=The New York Times | date=May 1, 2012 | url-access=limited}}
In June 2017, the company began Redfin Now, a home flipping division.{{Cite news | url=https://www.geekwire.com/2017/redfin-testing-redfin-now-service-lets-buy-resell-homes-directly-customers/ | title=Redfin testing 'Redfin Now' service that lets it buy and resell homes directly with customers | first=TAYLOR | last=SOPER | work=GeekWire | date=June 30, 2017}}
On July 28, 2017, Redfin became a public company via an initial public offering, raising $138 million.{{Cite news | url=https://www.cnbc.com/2017/07/28/redfin-ipo-rdfn-stock-opening-trade.html | title=Real estate start-up Redfin surges over 44% in IPO: 'We are the Apple of real estate,' CEO says | first1=Diana | last1=Olick | first2=Anita | last2=Balakrishnan | work=CNBC | date=July 28, 2017}}
In June 2019, Redfin began allowing buyers to submit offers on homes listed by Redfin's selling agents without using a buyer's agent.{{Cite news | url=https://www.washingtonpost.com/business/2019/06/04/redfins-newest-online-tool-cuts-out-buyers-agent/ | title=Redfin's newest online tool cuts out the buyer's agent | first=Nina | last=Zafar | newspaper=The Washington Post | date=June 4, 2019 | url-access=limited}} A month later, the company partnered with Opendoor, whereby visitors to the Redfin website can request an offer to buy their houses from Opendoor.{{cite news | last=Clark | first=Patrick | title=Opendoor Partners With Redfin to Expand Home-Flipping Reach | url=https://www.bloomberg.com/news/articles/2019-07-11/opendoor-partners-with-redfin-to-expand-home-flipping-reach | work=Bloomberg News | date=July 11, 2019 | url-access=subscription}}
In June 2022, the company announced layoffs of 8% of its staff.{{cite news | last=Saric | first=Ivana | url=https://www.axios.com/2022/06/14/redfin-lay-off-8-percent-employee | title=Redfin laying off 8% of its staff | work=Axios | date=June 14, 2022}}
In November 2022, the company announced additional layoffs of 862 people, or 13% of its staff, and the wind down of its Redfin Now home flipping unit.{{Cite news | url=https://www.geekwire.com/2022/redfin-to-cut-13-of-workforce-and-shut-down-home-flipping-business-redfinnow/ | title=Redfin to cut 13% of workforce and shut down home-flipping business RedfinNow | first=NATE | last=BEK | work=GeekWire | date=November 9, 2022}}
On March 10, 2025, Rocket Mortgage announced its acquisition of Redfin in a $1.75 billion all-stock deal.{{cite news |url=https://www.freep.com/story/money/business/2025/03/10/dan-gilberts-rocket-companies-buy-redfin/82222197007/ |author=JC Reindl |title=Dan Gilbert's Rocket Companies to buy Redfin in $1.75B deal |work=The Detroit Free Press |archive-url=https://archive.today/20250310145444/https://www.freep.com/story/money/business/2025/03/10/dan-gilberts-rocket-companies-buy-redfin/82222197007/ |archive-date=10 March 2025 }}
=Acquisitions=
=Fines and litigation=
In May 2007, Redfin was fined $50,000 by the Northwest Multiple Listing Service, and was forced to shut down reviews of homes on the market on its website, prohibited under multiple listing service rules.{{cite news | first=John | last=Cook | title=Redfin fined $50,000, shuts down home reviews | url=https://www.seattlepi.com/business/article/Redfin-fined-50-000-shuts-down-home-reviews-1237750.php | work=Seattle Post-Intelligencer | date=May 17, 2007}}
In November 2020, a class-action lawsuit by several fair housing organizations accused Redfin of violating the Fair Housing Act by offering fewer services to homebuyers and sellers in minority communities and not offering to sell lower-priced homes because of the lower profits on such sales.{{Cite news | url=https://www.usatoday.com/story/news/nation/2020/10/31/redfin-sued-fair-housing-groups-redlining-minority-communities/6102172002/ | title=Fair housing groups sue Redfin with allegations of 'redlining' minority communities | first=Gene | last=Johnson | agency=Associated Press | work=USA Today | date=October 31, 2020}}{{Cite news | url=https://www.washingtonpost.com/business/2020/11/02/housing-groups-sue-redfin-alleging-federal-discrimination-violations/ | title=Housing groups sue Redfin, alleging federal discrimination violations | first=Michele | last=Lerner | newspaper=The Washington Post | date=November 2, 2020 | url-access=subscription}}{{Cite news | title=A Progressive Real Estate Firm Faces Accusations of Discrimination | url=https://www.bloomberg.com/news/features/2022-01-18/progressive-real-estate-firm-redfin-faces-accusations-of-housing-discrimination | work=Bloomberg News | date=January 18, 2022}} In 2022, the company paid $4 million to settle the lawsuit, changed its policies, and implemented a new internal monitoring system.{{Cite news | url=https://www.geekwire.com/2022/redfin-will-implement-internal-fair-housing-monitoring-system-as-part-of-4m-legal-settlement/ | title=Redfin will implement internal fair housing monitoring system in $4M legal settlement | first=TODD | last=BISHOP | work=GeekWire | date=May 2, 2022}}{{Cite news | url=https://thedailyrecord.com/2022/04/29/redfin-settles-lawsuit-alleging-housing-discrimination/ | title=Redfin settles lawsuit alleging housing discrimination | agency=Associated Press | work=Daily Record | date=April 29, 2022}}
Awards
In July 2006, Inman News awarded Redfin the Innovator Award for the Most Innovative Business Model.{{Cite press release | url=https://www.prweb.com/releases/redfin/1/prweb418140.htm | archive-url=https://web.archive.org/web/20060810170949/http://www.prweb.com/releases/Redfin/1/prweb418140.htm | url-status=dead | archive-date=August 10, 2006 | title=Redfin Wins Innovator of the Year Award From Inman News at Real Estate Connect | publisher=PR Web | date=July 30, 2006}}
In May 2010, Redfin won the Seattle 2.0 award for "Best Startup".{{cite news | url=https://xconomy.com/seattle/2010/05/20/redfin-bonanzle-tisbest-win-seattle-2-0-awards/ | title=Redfin, Bonanzle, TisBest Win Seattle 2.0 Awards | first=Gregory T. | last=Huang | work=Xconomy | date=May 20, 2010}}
In October 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.{{cite news | last=Shontell | first=Alyson | title=The 2012 Digital 100: The Complete List 1-100 | url=https://www.businessinsider.com/the-2012-digital-100-the-complete-list-1-100-2012-9 | work=Business Insider | date=October 3, 2012}}
In July 2013, Inman News awarded Redfin an award for "Most Innovative Brokerage or Franchise".{{cite news | url=https://www.inman.com/2013/07/12/announcing-2013-innovator-awards-winners/ | title=Announcing: 2013 Innovator Awards winners | work=Bradley Inman | date=July 12, 2013}}
In June 2014, Seattle Business magazine recognized Redfin as the best company to work for in Seattle in the Large Companies category.{{cite web | first=Nick | last=Horton | url=https://seattlebusinessmag.com/workplace/100-best-companies-work-2014-large-companies/ | title=100 Best Companies to Work For 2014: Large Companies | work=Seattle Business Magazine | date=July 2014}}
In December 2019, Redfin was named one of the top tech companies to work for in Seattle by Hired.com.{{Cite news | url=https://hired.com/blog/candidates/5-top-employers-in-seattle-according-to-tech-workers/ | title=5 Top Employers in Seattle According to Tech Workers | first=Napala | last=Pratini | work=Hired.com | date=December 13, 2019}}
See also
References
{{reflist}}
External links
- {{Official website|https://www.redfin.com/}}
{{Finance links
| name = Redfin Corp.
| reuters = RDFN.N
| bloomberg = RDFN:US
| sec_cik = 1382821
| yahoo = RDFN
| google = RDFN
}}
{{Online real estate databases}}
{{Real estate}}
Category:Real estate companies established in 2004
Category:2004 establishments in Washington (state)
Category:American companies established in 2004
Category:Companies based in Seattle
Category:Online real estate databases
Category:Real estate services companies of the United States
Category:Companies listed on the Nasdaq