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Redfin is profitable and at a 30 million dollar a year run rate…

by Greg Robertson on April 25th, 2010

Kaboom!

Glenn Kelman

After a few beers Glenn Kelman, CEO of Redfin, was interviewed by Michael Arrington on TechCrunch.  Along with one of his investors/board member James SlavetA video of the interview was included with the post and I absolutely loved it. A few things popped out at me that I thought I would share:

1.  It was just great to read/see something positive about the real estate industry in general.

2.  The real estate industry generates 50 billion in commissions every year.  I think I knew that number at one point in my career but forgot it.  50 billion, with a “b”.  So don’t believe it when a Realtor/Broker/Franchise etc. tells you they have no money

3.  I was glad to see that Glenn had calmed down a bit on the Realtor bashing.  To me Redfin is just another business model, in fact discount brokerages have been around forever.  What makes them different is their people, technology, and ability to execute.  It’s a beautiful thing to see a company execute so well.

I’ve met a lot of Glenn’s team, and have been super impressed.  Congrats to everyone and best wishes for continued success!

From → Agent, Broker, Opinion

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