What Redfin Got Right (and You Can Too)

Redfin is the brokerage of all modern brokerages. Redfin is certainly not a typical real estate firm, and certainly not an old one at that. After starting in 2004, the company going public (NASDAQ: RDFN) in just 13 years is no feeble accomplishment. Its success stems from the unique business model. For the last couple of years, Redfin has seen consistent revenue growth. In 2016, the company earned $267.2 million in revenue, a 43% leap from the previous year. In just the first quarter of 2017, the company earned $59.9 million, a 44% increase from the winter quarter of 2016.

3 Moves to Borrow from Redfin

1. Leverage your online platformIt may well sound like a given, but you need to use technology in the technology age. Rather often than not, online platforms are not being used to their maximum capacity. Take a page out of Redfin’s playbook and apply it to your online platform and mobile apps to streamline communication with your customers. Marketing trends of 2017 have shown that consumers prize time-efficiency above all else these days. Even more importantly, they are ready to do their own research to make sure the purchase is worthwhile. If you can capitalize on this trend, your business will grow consistently. Just like how Redfin allows its users to make appointments through the mobile app, you can replicate this feature by allowing consumers to make appointments for home tours on any online platform. It saves a lot of your customers’ time, they love you, and you both profit.
2. Take advantage of virtual realityConsumers want to know what they are looking at before they make any decisions, so grant them this luxury. One picture is worth a thousand words. An online tour through the house they are considering to purchase will give them a lot more than any written descriptions ever can.
3. Focus on customer satisfactionWhen consumers go shopping now, it is just as much about the purchase they make as it is about how they do it. Redfin got it right by putting customer service on a pedestal. If consumers are happy with your agents, they will surely be more willing to turn to your company again in the future. Furthermore, they won’t mind to put in a good word with their friends and family, as well. Buying or selling a house is not just an ordinary transaction, but often an important milestone in someone’s life. With that in mind, it’s prudent to bonus agents whose past customers bring referrals.