As speculation continues that an IPO may be in the cards for Redfin this year, CEO Glenn Kelman makes a case for the company’s business model on Bloomberg Television’s “Bloomberg Surveillance.”
Kelman says Redfin agents are about six times more productive than traditional agents, enabling the company to earn 30 to 40 percent margins and still refund about $10,000 to consumers when they buy or sell a home.
The major difference between Redfin and traditional brokerages, Kelman says, is that customers are much happier. That’s helped Redfin increase its market share every quarter it’s been in business — the company grows 50 to 60 percent a year, he says. Source: Bloomberg Television.
