Redfin’s performance, ability to scale and strong growth in the real estate industry for $50 billion has attracter large investors.
In the middle of December the customer-first real estate brokerage Redfin declared $70.9 million funding in a round led by institutional investors as Glynn Capital Management, LLC and Wellington Management Company, LLP, along with Annox Capital Management and Brothers Brook, LLC. Also there were participants from the November 2013’s $50 million funding round – Tiger Global Management, LLC and T. Rowe Price Associates’ funds and accounts.
Over the last year Redfin doubled the served markets’ number and the received funding will continue the expanding of the Redfin’s consumers’ number – the unique blend of technology and full-service real estate will be made available to even more people. Part of the money will recharge the new technology’s ongoing development – its aim is to make home-selling and buying consumers friendly process.
The CEO Glenn Kelman said that the money will be put to good use. As Redfin’s business grows, their agents become more local and the company’s ability to get the people in home increases quickly. The bigger is the market-share, the bigger pairing efficiency of sellers and buyers will be.
Redfin serves 48 major U.S. markets nowadays. With award-winning mobile tools and website, together with talented team of real estate agents that really put the customers on first place the company is a leader in the end-to-end companies’ category. The company’s agents have completed home sales deals on worth of $20 billion and have saved $200 million in real estate fees to their customers.
The company’s technology started from map-based real estate search. When it was build, it developed to make every step of buying-selling real estate process better. It covers all aspects from the on-the-spot tour-scheduling till the online deal room and targeted digital campaign for each listing.
The on-demand service model that company uses lowers the pressure on its agents. Their bonus comes from the customers’ satisfaction and not on the value of the deal.
The company’s clients save up to $10,000 in fees. Redfin refunds up to 50 percent of the buyer’s agent fee and allows saving of 1.5 percent of the home’s value to a typical client.