Redfin Hits $50M Revenue in 2012, Expands Social & Mobile Real Estate Tools
Redfin Collections: A Pinterest-Inspired Home Shopping Experience
Seattle-based online real estate brokerage Redfin has launched Collections, a social sharing feature that revolutionizes how buyers discover homes. This innovative tool allows users to:
- Create curated groups of property photos from active listings
- Share collections with friends or family for collaborative decision-making
- Click directly from photos to full property listings
- Initiate purchases seamlessly through Redfin’s integrated brokerage platform
The visually-driven interface bears resemblance to Pinterest but with a crucial difference: direct integration with Redfin’s home-buying platform.
Mobile Innovation and Market Strategy
During a recent TechCrunch TV interview, CEO Glenn Kelman revealed Redfin’s broader strategy to enhance digital home buying:
- Mobile home touring feature gaining significant user adoption
- Preparing for the seasonal surge in home sales beginning January
- Positioning real estate as a “spectator sport” through engaging digital experiences
Business Growth and Competitive Differentiation
Redfin’s unique brokerage model continues to drive impressive results:
- $50M+ revenue projection for 2012
- 500 employees, predominantly licensed real estate agents
- Distinct from Zillow and Trulia by handling end-to-end transactions
Kelman emphasized Redfin’s strategic advantage: “We’re not just a media company displaying ads. We’re changing the game by providing tangible services that disrupt traditional real estate.”
Future Outlook: IPO Potential
While acknowledging IPO aspirations similar to compe*****s, Kelman remained non-committal on timing:
- Built from inception as a potential public company
- $46M in total venture capital investment to date
- Focused on maintaining independence rather than acquisition
Why Redfin’s Model Matters
Kelman offered insightful commentary on Redfin’s resilience in the evolving digital landscape:
“The media companies’ pain is our gain. We can acquire traffic at lower costs while others struggle. Silicon Valley needs more than ad-driven media companies - we’re here to make traditional industries take notice.”
This hybrid approach combining technology with hands-on brokerage services positions Redfin uniquely in the competitive online real estate market.
For more details on Redfin’s social and mobile initiatives, watch the full TechCrunch TV interview with CEO Glenn Kelman.
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