BrokerageIndustry News

Redfin turns first monthly profit

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Online brokerage Redfin says it turned its first ever monthly profit in June, attributing the milestone to increased market share, improved profit margins, and the seasonal boost in homebuying during the summer.Neither the press release nor blog post by company founder and CEO Glenn Kelman provided dollar amounts for profit and revenue.But Redfin said revenue was up 41 percent from a year ago, and that the company Web site has experienced 300 percent year-over-year growth in unique visitors. Redfin.com in May cracked a list of top 20 real estate Web sites maintained by Hitwise (see story).The debut of online agent reviews in February increased new clients by 36 percent in one month, Kelman blogged, and a partner program launched the same month "has developed a new revenue source that has already made a small but tangible contribution to profits."Even if Redfin's fortunes see a seasonal decline, "we'll always know that we can go back up," Kelman wrote. "And know...