I have had to think about Redfin after Q3 of 2022. Redfin has been my favorite brokerage for years now for a few reasons. I have thought their commitment to the consumer was unshakable, and the desire to save consumers money and to improve things for buyers is written into the DNA of the company. I thought their blend of technology and a W2 employee workforce that makes investment in technology worthwhile was brilliant and bold, if fraught with risk. I thought Glenn Kelman to be one of the smartest visionary CEOs in the industry, and thought his achievement in guiding Redfin from the depths of the GFC and Real Estate Bubble to the heights of the post-COVID madness was amazing.
Over the years, Redfin has pivoted and juked and jived to deal with the challenges of the market, the industry, consumer changes, and competition from all sides. I thought on the whole they did so admirably. In a way, the story of Redfin is the story of proptech innovation in the residential real estate space.