Redfin just recently revealed its sale to Rocket Home loan, yet it’s the chief executive officer Glenn Kelman’s article revealing the broker agent’s $1.75 billion sale that captured my passion.
On July 1, Redfin revealed that it is now formally component of Rocket Firms, the moms and dad business of Rocket Home loan, which they state will certainly produce an extra incorporated experience from home search to closing. The business sale, initial disclosed in March 2025, covers Rocket-powered home mortgages right into homes detailed on Redfin. The brand-new brand name will certainly be called “Redfin Powered by Rocket.”
Specifically, the merging presents “Rocket Preferred Rates,” which supplies Redfin customers funding with Rocket Home loan either a 1% reduced rate of interest for the initial year or as much as $6,000 in loan provider debts. The deal additionally puts on customers of Redfin-listed homes, giving an one-upmanship for vendors, Redfin claims.
Kelman’s name has actually remained in the information after Compass, in a 60-page claim that sometimes review like a journal, called Redfin an accomplice to Zillow’s supposed personal listings restriction. The Redfin chief executive officer seems like a “Allow me simply talk with the man” type of wheeler-dealer, yet no dice in this late-night exchange.
However the wheeler-dealer I anticipated was not the one I located. Kelman created a truthful and favorably human letter to workers revealing the sale in March 2025, talking about just how company mergings can seem like “us vs. them.” It was a wise monitoring of company tribalism.
” Redfin has actually stayed in its very own globe for a very long time, therefore it’ll be all-natural for us to think about Redfin as “we” and Rocket as “them.” And due to the fact that people are tribal, it might really feel excellent in the minute to develop a feeling people that omits Rocket individuals, or for Rocket people to do that in return. However Rocket individuals will certainly quickly be my individuals, your individuals, our individuals. We are the they. Redfin is the future of Rocket. Rocket is the future of Redfin.”
His most recent article, “The Story of the People,” is equally as human as he defines rolling down the door of the relocating van for this procurement.
Kelman claims early, Redfin desired be a broker agent and not simply a listing site. I envision lots of outsiders watched Redfin as an additional Zillow or completely perplexed it with Realtor.com, neglecting that it was a certified realty broker agent.
Redfin.com offers 50 million site visitors a month, giving “whatever there is to understand about the real estate market,” Kelman creates in the July 1 article. “However we have actually just partially met our name: Redfin is expected to be realty redefined. Discovering a home is still tough. Costs are still high.”
For the document, Kelman has actually been creating post sustaining initiatives to finish pocket listings because September 2024, claiming, “pocket listings become part of our exclusionary past.”
Apparently, he’s kinda understood for this. “Redfin’s chief executive officer has an unusual propensity for supplying vivid quotes and quirky zingers– maintaining experts and financiers captivated, a minimum of, in what’s generally a completely dry and required workout for public firms,” Todd Diocesan of Nerd Cable created.
” I invested half the Super Dish in the restroom or upstairs making nachos due to the fact that I really did not wish to see these rival advertisements.”– Kelman clarified in 2024 that Redfin saw even more site web traffic in spite of competing CoStar Team’s substantial investing on Homes.com advertisements throughout the large video game.
” No one is a lot more worried of Amazon than me. I indicate, those individuals are pets.”– Resolving inquiries regarding a 2019 partnership in between Amazon and Realogy, Kelman used this point of view as context for his viewpoint that the collaboration would not total up to a lot. He was best.
” Redfin counts on innovation, yet innovation by itself is simply a pietistic toaster.”– Kelman stated in a 2019 incomes phone call defining Redfin’s society and technique to advancement.
You recognize what, I like this man. So I contacted Kelman like he was my fifth pen buddy.
” Glenn, you have actually obtained ta have creating in your history due to the fact that you do not seem like a common Silicon Valley man. Due to the fact that your messages, and also the letter revealing the sale, are so individual, I, as a press reporter, really feel inspired to compose this e-mail to a $2-billion business chief executive officer, asking where your voice for creating originates from. Why do you compose in such an individual means and what has been the reaction?”
I really did not sign-off the letter TTYL yet I could too have. Awkward.
So much, no reaction. Probably, he reviewed my message, thought of responding momentarily, and removed it like any kind of rational technology officer would certainly.
