Redfin has announced that it is expanding its investment in its Redfin Now service to transform the experiment into a long-term business.
Through Redfin Now, the company buys homes directly, allowing sellers to get an offer for their home in 48 Hours and cash in as soon as seven days. Since its launch, the service has been operating in the Inland Empire region of Southern California and San Diego.
Redfin has also launched the service in its third market of Orange County. Additionally, Redfin Now is set to launch in two additional markets by the end of the year and a few more in 2019.
As part of the investment, Redfin also said that software engineers will build technology to support the renovation, promotion, and sale of Redfin Now homes.
Quinn Hawkins will head Redfin Now, continuing in the role he started since day one of the experiment. Redfin also announced that it appointed Jason Aleem to run real estate operations for Redfin Now. An eight-year veteran of the company, Aleem initially ran Redfin in Dallas and eventually across all of Texas, Colorado, and New Mexico. He will report to Hawkins.
"After more than a decade of selling homes through a combination of local service and technology, Redfin has become one of the best in the business at getting a high home price for a low fee," Redfin CEO Glenn Kelman said. "Most institutional buyers don’t have the online audience we do, and pure websites don’t have as much operational expertise. All of this should let us give homeowners more money, and buy and sell more homes. As more and more homeowners look to choose between an immediate sale and a brokered sale, offering both choices ourselves is how we can be the first company homeowners call when considering a move.”
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