Talk:Redfin

Untitled

Does this article have pertinent information? It looks more like marketing for real estate sites. 199.3.115.254 23:37, 16 August 2006 (UTC)Derek

This company is driving revolutionary change in the real estate industry and is worthy of mention in Wikipedia. Sapin

This article's links to competitors are useful information. --Zipdisc (talk) 06:50, 29 January 2008 (UTC)

Slashdot effect

The day after the 60 Minutes airing, I went to the website and it was temporarily down. I'm not one to speculate but if anyone disagrees with me, Redfin will more than likely verify this event.--Conrad Kilroy 17:00, 27 May 2007 (UTC)

More cities, more funding

Would be good to add the new cities Redfin is in, like Philadelphia () and New York's Long Island and Westchester Counties ()

Also, Redfin's funding includes $10 million from Greylock Partners in November 2009 () and 14.8 million in October 2011 in a round of financing led by Globespan Capital Partners (). ElCorridor (talk) 03:01, 26 April 2012 (UTC)

References

Removing unused sources

I am removing unused sources from the article. Here they are for future reference:

• Interview with Glenn Kelman, CEO of Redfin via Northwest Innovation
• 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

If somebody would like to add them back into the article, please cite them appropriately. --Pinstripepolo (talk) 09:37, 7 February 2013 (UTC)

"No it's not" - disagreement in the opening paragraph?

The "no it's not" bit added here seems pretty unprofessional / unhelpful to actually add to the page - any objections to removing it? Andrew Beveridge 23:51, 29 January 2023 (UTC) — Preceding unsigned comment added by Beveradb (talk • contribs)

Redfin Partner Program

@CNMall41: expressed an objection to include the following. This is a discussion on the matter of Redfin Partner Program

Referral partner program

According to Redfin Corporation Form 10-K filing with the SEC on February 10, 2022, Redfin brokerage employs on average 2,396 genuine Redfin Agents and, concurrently, maintains a series of uniform blanket customer allocation agreements with a network of 10,700 agents from other brokerages, aka Redfin Partner Agents.

In 2017, out of 7,733 of Redfin's real estate transactions originated, its referral network completed 2,041. Redfin Partner Agents agree to pay Redfin 30% of their gross commissions they close referred transactions. Once Redfin refers a customer to a partner agent, that agent, not Redfin, represents the customer from the initial meeting through closing. Referral fees lead to an inefficiency known as "reverse competition", where referring agents compete not for the consumer's attention, but for the attention of Redfin, which steers the consumer toward its network of agents and away from competitors. Such steering may result in lower quality of service or higher commissions, fees, and price levels. Some real estate agents advocate that referral fee agents make consumers a commodity that the referral agent is selling to another agent.

For instance, during Q4 2022 Earnings Call, Glenn Kelman, CEO at Redfin Corporation, openly admitted that farming out customers to "partner agents" perpetually is far more profitable than directly serving these customers: “[t]he percentage of homebuyers served by our partner agents instead of our employees will increase from 37% in 2022 to projected 42% in 2023. We decided to sell more demand to partners after accounting for costs that aren't directly tied to a sale, but that still grow with the number of agents we employ, like the cost of human resources support and training for agents. This decision will not only increase 2023 profits but also limit layoffs and losses in future downturns”

Redfin website states: “Do I have to leave my brokerage to join the Redfin Partner Program? Nope, and that’s the whole idea. You can keep hanging your license at your current brokerage. You'll just get extra referral business from Redfin, too.”

According to US-DOJ, “[h]orizontal customer allocation is an agreement among competitors at the same level of distribution of a product or service that each will service certain designated customers or classes of customers and will not attempt to compete, or will limit the manner in which they will compete, for the business of customers allocated to a competitor” Litesand (talk) 21:12, 25 May 2023 (UTC)

References