Today, we all rely on technology to get things done. We have the internet, computers and other machines to help us. Glenn Kelman thought of combining brokerage and online technology and so now we have Redfin. It is a real estate brokerage like Century 21 but you can access it online like E-Trade. They give their clients personal service and the access to online tools to buy a home.

Back in 2006, Redfin’s revenue was just $1 Million, come 2007 it turned to $5 Million, and right now they are saying that their running rate is around $15 Million. A great big leap for them but not for the real estate industry. Redfin represents its buyers and reimburses 50% of the fee they receive back to the buyers. As for selling, they only charge $5,000.00-7,000.00 flat fee. They charge less 5%-6% of the sale price of a home and split it between buy and sell brokers.

Agents and brokers have known about them for quite some time now. CEO Glenn Kelman said they have received “threats, stalking and other disturbing behavior towards their employees and some customers from, apparently, angry real estate professionals”. So right now that their business is doing better, we probably think more these things might get worse. This is one of the greatest news for the rest of us but it will leave the real estate industry shivering.