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Sunday, 19 January 2020
Agent Resource Center
Agent Resource Center

Brad Inman interviews Glenn Kelman, CEO of Redfin

Written by Posted On Thursday, 29 August 2019 05:02

 

Part 3 of Brad Inman's interview with Glenn Kelman, CEO of Redfin.

Part 1: The Next Generation of Real Estate Agents: Agent Survey of Redfin Agents 
Part 2: Presentation by Glenn Kelman, Redfin CEO

Saul's note: 

Most know this, but for those who do not: Redfin is not a Portal in the way Zillow and REALTOR dot com are portals. Redfin is a brokerage. If you sell real estate for others to earn a living, Redfin is your competition.
Redfin has "discount" commission components in its business plan.
Redfin is an I-Buyer
Redfin CEO, Glenn Kelman, is a very emotive guy!

Interview:

Brad: Redfin is constantly innovating. Like the tortoise and the hare....What is Redfin Now? (I-Buyer)

GK: "Redfin Now is Redfin's "I-Buyer" business which is about 3 years old. "It is a crucial competitive advantage as an I-Buyer to also be a broker."

"I am more of a scaredy cat than Eric Woo or Rich Barton. Every time we jump into that water I say "this is crazy, this is crazy!" (Sounds like a scene from National Lampoon's Vacation with Chevy Chase in the pool with Christie Brinkley) :-)

"I think every person who is going to sell a house through a listing agent is going to first want to see the check from Redfin, Zillow or Opendoor."

Brad: What is Redfin Direct?

GK: "So Redfin Direct is a button on our website that lets an unrepresented buyer prepare an offer on a Redfin Listing."

Brad: "It is kind of an insider's sale? Talk about a pocket listing???"

GK: "Most of the listings Redfin has are sold by buyer's agents. The reason we did it was because we were getting more and more offers by unrepresented buyers. Remax has the lowest agent attrition, they are really good."

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Saul Klein

In 1948, doctors told my father that his life aboard submarines on war patrol in the South Pacific and the depth charging he experienced had rendered him sterile. Although controversial and not widely applied, he was treated with an Ayurvedic therapy called “shivambu.” If you are unfamiliar with this term, I recommend you Google it because against all odds, I came to exist.

That was a loony segue into my life but is a fitting precursor to a career that would be just as incredible.

Like my father, I joined the Navy. However, due to a medical inconvenience, I was honorably discharged after 6 years of commissioned service, all on Sea Duty. This was an opportune misfortune that led me down the path to a successful career in real estate. Both my father and grandfather flirted in real estate brokering and flipping part-time, and I followed suit but making a lifelong career out of it.

With over 40 years in real estate, it is impossible to talk about my experiences in this small window. But I can proudly say that I am well-recognized as an industry pioneer, especially in real estate syndication and education, and one of the few luminaries that paved the way for real estate’s transition to the online world.

Some highlights of my life’s work:
● Co-created ePRO, technology certification course that certified 70,000 students
● Created the first online communities for real estate professionals to network, learn, and sell
● Created "Opt Out" Listing Syndication, aggregating over 1.4 Million Listings in 18 months
● Built the #2 National Listing Syndication Service, Point2 Technologies, sold to Yardi in 2010
● Founder of the California Association of Buyer’s Agents
● Member of the first REALTOR.com Team, pre-IPO, responsible for obtaining first 500,000 listings
● Helped Zillow and Trulia build up their MLS data inventory

Today I continue to lead efforts that bring new technologies to the real estate industry. Feel free to reach out and learn more.

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