Redfin
Encyclopedia
Redfin is an online real estate brokerage, currently available in the Atlanta, Austin, Boston
, Chicago
, Dallas, Denver, Las Vegas
, Los Angeles
, Orange County
, Phoenix, Portland, Sacramento
, San Diego, San Francisco Bay
, Seattle, and Washington, D.C areas. Redfin combines a real estate search site with real estate agents. Redfin.com’s map search displays homes for sale and information about those homes. Customers use the site to search broker databases, past sales records and third-party appraisals, while the company's local agents handle property access, legal paperwork and negotiations.
Redfin offers buyers up to a 50% rebate (except in Oregon where real-estate laws prohibit it) on the commission paid to the buyer's agent.
, the investment arm of Microsoft co-founder Paul Allen
in May 2006. Redfin CEO Glenn Kelman
accepted a third round of funding for $12 million from Draper Fisher Jurvetson
in July 2007.
, which slowed down the servers, after gaining national exposure by 60 Minutes
http://www.cbsnews.com/stories/2007/05/11/60minutes/main2790865.shtml
rules. Sweet Digs was relaunched in June 2007 with an analytical format, and covers all the markets Redfin serves.
In May, 2010, Redfin wins Seattle 2.0 Award as reported in the Xconomy Seattle news.
In June, 2010, Redfin was named in the Lead411's Hottest Seattle Companies list.
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, Dallas, Denver, Las Vegas
Las Vegas metropolitan area
The Las Vegas Valley is the heart of the Las Vegas-Paradise, NV MSA also known as the Las Vegas–Paradise–Henderson MSA which includes all of Clark County, Nevada, and is a metropolitan area in the southern part of the U.S. state of Nevada. The Valley is defined by the Las Vegas Valley landform, a ...
, Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, Orange County
Orange County, California
Orange County is a county in the U.S. state of California. Its county seat is Santa Ana. As of the 2010 census, its population was 3,010,232, up from 2,846,293 at the 2000 census, making it the third most populous county in California, behind Los Angeles County and San Diego County...
, Phoenix, Portland, Sacramento
Sacramento
Sacramento is the capital of the state of California, in the United States of America.Sacramento may also refer to:- United States :*Sacramento County, California*Sacramento, Kentucky*Sacramento – San Joaquin River Delta...
, San Diego, San Francisco Bay
San Francisco Bay
San Francisco Bay is a shallow, productive estuary through which water draining from approximately forty percent of California, flowing in the Sacramento and San Joaquin rivers from the Sierra Nevada mountains, enters the Pacific Ocean...
, Seattle, and Washington, D.C areas. Redfin combines a real estate search site with real estate agents. Redfin.com’s map search displays homes for sale and information about those homes. Customers use the site to search broker databases, past sales records and third-party appraisals, while the company's local agents handle property access, legal paperwork and negotiations.
Redfin offers buyers up to a 50% rebate (except in Oregon where real-estate laws prohibit it) on the commission paid to the buyer's agent.
Funding
After nearly $1 million in initial financing, Redfin received $8 million second-round funding from Vulcan Inc.Vulcan Inc.
Vulcan Inc. is an investment and project management company founded in 1986 by Paul Allen, co-founder of Microsoft, to manage his investments...
, the investment arm of Microsoft co-founder Paul Allen
Paul Allen
Paul Gardner Allen is an American business magnate, investor, and philanthropist. Allen co-founded Microsoft with Bill Gates...
in May 2006. Redfin CEO Glenn Kelman
Glenn Kelman
Glenn Kelman is the CEO of Seattle-based Redfin, an online real estate brokerage. He was raised in Seattle and graduated summa cum laude from the University of California, Berkeley.-Sources:* by Elizabeth Rhodes, Seattle Times, February 4, 2006...
accepted a third round of funding for $12 million from Draper Fisher Jurvetson
Draper Fisher Jurvetson
Draper Fisher Jurvetson is a venture capital firm based in Menlo Park, California with affiliate offices in more than 30 cities around the world and over $7 billion in capital commitments....
in July 2007.
60 Minutes
On May 13, 2007, Redfin experienced a Slashdot EffectSlashdot effect
The Slashdot effect, also known as slashdotting, occurs when a popular website links to a smaller site, causing a massive increase in traffic. This overloads the smaller site, causing it to slow down or even temporarily close. The name stems from the huge influx of web traffic that results from...
, which slowed down the servers, after gaining national exposure by 60 Minutes
60 Minutes
60 Minutes is an American television news magazine, which has run on CBS since 1968. The program was created by producer Don Hewitt who set it apart by using a unique style of reporter-centered investigation....
http://www.cbsnews.com/stories/2007/05/11/60minutes/main2790865.shtml
Competition
In 2006, CNN reported that Redfin had received threats to 'break their kneecaps' from the competition.Redfin's 'Sweet Digs' blog
In May, 2007, just a few days after being featured on 60 Minutes, Redfin was fined for $50,000 by The Northwest Multiple Listing Service and was forced to shut down its "Sweet Digs" blog, which used to contain reviews of the homes on the market. Northwest MLS pointed out that such reviews are not allowed under MLSMultiple Listing Service
A multiple listing service is a suite of services that enables real estate brokers to establish contractual offers of compensation , facilitates cooperation with other broker participants, accumulates and disseminates information to enable appraisals, and is a facility for the orderly...
rules. Sweet Digs was relaunched in June 2007 with an analytical format, and covers all the markets Redfin serves.
Awards
In July, 2006, Redfin wins "Innovator of the Year" award from Inman News at Real Estate Connect.In May, 2010, Redfin wins Seattle 2.0 Award as reported in the Xconomy Seattle news.
In June, 2010, Redfin was named in the Lead411's Hottest Seattle Companies list.
See also
- National Association of RealtorsNational Association of RealtorsThe National Association of Realtors , whose members are known as Realtors, is North America's largest trade association. representing over 1.2 million members , including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries...
- Comparison of real estate websitesComparison of real estate websitesComparison of real estate web sitesSources: http://www.crunchbase.com/ http://en.wikipedia.org/wiki/Zillow.com http://www.compete.com http://en.wikipedia.org/wiki/Redfin by Bloodhound Blog...
- CondoDomainCondodomainCondoDomain is one of the first web-based real estate brokerages.The company specializes in urban properties and condominiums and is claimed to be one of the first nationwide firms to refund commissions back to the consumer....
- CyberhomesCyberhomesCyberhomes is a real estate website owned by Fidelity National Financial and Lender Processing Services . It lists the most current sales of homes in a neighborhood by similar sales.- History :...
- Eppraisal
- Zillow
- ZipRealtyZipRealtyZipRealty, Inc. is a U.S. real estate company with licensed agents Founded in 1999, the company operates in 35 major markets in 22 states and the District of Columbia. It is incorporated in Delaware and headquartered in Emeryville, California. The company went public in 2004.-See also:*National...
Sources
- A fresh attack on the 6% commission., April 6, 2006, CNN.com
- "Five Ways to Get a Good Deal on a Home," Good Morning America, Aug. 1, 2008
- "Online Start-Up Redfin Saves Home Buyers Money," USA TODAY, June 18, 2008
- "The Last Stand of the 6-Percenters" by Damon Darlin, The New York Times, September 3, 2006
- "Redfin offers one-stop shopping for homes" by Elizabeth Rhodes, Seattle Times, February 4, 2006
- "2 Web Sites Push Further Into Services Real Estate Agents Offer" by Damon Darlin, The New York Times, February 8, 2006.
- "Redfin.com’s Real Estate Consumer’s Bill of Rights: A wolf in sheepskin clothing . . ." by Bloodhound Blog
- "Redfin revolution: In competitive real-estate industry, Redfin model is working" by Elizabeth Rhodes, The Seattle Times, February 24, 2007.
- "Redfin Forced To Shut Down House Reviews" by Mortgage News Daily, May 29, 2007.
- "Stirring Up The Redfin Dust" by Rain City Guide
- "Redfin raises $12 million, eyes D.C., Chicago and Sacramento" by John Cook of Seattle PI, September 6, 2007
External links
- Official website
- Redfin's Facebook page
- Interview with Glenn Kelman, CEO of Redfin via Northwest Innovation