Redfin
How Redfin tried to disrupt real estate brokerages by offering lower commissions and tech-enabled agents, and what it reveals about the industry
Redfin's founder Glenn Kelman realized something: real estate agents made their money regardless of whether a house sold quickly or at the right price. The industry standard was two and a half to three percent commission split between buyer and seller agents. This wasn't a fee that had to exist. It was just a number everyone agreed to follow. Redfin hired its own agents, put them on salary, and charged sellers one to one and a half percent. The company kept a smaller cut. The agents worked for Redfin's interests, not their own commissions. When a house sold fast or above asking, the entire organization benefited together. No agent hustling for a quick deal to grab their percentage.
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