fast pitch forum (redfin)

Redfin: Changing the Game

The Redfin Story

• First we built the best search site• 15% more listings, directly from brokers• 4x the listing data that brokers share• 0 ads, registration requirements

• We hired the best agents & paid ‘em to do the right thing• Top 3 buy-side agents in King County • Customer-satisfaction bonuses, not commissions• Public reviews: every client surveyed, deal or no deal

• Then we got the best results• Better price: $4,000• Lower fees: $7,500

Weeks Agent Spends With Client

Commissions paid by consumers more than doubled from 1995 - 2005Source: California Association of Realtors, "2005 Internet Versus Traditional Buyer Study

Home-Buyer Client Satisfaction

Source: National Association of Realtors, 2004; Redfin 2009 Customer Satisfaction Surveys

Unique Visitors: +287%

Visits Visitors

Revenue: +40% Year over Year

Partner Program: Exceeding Plan

Week Since

Launch

Our Future• Domestic reach: 20% 50%• Increasing market-share: 5% in key

markets• Scalable marketplaces

• Traffic: acquisition• Commerce tools: efficiency• Review system: accountability