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Redfin Corporation (RDFN) is a residential real estate brokerage that operates in over 100 markets across the United States and Canada. The company integrates its own agents with proprietary technology to provide faster, better, and more cost-effective real estate services compared to traditional brokerages. Redfin offers a range of services, including home buying and selling, mortgage origination, rentals, and title and settlement services, all aimed at redefining real estate in the consumer's favor.
- Real Estate Services - Facilitates home buying and selling through its own agents and partner agents, offering lower commission rates compared to traditional brokerages.
- Rentals - Provides a digital marketing platform connecting consumers with available apartments and houses for rent across all 50 states and the District of Columbia.
- Mortgage - Originates and services mortgage loans through Bay Equity, selling most loans to third-party investors while retaining some servicing rights.
- Title and Settlement Services - Offers title and settlement services through Title Forward in 27 markets across nine states and the District of Columbia.
- Other Services - Includes ancillary services not categorized under the main segments, enhancing the overall customer experience.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Glenn Kelman ExecutiveBoard | Chief Executive Officer | N/A | Glenn Kelman has been the CEO of Redfin since September 2005 and a director since March 2006. | View Report → |
Anna Stevens Executive | Chief Human Resources Officer | N/A | Anna Stevens has been the Chief Human Resources Officer at Redfin since August 2022. | |
Anthony Kappus Executive | Chief Legal Officer and Digital Revenue Officer | N/A | Anthony Kappus joined Redfin in March 2014 and has been the Chief Legal Officer since May 2021. He also oversees digital revenue. | |
Bridget Frey Executive | Chief Technology Officer | N/A | Bridget Frey has been the CTO of Redfin since February 2015. | |
Chris Nielsen Executive | Chief Financial Officer | N/A | Chris Nielsen has been the CFO of Redfin since June 2013. | |
Christian Taubman Executive | Chief Growth Officer | N/A | Christian Taubman has been the Chief Growth Officer since April 2021, previously serving as Chief Product Officer. | |
Austin Ligon Board | Director | N/A | Austin Ligon has been a director at Redfin since September 2010, known for his experience in scaling CarMax from startup to nationwide operations. | |
Brad Singer Board | Director | Sweetgreen (Board Member), Crown Castle (Board Member) | Brad Singer has been a director at Redfin since March 2022, with previous experience as COO at ValueAct Capital and CFO roles at Discovery Communications and American Tower. | |
David Lissy Board | Chairman of the Board | Chairman of Bright Horizons Family Solutions, Jumpstart (Director), Scripta Insights (Director), BeneLynk (Director), Chair of the Board of Trustees at Ithaca College | David Lissy has been a director at Redfin since February 2018 and Chairman of the Board since July 2020, with extensive leadership experience in child care and education sectors. | |
James Slavet Board | Director | N/A | James Slavet has been a director at Redfin since November 2009, with a background in venture capital and technology leadership. | |
Julie Bornstein Board | Director | Co-founder and CEO of a private technology startup, Sweetgreen (Board Member), WW International (Board Member) | Julie Bornstein has been a director at Redfin since October 2016, with significant expertise in senior leadership roles at online services companies. | |
Kerry D. Chandler Board | Director | Lyra Health (Board Member) | Kerry D. Chandler has been a director at Redfin since August 2020, with a background in human resources leadership at various companies. | |
Robert Bass Board | Director | Groupon (Director), Bowlero (Director), Blackstone Private Credit Fund (Trustee), Blackstone Secured Lending Fund (Trustee), Apex Tool Group (Director) | Robert Bass has been a director at Redfin since October 2016, with extensive experience in public company financial reporting and accounting. | |
Selina Tobaccowala Board | Director | Co-founder and CEO of HomeBoost, Voltus (Board Member), Lazard Growth Acquisition Corp. I (Board Member) | Selina Tobaccowala has been a director at Redfin since January 2014, with a strong background in technology and leadership roles across various companies. |
- Given that your third-quarter volumes were lower than expected and you incurred unanticipated costs leading to missing your profitability target for 2024, how do you plan to achieve profitability in 2025 while increasing marketing spend and competing with aggressive competitors?
- Your market share fell by 2 basis points year-over-year in the third quarter despite efforts to grow, partly due to aggressive advertising by competitors like Homes.com; what specific strategies are you implementing to regain market share, and how will increased ad spending impact your margins?
- With the rollout of Redfin Next resulting in unexpected costs and impacting gross margins, how are you managing these costs, and can you explain how Redfin Next will drive long-term profitability and agent productivity?
- Given the potential changes in the real estate landscape due to the class-action lawsuit against the National Association of Realtors, how is Redfin preparing for possible reductions in buyer agent fees, and what impact do you anticipate on your business model and revenues?
- Considering that your Rentals segment adjusted EBITDA turned from positive $624,000 in the prior year to a loss of $436,000 this quarter despite revenue growth, what steps are you taking to improve profitability in this segment?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Bay Equity LLC | 2022 | Completed with a cash deal valued at $137.8 million (including a $72.5 million premium) and additional escrow deposits for adjustments; the acquisition strategically expands Redfin’s mortgage business by acquiring a full‐service lender licensed in 49 states, supporting its one-stop real estate service goal. |
RentPath | 2021 | Completed through a $608 million cash deal to enter the rentals market; the acquisition brought key digital assets (ApartmentGuide.com, Rent.com, Rentals.com) with significant traffic and revenue, aiming to integrate rental listings into Redfin.com while navigating potential integration challenges. |
Recent press releases and 8-K filings for RDFN.
Rocket Companies to Acquire Redfin in All-Stock Transaction
- Rocket Companies announced it will acquire Redfin, a leading digital real estate brokerage, in an all-stock transaction valuing Redfin at $12.50 per share or approximately $1.75 billion in equity.
- The merger is structured to integrate Redfin's home search platform and real estate services with Rocket’s extensive mortgage origination and servicing capabilities, aiming to streamline the homebuying process.
- As part of the transaction, Rocket Companies will collapse its “Up-C” structure and declare a special cash dividend of $0.80 per share of Class A common stock.