Redfin is a real estate website that blends traditional home buying via agents with online search technology. The agents are paid based on results of satisfaction surveys that customers take whether there was a deal or not. The use of technology accessible to users as well as the emphasis on customer satisfaction places more control in the buyer’s hands. The site can also be used for selling your home with the same features as mentioned above.
A majority of Redfin brokers are young to middle aged. This helps project a more youthful appearance, which is consistent with their focus on technology and their target audience. Their Facebook page indicates that many users (based on “likes”) are first time home buyers as indicated by pictures of young couples and their small children.
Currently Redfin agents are located in multiple major cities. Home buyers and sellers are limited to these markets since, although technically a posting in any city can be made, Redfin still relies on agents to close deals; no agent no deal.
By reimagining the process of home buying and selling, Redfin is not developing a brand new market, but rather attempting to take share (especially younger customers) from traditional establishments such as Century21 and Coldwell Banker. Young customers that have stable incomes from professional careers and who may have young children but are not entirely comfortable entrusting their home buying/selling experience completely to a broker, now have another choice with Redfin. However, these are not their only competitors. Users of sites such as Zillow, which connect buyers and sellers directly without any agents are also part of Redfin’s target market especially due to their use of technology. Redfin is a hybrid between Zillow and Century21 (and the like) and offers their target market the control they desire in the home buying/selling experience but also the guidance and peace of mind that comes with having a broker that has your back.