Redfin

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This article may require cleanup to meet Wikipedia's quality standards. Please improve this article if you can. (October 2006)

Redfin is an online real estate brokerage, currently available in the Boston, Chicago, Los Angeles, Orange County, San Diego, San Francisco Bay, Seattle and Washington, D.C areas. Redfin combines a real estate search site with local, experienced real estate agents. Redfin.com’s map search displays the most homes for sale and information about those homes. The company was ranked in 2007 by the Swanepoel Trends Report as one of the Top 10 Trendsetters of 2006.

Customers use the site to search broker databases, past sales records and third-party appraisals, while the company's local agents handle property access, legal paperwork and negotiations.

[edit] Funding

After nearly $1 million in initial financing, Redfin received $8 million second-round funding from Vulcan Inc., the investment arm of Microsoft co-founder Paul Allen in May 2006. Redfin received a third round of $12 million from Draper Fisher Jurvetson in July 2007.^{[citation needed]}

[edit] 60 Minutes

On May 13, 2007, Redfin experienced a Slashdot Effect, which slowed down the servers,^{[citation needed]} after gaining national exposure by 60 Minutes[1]

[edit] Sweet Digs and fine

In May, 2007, just a few days after being featured on 60 Minutes, Redfin was fined for $50,000 by The Northwest Multiple Listing Service and was forced to shut down its "Sweet Digs" blog, which used to contain reviews of the homes on the market. Northwest MLS pointed out, that such reviews are not allowed under MLS rules. Story in Seattle Post Intelligencer Sweet Digs was relaunched in June 2007 with an analytical format, and covers all the markets Redfin serves.

[edit] Sources

• "Five Ways to Get a Good Deal on a Home," Good Morning America, Aug. 1, 2008
• "Online Start-Up Redfin Saves Home Buyers Money," USA TODAY, June 18, 2008
• "The Last Stand of the 6-Percenters" by Damon Darlin, The New York Times, September 3, 2006
• "Redfin offers one-stop shopping for homes" by Elizabeth Rhodes, Seattle Times, February 4, 2006
• "2 Web Sites Push Further Into Services Real Estate Agents Offer" by Damon Darlin, The New York Times, February 8, 2006.
• "Redfin.com’s Real Estate Consumer’s Bill of Rights: A wolf in sheepskin clothing . . ." by Bloodhound Blog
• "Redfin revolution: In competitive real-estate industry, Redfin model is working" by Elizabeth Rhodes, The Seattle Times, February 24, 2007.
• "Redfin Forced To Shut Down House Reviews" by Mortgage News Daily, May 29, 2007.
• "Stirring Up The Redfin Dust" by Rain City Guide
• "Redfin raises $12 million, eyes D.C., Chicago and Sacramento" by John Cook of Seattle PI, September 6, 2007

[edit] External links

• Official website
• Redfin's Facebook page
• Interview with Glenn Kelman, CEO of Redfin via Northwest Innovation