Key Partners
- MLSs and realtor associations — listing data and access rules (FACT).
- Partner agents — 5,148 agents at other brokerages as of the FY2024 10-K (FACT).
- Zillow — exclusive multifamily rental listings; $100M upfront, then per-lead fees (FACT).
- Rocket Companies — parent since Jul 1, 2025; deal valued at about $1.74B (FACT).
- Lenders and investors — Bay Equity sold most loans to third-party mortgage investors (FACT, FY2024).
Key Activities
- Operate Redfin.com and the app — 48.1M average monthly visitors in 2024 (FACT).
- Represent buyers and sellers through lead agents — 61,430 transactions in 2024 (FACT).
- Originate and sell mortgages (Bay Equity, $4.56B in 2024) and provide title services (FACT).
- Run rentals marketing (Rent., ApartmentGuide) until the Zillow arrangement restructured it (FACT).
- Integrate with Rocket after Jul 1, 2025 (FACT).
Key Resources
- 48.1M average monthly visitors across site and app in 2024 (FACT).
- 1,765 average lead agents and 4,778 employees at Dec 31, 2024 (FACT).
- $124.7M cash and equivalents at Dec 31, 2024, before the Rocket deal (FACT).
- Brokerage and mortgage licenses; MLS memberships (FACT).
- Rocket parent — Redfin's term loan repaid at the deal (FACT).
Value Propositions
- 1% to 1.5% seller commission vs a more common 2.5% (FACT).
- About $1.8B saved by customers versus 2.5% since 2006 (company claim, FACT as stated).
- Helped customers buy or sell over 621,000 homes worth over $316B through 2024 (FACT as stated).
- Homes listed 39 days on market on average vs 43 industry average in a company-commissioned study (SECONDARY).
- One path from search to agent, loan and title (FACT).
Customer Relationships
- Self-service search and alerts (FACT).
- Lead agent represents the customer from first tour to closing (FACT).
- Partner agent takes over when Redfin's own agents are too busy; Redfin gets a referral fee (FACT).
- Buyer-agency agreements and an early-engagement discount since 2024 (FACT).
- Rentals property managers shifted from subscriptions to Zillow-brokered advertising (FACT).
Channels
- Redfin.com and mobile app (FACT).
- Yard signs and listing marketing — the "marketing power" of representing sellers (FACT).
- Paid and organic search, brand advertising — $114.5M marketing in FY2024 (FACT).
- Rent. and ApartmentGuide sites for rentals (FACT).
- "Redfin Powered by Rocket" co-branding (FACT).
Customer Segments
- Home buyers (free search, pay commission when they buy) (FACT).
- Home sellers — about 44% of brokerage transactions (FACT).
- Renters and property managers (FACT).
- Mortgage borrowers served by Bay Equity, licensed in 48 states and D.C. (FACT).
- Top-10 markets (Boston, Chicago, Seattle, SF, LA and others) were 56% of real estate services revenue (FACT).
Cost Structure
- Cost of revenue $678.8M in FY2024, 65.1% of revenue (FACT).
- Technology and development $163.9M; marketing $114.5M; G&A $235.4M (FACT).
- Loss from operations $155.3M (-14.9% of revenue) (FACT); interest expense $27.8M (FACT).
- Net loss $164.8M in FY2024 (FY2023 — $130.0M) (FACT).
- Stock-based compensation $71.2M in FY2024 (FACT).
Revenue Streams
- FY2024 revenue $1,043.0M, +7%; FY2023 $976.7M (FACT).
- Brokerage $607.5M (+5%); partner $35.3M (-10%); rentals $203.7M (+10%) (FACT).
- Mortgage $139.8M (+4%); title $37.5M (+49%); monetization $19.0M (+35%) (FACT).
- Q1 2025 revenue $221.0M (-2%), net loss $92.5M (FACT, unaudited, last standalone quarter).
- Zillow agreements — $68M of revenue in H2 2025 and $92M in H1 2026, per Rocket (FACT).