Redfin

Redfin offers an online marketplace to buy and sell real estate and list properties for rent. It also offers a mortgage information and payments calculator and a real estate agent network. The platform provides real-time market updates covering news and Covid-19 impacts in the property sector. It charges a 1.5% listing fee or 1% commission on home purchases or sales through Redfin’s marketplace or agent network. As part of its platform, It launched a ChatGPT plugin that leverages its property database to support property search. The company also launched Redfin Max , a remuneration plan for property agents in San Francisco and Los Angeles. 

As of December 2023, Redfin operates in over 100 markets across US and Canada.

In February 2024, the company launched the Sign & Save program in over 50 markets. Homebuyers who hire a Redfin agent before their second home tour can get a refund of 0.25%–0.5% of the purchase price at closing. To qualify, they must sign a buyer agency agreement with Redfin before their second tour and go under contract within 180 days. The standard refund is 0.25%, while luxury home purchases through Redfin's Premier service qualify for a 0.5% refund. Furthermore, in March 2024, the Sign & Save program expanded to more than a dozen additional markets, including Chicago, Los Angeles, Philadelphia, San Diego, and San Francisco.

In October 2014 Redfin acquired Walk Score, a real estate ranking platform that looks at criteria such as distance to walk or cycle as well as proximity to public transportation, to absorb these functionalities into its own platform. In April 2021, Redfin acquired RentPath, the operator of rental sites ApartmentGuide.com, Rent.com, and Rentals.com, for USD 608 million, in a bid to integrate rental listings of RentPath into its platform by 2022 and draw some traffic from RentPath’s 16 million monthly website visits. Redfin also acquired Bay Equity Home Loans in April 2022, a full-service mortgage lending platform, for USD 137.8 million to offer home financing services on its platform.

For FY2023, Redfin reported a total revenue of USD 976.7 million, compared to total revenue of USD 1.1 billion recorded in FY2022. The company reported a net loss of USD 130.0 million for FY2023, compared to a net loss of USD 321.1 million a year ago.

Key customers and partnerships    

In 2023, Redfin had over 559,000 customers buying or selling homes, with a total worth of USD 281 billion. It also had an average of 50 million monthly visitors on its website and mobile app.

In January 2023, Redfin announced a partnership with WattBuy , an energy software solutions provider, to leverage WattBuy’s energy software technology to add energy cost estimators for over 85 million homes across the US.