Redfin Announces First Profits at Naked Truth Panel
The Naked Truth is a summer event that Redfin hosts with entrepreneurs, investors and journalists to offer pragmatic advice for startups; this year
Redfin began organizing the event in April, before the company could forecast June profits. With 300+% year-over-year growth in unique visitors, Redfin has been the fastest-growing major real estate website in the U.S., but the company's revenues have, until recently, grown more slowly, at 41% year-over-year. The new surge in revenues is partly seasonal, because more people buy homes in summer than winter, and partly due to a market-wide rebound in sales activity over a dismal 2008.
But Redfin has also increased its market-share significantly. Redfin attributes this share increase to its
"The question with Redfin has always been whether Redfin can make money while delivering fantastic service and saving consumers thousands in commissions," said Redfin CEO
About the Naked Truth
The Naked Truth is an annual panel conversation followed by a party. The theme is a topic relevant to entrepreneurs building businesses, and the speakers are respected practitioners in their fields providing real-world insights and metrics, not just consultants or pundits offering their opinions. This year's event is the third in the series; the event has always been free. The last event's theme was how entrepreneurs talk to the media, with journalists from Wired, The Wall Street Journal, TechCrunch and the
Redfin (www.redfin.com) is the real estate industry's first online brokerage, combining a customer-focused team of real estate agents with online tools for making the process of buying or selling a home easy. Redfin is the only major search site to feature listings direct from broker databases as well as for-sale-by-owner and foreclosure properties from across the Internet. The company pays its agents customer-satisfaction bonuses, not commissions, and surveys every client, publishing each survey as well as details on the agent's negotiating performance and deal history. Redfin's service is available in the metropolitan areas of
SOURCE Redfin Corporation
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