Redfin

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Redfin
Company type
Subsidiary
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Headquarters
Seattle, Washington
,
U.S.
Area served
100+ markets in the United States and Canada
Key people
Glenn Kelman (CEO)
Bridget Frey (CTO)
Chris Nielsen (CFO)
ServicesReal estate agent
Broker
Mortgage origination
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Number of employees
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ParentRocket Companies
SubsidiariesRent Group
Websiteredfin.com

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Redfin headquarters are in the Hill7 Building, in South Lake Union, Seattle

Redfin, a subsidiary of Rocket Companies, provides real estate agent services for buying, selling, and renting homes in the United States and Canada.

History

Redfin was founded in 2004 by David Eraker, Michael Dougherty, and David Selinger. Eraker had dropped out of medical school at the University of Washington for a career in software design, and Dougherty received degrees in electrical engineering and international studies from Yale University.[1][2] David Selinger, an alumnus of Stanford University who had previously led the research and development arm of Amazon's data mining and personalization team, joined Redfin as the third founder and CTO. Selinger helped build Redfin's mapping and real estate data analytics engine.[3]

Redfin launched a map-based real estate search site in Seattle in 2004.[4][5]

In September 2005, Redfin named Glenn Kelman as CEO.[6]

Redfin launched home-buying and selling services in Seattle and the Bay Area in 2006. The following year, Redfin expanded to Southern California, Boston, Baltimore and Washington, DC. Redfin offered flat fee pricing for sellers and commission refunds for buyers.[7][8][9]

In 2011, Redfin launched a tool to allow consumers to see a real estate agent's sales history.[10] After it drew criticism for using inaccurate data, the system was discontinued.[11]

In 2015, Redfin launched the Redfin Estimate, an automated valuation tool, and Book it Now, and on-demand service for home tours.[12][13]

In June 2017, the company began Redfin Now, a home flipping division.[14]

On July 28, 2017, Redfin became a public company via an initial public offering, raising $138 million.[15]

In June 2019, Redfin began allowing buyers to submit offers on homes listed by Redfin's selling agents without using a buyer's agent.[16] A month later, the company partnered with Opendoor, whereby visitors to the Redfin website can request an offer to buy their houses from Opendoor.[17]

Redfin entered the rental market with acquisition of RentPath in 2021.[18]

In June 2022, the company announced layoffs of 8% of its staff.[19]

In November 2022, the company announced additional layoffs of 862 people, or 13% of its staff, and the wind down of its Redfin Now home flipping unit.[20]

In July 2025, the company was acquired by Rocket Companies.[21][22][23]

Acquisitions

Date Acquired Description Cost Source
October 2014 Walk Score Analysis and apartment search tool N/A [24][25]
April 2021 RentPath (now Rent Group) Owner of Apartment Guide, Rent.com, Lovely, and Rentals.com $608 million [26]
April 2022 Bay Equity Home Loans Mortgage lender $137.8 million [27]

Fines and litigation

In May 2007, Redfin was fined $50,000 by the Northwest Multiple Listing Service, and was forced to shut down reviews of homes on the market on its website, prohibited under multiple listing service rules.[28]

In November 2020, a lawsuit by several fair housing organizations accused Redfin of violating the Fair Housing Act by offering fewer services to homebuyers and sellers in minority communities and not offering to sell lower-priced homes because of the lower profits on such sales.[29][30][31] In 2022, the company paid $4 million to settle the lawsuit, changed its policies, and implemented a new internal monitoring system.[32][33]

See also

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content.Rhodes, Elizabeth (September 26, 2004). "A sit-down, flyby real-estate overview". The Seattle Times.
  2. ^ Page Module:Citation/CS1/styles.css has no content.Stone, Brad (March 7, 2013). "Why Redfin, Zillow and Trulia Haven't Killed Off Real Estate Brokers". Bloomberg News.
  3. ^ Page Module:Citation/CS1/styles.css has no content."David Selinger". Entrepreneur.
  4. ^ Page Module:Citation/CS1/styles.css has no content.Stone, Brad (March 8, 2013). "Why Redfin, Zillow, and Trulia Haven't Killed Off Real Estate Brokers". Bloomberg.
  5. ^ Page Module:Citation/CS1/styles.css has no content.Peterson, Samantha (October 25, 2004). "Real Estate Shopping Goes Sky-High". Inman.
  6. ^ Page Module:Citation/CS1/styles.css has no content.Brandt, Libertina (October 4, 2021). "3 Moments That Shaped the Career of Redfin CEO Glenn Kelman". Inman.
  7. ^ Page Module:Citation/CS1/styles.css has no content.Roberts Jr., Glenn (February 6, 2006). "Redfin:Click Here to Buy A Home". Inman.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Burslem, Joel (April 25, 2007). "Redfin Gets a Facelift and Expands Eastward". Inman.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Redfin Snags Another $12 Million in Funding". Inman. July 18, 2007.
  10. ^ Page Module:Citation/CS1/styles.css has no content.Carter, Matt (September 29, 2011). "Redfin Makes Agent Performance Data Available in 14 Markets". Inman.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Carrns, Ann (May 1, 2012). "New Battle on Providing Real Estate Agent Performance Data". The New York Times.
  12. ^ Page Module:Citation/CS1/styles.css has no content.Harney, Kenneth R. (December 9, 2015). "Redfin Launches a Service to Compete with Zillow's Valuation Estimator". Washington Post.
  13. ^ Page Module:Citation/CS1/styles.css has no content.Cook, John (July 7, 2015). "Redfin Unveils 'Book it Now' Service, Giving Home Shoppers Flexibility to Schedule On-Demand Tours on Their Schedules". GeekWire.
  14. ^ Page Module:Citation/CS1/styles.css has no content.SOPER, TAYLOR (June 30, 2017). "Redfin testing 'Redfin Now' service that lets it buy and resell homes directly with customers". GeekWire.
  15. ^ Page Module:Citation/CS1/styles.css has no content.Olick, Diana; Balakrishnan, Anita (July 28, 2017). "Real estate start-up Redfin surges over 44% in IPO: 'We are the Apple of real estate,' CEO says". CNBC.
  16. ^ Page Module:Citation/CS1/styles.css has no content.Zafar, Nina (June 4, 2019). "Redfin's newest online tool cuts out the buyer's agent". The Washington Post.
  17. ^ Page Module:Citation/CS1/styles.css has no content.Clark, Patrick (July 11, 2019). "Opendoor Partners With Redfin to Expand Home-Flipping Reach". Bloomberg News.
  18. ^ Page Module:Citation/CS1/styles.css has no content.Cook, John (February 19, 2021). "Redfin Will Pay $690M to Acquire RentPath, Owner of Rentals.com, Rent.com and ApartmentGuide". GeekWire.
  19. ^ Page Module:Citation/CS1/styles.css has no content.Saric, Ivana (June 14, 2022). "Redfin laying off 8% of its staff". Axios.
  20. ^ Page Module:Citation/CS1/styles.css has no content.BEK, NATE (November 9, 2022). "Redfin to cut 13% of workforce and shut down home-flipping business RedfinNow". GeekWire.
  21. ^ Page Module:Citation/CS1/styles.css has no content."Rocket Companies Completes Acquisition of Redfin" (Press release). PR Newswire. July 1, 2025.
  22. ^ Page Module:Citation/CS1/styles.css has no content."Rocket completes purchase of real estate site Redfin". Detroit Free Press. July 1, 2025.
  23. ^ Page Module:Citation/CS1/styles.css has no content.Williams, Candice (July 2, 2025). "Rocket Companies completes purchase of Redfin". The Columbian. The Detroit News.
  24. ^ Page Module:Citation/CS1/styles.css has no content."Redfin Acquires Walk Score" (Press release). Business Wire. October 22, 2014.
  25. ^ Page Module:Citation/CS1/styles.css has no content.COOK, JOHN (October 22, 2014). "Redfin buys Walk Score, marking first acquisition in company history". GeekWire.
  26. ^ Page Module:Citation/CS1/styles.css has no content."Redfin Completes Acquisition of RentPath for $608 Million" (Press release). PR Newswire. April 5, 2021.
  27. ^ Page Module:Citation/CS1/styles.css has no content.Page, Doug (April 4, 2022). "Redfin Vertically Integrates with Bay Equity Home Loans Purchase". National Mortgage Professional.
  28. ^ Page Module:Citation/CS1/styles.css has no content.Cook, John (May 17, 2007). "Redfin fined $50,000, shuts down home reviews". Seattle Post-Intelligencer.
  29. ^ Page Module:Citation/CS1/styles.css has no content.Johnson, Gene (October 31, 2020). "Fair housing groups sue Redfin with allegations of 'redlining' minority communities". USA Today. Associated Press.
  30. ^ Page Module:Citation/CS1/styles.css has no content.Lerner, Michele (November 2, 2020). "Housing groups sue Redfin, alleging federal discrimination violations". The Washington Post.
  31. ^ Page Module:Citation/CS1/styles.css has no content."A Progressive Real Estate Firm Faces Accusations of Discrimination". Bloomberg News. January 18, 2022.
  32. ^ Page Module:Citation/CS1/styles.css has no content.BISHOP, TODD (May 2, 2022). "Redfin will implement internal fair housing monitoring system in $4M legal settlement". GeekWire.
  33. ^ Page Module:Citation/CS1/styles.css has no content."Redfin settles lawsuit alleging housing discrimination". Daily Record. Associated Press. April 29, 2022.

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