title
September 2017   Volume 43, Number 9      
 

1

Real Estate Startup Redfin Gears Up for IPO

Online real estate brokerage Redfin has filed the paperwork for an IPO. Redfin is backed by some of Silicon Valley’s biggest investors and plans to begin trading on the Nasdaq exchange under the ticker symbol “RDFN,” it said in the S-1 filing with the SEC. Redfin initially pegged the size of the offering at $100 million, though that number is likely just a placeholder that will be adjusted later on as the IPO day moves closer.

Seattle-based Redfin was founded in 2005 and is currently run by CEO Glenn Kelman, formerly the co-founder of Plumtree Software, acquired back in 2005 by BEA Systems.

It has become famous as an online real estate brokerage because it actually employs agents to sell properties and charges a lower-than-industry-standard 1.5 percent listing fee. The company says it has helped customers buy 75,000 homes, worth more than $40 billion in total, through 2016.

Revenue at the company has been rising: 2016 revenue was $267 million, up from $187 million in 2015. In 2016, Redfin completed 35,350 transactions compared to 27,492 in 2015.

It has also raised nearly $168 million in venture investment over the years, according to Crunchbase. Vulcan Capital, the investment arm of Microsoft co-founder Paul Allen, who was an early backer and still owns 10 percent of the company.

[return to top]

 

 

 

 

In this issue:

The 10 Fastest Growing Cities in the U.S.

Automation Could Eliminate Real Estate Appraisal Jobs

Life Is Great for U.S. Homesellers

Los Angeles Ranks First as Best City for Global Real Estate Investors

Millennial Homebuyers Are Struggling

Millennials More Likely to Regret Real Estate Choices

Real Estate Startup Redfin Gears Up for IPO

Zillow’s Instant Offers Program Draws Ire From Real Estate Agents

Second Homes Sales Decline as Investment Sales Increase

Nine Highly Salable Factors of Real Estate Property



 


The information presented and conclusions within are based upon our best judgment and analysis. It is not guaranteed information and does not necessarily reflect all available data. Web addresses are current at time of publication but subject to change. SmartsPro Marketing and The Insurance 411 do not engage in the solicitation, sale or management of securities or investments, nor does it make any recommendations on securities or investments. This material may not be quoted or reproduced in any form without publisher's permission. All rights reserved. ©2017 The Insurance 411. Tel. 877-762-7877. theinsurance411.com