The data behind home searches, market alerts and other listing services in Redfin’s new markets will be provided by Constellation1 Real Estate Data APIs.
Redfin will continue to manage its existing markets’ property data services in-house. Continued growth of the brokerage drove the relationship’s creation, allowing Redfin to onboard its new markets faster.
“Constellation1 Data Services runs via a serverless cloud-based architecture to provide lightning-fast listing data and images. It allows for real-time automation of data processing and scaling capable of processing massive amounts of data quickly and reliably. The plug and play solution utilizes the latest RESO data dictionary and transport protocols,” according to a statement from Constellation1.
Property data does much more than allow for consumers to find available listings. Its behind a number of ancillary but critical brokerage and portal tools. In Redfin’s case, Constellation1’s data engine will run market updates for brokerages, support website listing marketing and consequently, lead-generation efforts. It will also further enhance the Redfin Estimate as it enters new cities.
Constellation1 has become an industry powerhouse of late, acquiring company after company in all aspects of real estate business and building new products to address back-office management to data analytics.
To become a data provider of such an industry-prominent brand will only further cement Constellation1’s place among industry’s most prolific proptechs.
The company’s new and most notable client will use their SaaS (software as a service) data services offering, in part, to augment Redfin’s place within the milieu of national home search, according to Redfin’s Chief Growth Officer, Christian Tuabman.
“Our partnership with Constellation1 will accelerate our market expansion, allowing Redfin to become a truly national search destination much faster than we could have via our own engineering resources,” said Taubman. “Data accuracy has always been a core part of Redfin’s consumer experience.”
Publicly-traded Redfin has become known for its discount brokerage services, but its industry footprint bleeds into a number of categories, including industry analysis and forecasting.
In April, it acquired California-based national mortgage lender Bay Equity home Loans for $137.8 million.
Redfin also bought web-based apartment lister RentPath earlier this year.
Constellation1’s website states its property data covers 90 percent of the Unite States and 75 percent of Canada.
Its data services also incorporate expansive public data on deeds, construction permits, HOAs, foreclosures and other valuable property information assets that can help further define the picture of a market and be used to better marketing.
In an email to Inman, Redfin Communications Manager Alina Ptaszynski said that at the end of 2022, the company covered 87 percent of the US population with search.
“We’re really excited that Constellation1 is going to help us get to all of the remaining markets and MLSs much faster than we could have expanded on our own,” she said.
