One third down, two thirds to go
Redfin proudly announced a couple of days ago that they had reached the $10 million mark in rebates to its customers. Good stuff.
They ask the question what would you do with $10 million? The better question might be what would you do with $30 million? (Stay afloat temporarily, I imagine.)
That $10 million also represents one-third of the venture capitalists’ latest infusion of cash from last fall. Of course, one’s only vaguely related to the other – the rebates have come from the pocketbooks of sellers, for the most part, and not the venture capital. But it’s also the venture capital that has kept this enterprise afloat from the beginning.
Redfin also reported that they now have 25 other real-estate businesses in support of their so-called Consumer Bill of Rights. Out of 1.4 million REALTORS nationwide. But it has only been nine months.
Good stuff.
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This article published on Wednesday, January 9th, 2008 at 10:34 am | Contact the editor
Topics: Redfin
About this Columnist (Full Profile)
Jonathan Dalton is a Realtor with RE/MAX Desert Showcase in Peoria, Arizona and is the author of the All Phoenix Real Estate blog as well as a half-dozen neighborhood sites. His partner, Tobey, is a somewhat rotund beagle who sleeps 21 hours a day.
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Hi Jonathan,
As a Redfin blogger and someone who follows the local real estate news, I was confused when I read your $30 million cash infusion statement. I thought the $30M news this fall was about Zillow.
I moused over, and sure enough, the two are confused in the post. Unless I’m reading it incorrectly, and somehow Zillow’s $30M is a benefit to Redfin?
Ruby, I say if it is, I’ll split it with you! Redfin doesn’t need it