Redfin’s latest challenge: Defending its employment practices in court
In its bid to steal market share from traditional brokerages, Redfin will mow your lawn. They’ll also take pictures, stage your home, and give it a deep clean.
The Seattle-based real estate technology firm announced that it is bringing a trial of its concierge service to Los Angeles and Washington D.C., according to BusinessWire. Under the service, available for homes priced at $500,000 or more, the company will clean, paint, stage and landscape clients’ houses for a 2 percent listing fee.
Each home will get its own custom plan under the service, but the 2 percent fee does not include commission for the buyer’s agent, which is also generally between 2 and 3 percent.
Redfin, an online brokerage generally seen as a barometer for technology’s ability to disrupt the real estate industry, debuted as a public company in late July, and the company closed its first day on the Nasdaq market at a value of more than $1.7 billion.
The company announced earlier in November that it had generated $109.5 million during the third quarter, which was a 35 percent increase from last year. However, a small inventory hurt potential home sales, and CEO Glenn Kelman told investors that he does “not expect money on the full year.” [BusinessWire] – Eddie Small
