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RDFN - Redfin Corp
-0.40(-1.22%)9:00:00 PM 1/14/2022
Redfin is a real estate brokerage. The Seattle-based company was founded in 2004, and went public in Aug. 2017. Glenn Kelman is the CEO. Redfin's business model is based on sellers paying Redfin a small fee, either 1 or 1.5% to list the seller's home. This does not include an additional fee charged to the seller to compensate the brokerage representing the buyer. This latter fee usually is in the 2.5-3.0% range. Customers who buy with Redfin are only charged 1% to list their home . Buyers who buy with Redfin also get a portion of the brokerages commission back that can be applied to their closing costs or in the form of a check after they close on their home. Redfin was founded in 2004 by David Eraker, Michael Dougherty, and David Selinger. David Eraker, who had dropped out of the University of Washington's medical school for a career in software design, was inspired by his own real estate misadventures and founded Redfin with hopes of upending the traditional brokerage model. Unlike the other major real estate web portals , which get the majority of their earnings from advertising and lead generation, Redfin operates as a brokerage and makes money when users buy or sell homes with its real estate agents.
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