BrokerageTechnology

What’s next for Redfin?

Redfin CEO Glenn Kelman looks at what’s around the bend for the market, for the industry and for his 10-year-old company
  • Lots of learning with on-demand showings, which are going slower than Kelman would like.
  • “Employee model works for us, not sure about anyone else,” he said.
  • Redfin is now in 80 markets and growing.
  • On being more collaborative with the industry: “You grow up and get along. We don’t have to give anyone the middle finger.”

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Glenn Kelman Redfin CEO Glenn Kelman has grown up, and so has his innovative Seattle-based company. He tries new things, he is constantly tweaking his model, and he spends less of his time taking shots at the industry -- showing the kind of maturity that makes for a successful executive. That's one reason why Glenn Kelman is Inman's 2015 Real Estate Executive of the Year. “The market needs Redfin and it needs Coldwell Banker -- neither are going away,” said Kelman. Redfin has a different business model than other real estate brokerages. Its real estate agents earn bonuses based on customer satisfaction, not just commission. The firm also gives part of the commission back to the buyer in the form of a refund. When they help someone sell a home, they charge a fee of 1.5 percent of the price of the home, instead of the typical 3 percent. Kelman talks about the real estate industry differently today than he did a few years ago, when he was a harsh critic of the o...