Redfin’s closings have gone digital thanks to new partnership

The brokerage's new service will streamline approval process of legal documents

National /
Nov.November 17, 2018 03:00 PM

(Credit: iStock)

Redfin has partnered with online notary service Notarize to allow homebuyers to make purchases entirely online.

The Seattle-based brokerage expects that 10 percent of its November sales will be conducted digitally, according to Inman. Notarize, which launched last year and has raised $30 million from multiple real estate companies, including Lennar and Realogy Holdings, provides an online notary service that allows people to sign legal documents digitally.

The service will be available to Redfin Mortgage customers in Texas, Virginia, Minnesota, Colorado, Washington D.C., Illinois and Pennsylvania.

As the rise of real estate technology floods the industry, similar partnerships seek to streamline traditional processes, by pairing incumbent real estate firms with tech startups. This week, Lennar announced it would partner with home insurance startup, Hippo, which touts discounts up to 25 percent for customers.

Redfin’s partnership announcement comes a week after its third quarter earnings produced lower than expected net income, despite the company bringing in increased revenues. “We are not ending the year market-wide with a bang but with a whimper,” Redfin CEO Glenn Kelman said on the recent earnings call. “Rising rates and high homes prices have caused buyers to be cautious.” [Inman] — David Jeans


Related Articles

arrow_forward_ios
Michael Flavin (Illustration by Kevin Cifuentes for The Real Deal with Getty Images)
Real estate broker Michael Flavin sentenced in fraud scheme
Real estate broker Michael Flavin sentenced in fraud scheme
Silver Lining Ranch in Aspen (Redfin, Illustration by The Real Deal)
Aspen Mansion sells for a steep $69M
Aspen Mansion sells for a steep $69M
145 Reade Street (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Zillow)
Real estate investor lists Tribeca townhouse for first time in 20 years
Real estate investor lists Tribeca townhouse for first time in 20 years
Corcoran's David Mayer and Compass' Augusto Bittencourt (Corcoran, Compass, Getty)
Foreign investors shift real estate strategies as dollar strengthens
Foreign investors shift real estate strategies as dollar strengthens
Ron Burkle and 704 Broadway (Modlin Group, Hugoatyugo/CC BY-SA 3.0/via Wikimedia Commons)
Billionaire Ron Burkle selling Noho penthouse
Billionaire Ron Burkle selling Noho penthouse
Tim Foley (Anywhere, Getty Images)
Anywhere Real Estate’s Tim Foley resigns
Anywhere Real Estate’s Tim Foley resigns
(Illustration by The Real Deal with Getty)
Rising mortgage rates lock out homebuyers, trigger layoffs
Rising mortgage rates lock out homebuyers, trigger layoffs
United Kingdom Chancellor of the Exchequer Kwasi Kwarteng
Turmoil hits United Kingdom mortgage market
Turmoil hits United Kingdom mortgage market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...