Exclusive Redfin and RE/MAX Partnership Ends

SEATTLE, May 13, 2019 /PRNewswire/ -- (NASDAQ: RDFN) — A statement from Redfin (www.redfin.com), a technology-powered real estate brokerage:

RE/MAX withdrew today from its corporate partnership with Redfin. Redfin has the utmost respect for RE/MAX as a company, for its agents and leaders. RE/MAX agents who already work as Redfin's partner agents will continue to be our partners, and RE/MAX agents can continue to enroll in our partner program, but Redfin can now enroll partner agents from other brokerages to serve Redfin.com visitors in the U.S. and Canada.

At issue between RE/MAX and Redfin has been Redfin Direct, the new service we're piloting in Boston for Redfin's listing customers to get offers from unrepresented buyers. We had briefed RE/MAX on the technology prior to announcing the partnership, but RE/MAX became concerned that Redfin Direct would undermine the standing of North American buyers' agents.

Redfin understands this concern, as we employ thousands of licensed professionals and believe the vast majority of homebuyers need professional advice, and will happily pay for it. But we also have a duty to get as many offers for our customers' listings as we possibly can, and to give those listing customers the best value. We believe in consumer choices; our mission is to redefine real estate in consumers' favor.

Redfin Direct does this. The reaction to Redfin Direct from our customers, and from consumers at large, has been overwhelmingly enthusiastic. We strive to be good partners, as individual agents negotiating a sale with another party, and as a company. We pride ourselves on the quality of life we offer our agents who, compared to agents at other brokerages, earn more and stay at their brokerage longer.

We believe the only way to advance the careers of agents, at Redfin and ultimately at other brokerages, is to innovate, giving agents the best products to serve customers. This is why we're hopeful that we can develop new partnerships with other brokerages over time, so all of us can help people take advantage of new technologies for selling homes. Our full position on the industry impact of Redfin Direct is here:
https://www.redfin.com/blog/redfin-direct-letter-from-ceo-glenn-kelman/

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.

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SOURCE Redfin

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