After seemingly hearing the “when is Redfin going public?” question floating around industry conversations for years, it appears the answer is here.
In more ways than one.
The real big news is not that they announced their IPO. It’s Now. As in Redfin Now, a competitor to Opendoor.
I have to hand it to them. Redfin Now is smart move. They have a significant, significant advantage over Opendoor (and everyone else except Zillow’s Instant Offers). 20 million monthly visitors. Plus, they have an existing strong value proposition with sellers as a result of the massive buyer pool using their website — and the ability to feature their own listings more prominently. The buyer traffic also bodes well when thinking about their ability to resell the homes they buy directly from sellers quicker than others.
What do you think? Will you buy the stock once it’s public?