What is Redfin?
Redfin is a technology-powered real estate brokerage that operates across the United States and Canada. The company combines online property search tools with salaried real estate agents to facilitate home buying and selling transactions.
Unlike traditional real estate brokerages, Redfin integrates its website and mobile app directly with its agent services, providing property listings, market data, and transaction support through a single platform.
How Redfin was founded
Redfin was founded in 2004 by Glenn Kelman, David Eraker, Michael Dougherty, and David Selinger in Seattle, Washington. The company initially launched as a website that allowed users to schedule home tours directly online.
In 2006, Redfin began hiring its own agents as full-time employees rather than independent contractors. The company went public on the NASDAQ in 2017 under the ticker symbol RDFN.
What Redfin offers and supports
Redfin provides an online platform for searching homes, viewing property details, and accessing market analytics. The website displays MLS listings, neighborhood information, school ratings, and historical sales data.
The company employs real estate agents who receive salaries plus bonuses rather than traditional commission-only compensation. Redfin also offers mortgage services through Redfin Mortgage, title services through Title Forward, and instant home buying through RedfinNow in select markets.
Redfin charges listing fees that typically range from 1% to 1.5% for sellers who also buy with Redfin, compared to the traditional 2.5% to 3% listing commission.
Use cases for Redfin in real estate
Home buyers use Redfin to search properties, schedule tours through the app, and work with Redfin agents throughout the transaction. The platform provides automated home value estimates, comparative market analyses, and real-time listing updates.
Home sellers list their properties with Redfin agents to access professional photography, 3D tours, and marketing across multiple platforms. Sellers in eligible markets can also use RedfinNow to receive cash offers for quick sales.
Real estate investors and researchers utilize Redfin’s market data tools to analyze pricing trends, inventory levels, and competition in specific neighborhoods or metro areas.
