Online real estate brokerage Redfin has moved into the Denver market, providing services in some areas directly through its own agent or agents, and through "partner" agents who belong to Redfin’s referral network in others.
Denver is the sixth market the company has entered in the past 12 months, and marks the 16th market overall, the company said in a press release.
Redfin provides commission refunds to buyers, who are expected to do some of their own legwork to find a suitable home. The brokerage provides listings through a virtual office website, or VOW, which includes more in-depth information than is typically found on public-facing MLS sites.
The company has said that a 2008 settlement between the U.S. Department of Justice and the National Association of Realtors would protect its ability to provide VOW listings information, helping Redfin expand into new markets by partnering with other agents. The company announced the launch of its referral network in February 2009.
In Denver, Redfin says it will provide direct service through its own agents in central Denver and extending south to include Englewood, Greenwood Village, Littleton, Lone Tree, Centennial and Highlands Ranch. Redfin will provide services through referral network partners in Aurora, Lakewood and Wheat Ridge.
The company’s website lists one Redfin agent, Michelle Ackerman, in the Denver, Littleton and Englewood markets, and nine referral partner agents.
Redfin’s search site will also include listings in Denver’s northern suburbs, and outlying areas of Boulder, Longmont and Fort Collins.
In a blog post, Redfin CEO Glenn Kelman said Redfin plans to open in "a few more markets" before taking a break in expansion "for a year or two."
In the meantime, he said, most of Redfin’s growth is expected to come from gains in market share. In every market Redfin is in, the company’s market share has grown each year, Kelman said.