The folks with Redfin, a full-service brokerage service that utilizes technology, iBuying and partnerships with other real estate businesses, were all smiles when presenting their quarterly updates over the last week or so. Redfin exceeded expectations with a y/y revenue jump of +39% and increased traffic and sales acceleration for the second straight quarter.
Glenn Kelman, Redfin’s founder and CEO, said, “Q2 was a turning point for our company…Our new businesses have guilt the infrastructure and developed the results needed for more rapid expanse, with significant margin gains in mortgage and title and integrated field execution for instant-offers and the brokerage.”
Q2 2019 saw a +27% uptick in visitors to Redfin’s site and mobile app, “…more than four times the traffic of the next nearest brokerage competitor.” The company’s iBuying and mortgage and title services are, according to Kelman, “entering a more aggressive phase of market expansion.”
While accumulating revenue in 2019, Redfin launched its Redfin Direct service in Massachusetts at the beginning of the year and expanded RedfinDirect, a service that lets buyers make offers on Redfin listed homes without agent representation, in Virginia during the spring. Thus far, these Direct listings to unrepresented buyers symbolize only low, single digits within the company’s overall market share, Redfin hopes to in the future “…be able to sell 10% of its listings to unrepresented buyers.”
Redfin’s iBuying vehicle, RedfinNow, also rolled out its offerings to nearly all markets in Southern California and multiple cities in Texas since the beginning of the year. Also Redfin embarked on its partnership with Opendoor in 2019 as well.
Kelman said, “Our goal here at Redfin is to be the one national brokerage provider offering a complete real estate solution…” for all housing consumers, be they partial to “traditional” brokerage services iBuying services and/or standing on their own two feet without an agent via RedfinDirect.