{"id":58306,"date":"2024-08-07T03:03:18","date_gmt":"2024-08-07T01:03:18","guid":{"rendered":"https:\/\/housesmarketplace.com\/redfin-ceo-reacts-to-housing-market-with-twilight-zone-conditions\/"},"modified":"2024-08-07T03:03:18","modified_gmt":"2024-08-07T01:03:18","slug":"redfin-ceo-reacts-to-housing-market-with-twilight-zone-conditions","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/redfin-ceo-reacts-to-housing-market-with-twilight-zone-conditions\/","title":{"rendered":"\u0413\u0435\u043d\u0435\u0440\u0430\u043b\u044c\u043d\u044b\u0439 \u0434\u0438\u0440\u0435\u043a\u0442\u043e\u0440 Redfin \u0440\u0435\u0430\u0433\u0438\u0440\u0443\u0435\u0442 \u043d\u0430 \u0440\u044b\u043d\u043e\u043a \u0436\u0438\u043b\u044c\u044f \u0443\u0441\u043b\u043e\u0432\u0438\u044f\u043c\u0438 \u00ab\u0421\u0443\u043c\u0435\u0440\u0435\u0447\u043d\u043e\u0439 \u0437\u043e\u043d\u044b\u00bb"},"content":{"rendered":"
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Redfin<\/strong><\/a> CEO Glenn Kelman said Tuesday on the company\u2019s second-quarter 2024 earnings call that he expects business to improve when the housing market speeds up after mortgage rates come down<\/a>.<\/p>\n

But what is the alternative if rates don\u2019t come down?<\/p>\n

\u201cGreat question \u2014 Plan B is drink our own urine or our competitors\u2019 blood,\u201d Kelman said in response to an analyst\u2019s question during the call.<\/p>\n

Kelman\u2019s cheeky zingers aside, Redfin is in the same position as a lot of brokerages that are struggling with fewer transactions and a frozen market. And there\u2019s justifiable concern as the market has yet to respond to the recent decline in rates.<\/a><\/p>\n

\u201cIt\u2019s been Twilight Zone, man,\u201d Kelman said. \u201cI can\u2019t remember a time when rates came down this far, this fast, and the market has been so muted in its response. I think some of it might just be that it came too late in the homebuying season. If that had happened in April, May, June, when people were raring and ready to go, maybe [homebuyers] would have had a different reaction.\u201d<\/p>\n

Redfin\u2019s Q2 2024 numbers were mixed. Revenue was up 7% year over year to $295.2 million, while gross profit rose 9% year over year to $109.6 million. But the company posted a net loss of $27.9 million, up slightly from $27.4 million a year ago.<\/p>\n

Kelman addressed the impact of the settlement<\/a> that the National Association of Realtors<\/strong><\/a> (NAR) agreed to regarding buyer agent commissions. While Compass CEO Robert Reffkin said last week on his firm\u2019s earnings call<\/a> that commission rates haven\u2019t changed, Kelman said that in markets that adopted new business practice changes ahead of the Aug. 17 deadline, Redfin agent commissions there sank to the lower end of a typical range.<\/p>\n

Redfin said that its recruiting of new agents has picked up in markets where it has implemented the Redfin Next payment plan, which gives agents a more traditional 70% commission split on top of the salary and benefits the company offers.<\/p>\n

Redfin Next launched in October 2023 in San Francisco and Los Angeles, and more than 200 top-producing agents have reportedly joined the brokerage since then. The program is expanding to 25 new markets<\/a> beginning on Aug. 11, bringing it to markets that account for 74% of the brokerage\u2019s revenue.<\/p>\n

The new markets are Austin; Boise, Idaho; coastal North Carolina; Columbus, Ohio; Denver; Fort Myers, Florida; Grand Rapids, Michigan; Indianapolis; Inland Empire, California; Kansas City, Missouri; Memphis, Tennessee; Minneapolis; Nashville; New Mexico; Palm Springs, California; Portland, Oregon; Raleigh; Sacramento; Salt Lake City; San Antonio; Seattle; Spokane, Washington; St. Louis; and Virginia.<\/p>\n

Kelman said that adding agents now will get them seasoned for the upcoming fall homebuying season, provided of course that Redfin doesn\u2019t have to resort to Plan B.<\/p>\n

\u201cWe\u2019ll drink our urine before the blood,\u201d he said. \u201cActually, I wish I just hadn\u2019t said that. I\u2019m a lover, not a fighter.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Redfin CEO Glenn Kelman said Tuesday on the company\u2019s second-quarter 2024 earnings call that he expects business to improve when the housing market speeds up after mortgage rates come down. But what is the alternative if rates don\u2019t come down? \u201cGreat question \u2014 Plan B is drink our own urine or our competitors\u2019 blood,\u201d Kelman […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58306","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nRedfin CEO reacts to housing market with \u2019Twilight Zone\u2019 conditions - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/redfin-ceo-reacts-to-housing-market-with-twilight-zone-conditions\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin CEO reacts to housing market with \u2019Twilight Zone\u2019 conditions - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"Redfin CEO Glenn Kelman said Tuesday on the company\u2019s second-quarter 2024 earnings call that he expects business to improve when the housing market speeds up after mortgage rates come down. 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