Redfin reports first profit |
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Redfin reports first profit
Redfin CEO Glenn Kelman chose last night's "Naked Truth" event in Seattle to reveal some news about his online real estate startup: it's profitable for the first time. Kelman made the comment during a panel-discussion at the Olympic Sculpture Park with the likes of TechCrunch's Michael Arrington, New York Times Technology Editor Damon Darlin, and others.
In an accompanying Redfin press release, Kelman said:
Our agents are top-ten producers in almost every market we serve; our website is a cult. Our customers are raving fans. We have plenty of work to do to make money all year round, and there are lots of risks ahead. But for a company that many predicted would never make money, in an industry as battered as ours, Redfin's first monthly profit is a big milestone.
Redfin has made waves with its online discount brokerage service, which is available in a number of markets (it refunds half of its broker's commission to home buyers). The startup is backed by Madrona Venture Group, Vulcan Ventures and others.
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John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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