Industry News

Redfin admits to minor error in ‘advantage’ report

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Redfin has corrected a mistake that was discovered by a broker who reviewed data that the company used in a report released this week on the company's first year in business, the company has announced. While the company had reported that its buyers in King County, Wash., received a final price of 99.33 percent below the list price and the customers of other brokerages paid 100.23 percent above the list price, there was an error discovered in the reporting of one of the company's 170 King County transactions that were included in the report. "The source of the error was obscure," company CEO Glenn Kelman stated in a Thursday blog post. "One, and only one, of our 170 King County customers offered to allow the seller to keep Redfin's 2 percent commission refund if the seller would lower the price an additional 2 percent (on top of the 2 percent commission savings factored into the price, the house in question still sold for nearly 2 percent below listing price)." The company had claime...