Redfin to top $50M in sales: Kelman says there’s more to the Internet than ‘just running ads for other people’

Glenn Kelman

Redfin CEO Glenn Kelman popped by the TechCrunch offices earlier today to talk about the company’s new Collections photo service, which we wrote about earlier. But that’s not what caught our attention.

For the first time that I can recall, Kelman disclosed the company’s annual revenues, noting in the interview that Redfin will do north of $50 million this year.

“We think this can be a very large independent company over time,” said Kelman, adding that “there’s a lot of headroom” for Redfin to expand in real estate.

Just how does $50 million compare to some of Redfin’s publicly-traded rivals on the real estate search side?

Well, Zillow, for example, posted $31 million in revenue for the third quarter, while Trulia tallied record revenue of $18.5 million for that same period. Kelman also downplayed comparisons to Zillow or Trulia, noting that Redfin doesn’t really overlap with the media companies, which he must get to 100 million monthly visitors in order to be real businesses. (Zillow stands at just over 30 million monthly uniques).

“Part of what make us special is that we have the best real estate search site on the Web, but we want to do whole friggin’ thing, and take people through the whole transaction, with a real estate agent you can trust,” he said.

He continued, noting additional differences between his company and Zillow and Trulia.

“When people talk about what’s going on with the consumer Internet, they just assume that the consumer Internet consists exclusively of media companies. And there’s got to be more to what we are doing in Silicon Valley than just running ads for other people. Like the reason I came here was to change the game, to be disruptive, to walk down the street, and make traditional industries shake in their boots. And I think if you are just a media company, it is harder to do that…. Both are great businesses, I just think this one is more fun, and it can be a lot bigger.”

Kelman also said that an IPO is something that could occur, adding that they have no intention to be acquired. You can watch the full TechCrunch interview with Kelman here.

Previously on GeekWireRedfin CEO Glenn Kelman sounds warning bell about money-hungry ‘media sites’

  • Guest

    Always great to hear from Redfin! In my opinion Glenn’s running the most disruptive and exciting company in real estate today. Any moron can put together a web site displaying made-up numbers and slap a few ads on it. It takes talent to build a business that’s destroying an embarrassingly inefficient industry.

  • Steve

    Amen guest

  • Mike Mathieu

    I like Redfin, but I don’t know how Glenn can say it’s the best real estate search site on the web when it doesn’t even have Walk Score on it (like Zillow, Windermere, and John L Scott) or Search by Walk Score and Search by Transit Score like Trulia has.
    :)

    • Guest

      As a Redfin customer, I appreciate that Redfin doesn’t throw money away on useless misfeatures like Walk Score. Telling me that a house on a ridge overlooking I-5 is a “Walker’s Paradise” does a disservice to Puget Sound’s ambulatory men and women.

      • Abby G.

        Tell me about it, it’s basically useless in Texas. We drive everywhere and nobody uses transit! Please remove Walkscore from your real estate site if you have it.

  • http://MaptheRoadHome.com/ James Hurley

    My experience with WalkScore is entirely the opposite of other commenters. I moved from an neighborhood with an 85 walkscore in Arlington, VA to one with a 63. I did not know of WalkScore at the time – but it would have helped me to quantify that difference – and I would have stayed in my more walkable area now that I moved somewhere I am more car dependent. It will be one of the first tools I use in my next move. As a homeowner, I have also seen that property values and asking rents in my former neighborhood stayed higher and have grown faster. I’ll think about that next time too.