Redfin

Redfin is a residential real estate company that provides web-based real estate database and brokerage services. The firm was founded in 2004, and is based in Seattle, Washington. Redfin first launched its home buying and home selling services in 2006. Glenn Kelman is the CEO. When working with homebuyers, Redfin refunds a portion of their commission, thus offering a rebate and saving commission fees. In Missouri, Oregon, and Tennessee, state law prevents them from offering a refund to homebuyers. Redfin charges a 1.5 percent listing fee for home sellers, which is less than the traditional 3 percent fee. Redfin employs its agents directly and pays them a salary, departing from the commission-based compensation structure of traditional realtors, and ties bonuses to customer satisfaction. The company's agents are reviewed after every transaction, successful or failed, with all reviews posted on the site under the agent's online profiles. 2History Redfin was founded in 2004 by David Eraker, Michael Dougherty, and David Selinger. David Eraker, who had dropped out of University of Washington's medical school for a career in software design, was inspired by his own real estate misadventures and founded Redfin with hopes of upending the traditional brokerage mode