Comments on: Scarlet Letters and Dying by the Sword http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html Redfin Corporate Blog Sat, 11 Feb 2012 06:50:21 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: NIck http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html/comment-page-1#comment-6041 NIck Tue, 30 Jun 2009 15:13:20 +0000 http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html#comment-6041 thanks for this post. I really appreciate it, and look forward to those best practices! Keep up the good work! thanks for this post. I really appreciate it, and look forward to those best practices! Keep up the good work!

]]> By: After the Great Recession: The End of Funny Business | Redfin Corporate Blog http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html/comment-page-1#comment-5393 After the Great Recession: The End of Funny Business | Redfin Corporate Blog Mon, 16 Mar 2009 16:55:01 +0000 http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html#comment-5393 [...] This is online real estate’s $24,000 question. [...] [...] This is online real estate’s $24,000 question. [...]

]]> By: jezebel http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html/comment-page-1#comment-5385 jezebel Fri, 13 Mar 2009 22:01:01 +0000 http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html#comment-5385 "Redfin’s 2008 traffic grew nearly three times faster than our revenues, so there isn’t a direct correlation between people loving our site and loving our service..." As I've noted before, visitors grew faster than revenue, in part, because of Redfin's droping out of the bottom of the market: no service on short sales, increased minimum transactions, ever-increasing minimum fees, etc. Redfin cannot grow with the market by ignoring entry-level price points, especially since most turnarounds are led by first-time buyers. “Redfin’s 2008 traffic grew nearly three times faster than our revenues, so there isn’t a direct correlation between people loving our site and loving our service…”

As I’ve noted before, visitors grew faster than revenue, in part, because of Redfin’s droping out of the bottom of the market: no service on short sales, increased minimum transactions, ever-increasing minimum fees, etc. Redfin cannot grow with the market by ignoring entry-level price points, especially since most turnarounds are led by first-time buyers.

]]> By: Claudia Gonella http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html/comment-page-1#comment-5338 Claudia Gonella Sun, 01 Mar 2009 23:20:26 +0000 http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html#comment-5338 We're watching from afar (Central America) and your work has been an inspiration to us. We're also trying to balance the hard data / softer internation balance (albeit at a smaller scale). Your openness around your model and strategy is a great contribution to real estate internet entrepreneurs, and not just in the US. We’re watching from afar (Central America) and your work has been an inspiration to us. We’re also trying to balance the hard data / softer internation balance (albeit at a smaller scale). Your openness around your model and strategy is a great contribution to real estate internet entrepreneurs, and not just in the US.

]]> By: Howge http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html/comment-page-1#comment-5332 Howge Thu, 26 Feb 2009 02:06:42 +0000 http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html#comment-5332 Glenn, I really appreciate your final comment about "balance." There's an industry change that's occuring which I think people forget about because they're so focused on the market conditions rather than industry shifts. Malcolm Gladwell's newest book Outliers http://malcolmgladwell.com/outliers/index.html shares stories of success of those who were positioned for success (and failure). I think Redfin is going to be one of those success stories! Thanks for your honest approach. Glenn,
I really appreciate your final comment about “balance.” There’s an industry change that’s occuring which I think people forget about because they’re so focused on the market conditions rather than industry shifts. Malcolm Gladwell’s newest book Outliers http://malcolmgladwell.com/outliers/index.html shares stories of success of those who were positioned for success (and failure).

I think Redfin is going to be one of those success stories! Thanks for your honest approach.

]]> By: hatman http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html/comment-page-1#comment-5315 hatman Fri, 20 Feb 2009 22:12:03 +0000 http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html#comment-5315 Great service IS NOT just suggesting homes for buyers to see - that's a virtual given for all realtors and means nothing. Great service STARTS when there are problems - like my last escrow, when the lender changed the terms to fund the loan at the last minute. The contract was only for $160,000, so the effort I put in to smooth things out probably wasn't even the best use of my time from a purely monetary standpoint, but it sure made my customer happy. I totally respect Redfin, and there is a place for them in the market, but finding the home you want is only the beginning. Great service IS NOT just suggesting homes for buyers to see – that’s a virtual given for all realtors and means nothing. Great service STARTS when there are problems – like my last escrow, when the lender changed the terms to fund the loan at the last minute. The contract was only for $160,000, so the effort I put in to smooth things out probably wasn’t even the best use of my time from a purely monetary standpoint, but it sure made my customer happy.

I totally respect Redfin, and there is a place for them in the market, but finding the home you want is only the beginning.

]]> By: Jim http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html/comment-page-1#comment-5312 Jim Fri, 20 Feb 2009 17:12:50 +0000 http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html#comment-5312 Glenn, I think you should change your pricing model. I've been in the real estate industry from as an affiliate business. Your web site is the best in the industry and it seem like great customer service is a passion. Go for the client that appreciate your technology breakthroughs and great customer service. They will be willing to pay for this. My experience with discount broker is that they are terrible don't put yourself in that category you and your company are better than that. Glenn,
I think you should change your pricing model. I’ve been in the real estate industry from as an affiliate business. Your web site is the best in the industry and it seem like great customer service is a passion. Go for the client that appreciate your technology breakthroughs and great customer service. They will be willing to pay for this. My experience with discount broker is that they are terrible don’t put yourself in that category you and your company are better than that.

]]> By: Glenn Kelman http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html/comment-page-1#comment-5310 Glenn Kelman Fri, 20 Feb 2009 06:09:55 +0000 http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html#comment-5310 I love the idea of being able to support a super-listing for our own clients, or perhaps for home-seller... Great idea Ben! I love the idea of being able to support a super-listing for our own clients, or perhaps for home-seller… Great idea Ben!

]]> By: Ben http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html/comment-page-1#comment-5306 Ben Fri, 20 Feb 2009 03:32:53 +0000 http://blog.redfin.com/blog/2009/02/scarlet_letters_idealistic_swords_and_our_one_true_love.html#comment-5306 At the end of the day, building a great search engine and being the standard for RE websites means that you are building a great brand in RE. The fact that most tech-savvy people post Redfin links shows how many people are using the service. If the costs to your company are marginal to get this mindshare then it will do you well in the long term because more people will come to you first. I think that RE agents put too much focus on what they call 'service'. I don't want my agent to do the property search for me. Redfin give me that technology. I don't have an agent right now but I am looking on Redfin every day for a house. So it is very likely that I will choose Redfin to be an agent when the time comes. I think that a big opportunity for Redfin is in being the listing agent. The 15 low res photos on the MLS are a joke. Let people upload 100 high res photos of their property for sale. The marginal cost to Redfin is very small but the difference in marketing is huge. This plays to the strengths of the company very well I think. At the end of the day, building a great search engine and being the standard for RE websites means that you are building a great brand in RE.

The fact that most tech-savvy people post Redfin links shows how many people are using the service. If the costs to your company are marginal to get this mindshare then it will do you well in the long term because more people will come to you first.

I think that RE agents put too much focus on what they call ‘service’. I don’t want my agent to do the property search for me. Redfin give me that technology. I don’t have an agent right now but I am looking on Redfin every day for a house. So it is very likely that I will choose Redfin to be an agent when the time comes.

I think that a big opportunity for Redfin is in being the listing agent. The 15 low res photos on the MLS are a joke. Let people upload 100 high res photos of their property for sale. The marginal cost to Redfin is very small but the difference in marketing is huge. This plays to the strengths of the company very well I think.

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