Redfin’s closings have gone digital thanks to new partnership

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

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

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