Redfin Enters the Boston Market (and gets a new logo)
High-tech real estate brokerage Redfin is bringing its low cost model to the Boston market the company announced yesterday. The company has become famous to buyers, and notorious to real estate agents, over it’s low cost model and rebated commission structure.
While I do not follow the company closely, I do like it’s macro execution. They have targeted high tech cities with very expensive real estate so that commissions at the traditional 6 percent level create a significant disconnect from the work required compared to other parts of the country.
The cities that Redfin supports are Seattle, San Francisco, Los Angeles, Orange County, San Diego and their newest addition Boston. All of these cities have expensive real estate and a population that is more tech savvy than the majority of the country.
The CEO of Redfin, Glenn Kelman, has also been very visible and vocal in the blog world where we think that the tech savvy buyers are frequenting, or at least their Google searches will lead them. The recently published article, The Real Estate Consumer’s Bill of Rights led to a heated debate amongst real estate agents, but for the most part carried the conversation to the next level.
I for one wish them luck. I have long been a proponent of change agents in the real estate market. If they mirror the tech market there will be spectacular flame outs and smashing successes, and in the end the efficiencies brought should benefit the consumer.
And that is the primary goal.
Oh, and the new logo, word has it they were forced to change theirs because Move.com threatened to sue. You have to love corporate gamesmanship.
Redfin’s Old Logo
Move.com’s logo
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