Redfin continues its national expansion, possibly positioning for an initial public offering following a $50 million funding round last fall. The Seattle online real estate company announced today that it recently added its home buying and selling service in Las Vegas, adding to the affiliate agents who already operated in “Sin City” on behalf of Redfin.
Redfin — which is adding its own agents in Vegas — operates in 23 markets.
That number does not include three markets that were uncovered earlier this month by GeekWire — Orlando, Norfolk-Hampton and Tucson. Redfin plans to formally announce those markets soon, following the hiring of Redfin agents. It also recently opened for business in Minneapolis.
Interestingly, Redfin has provided its real estate search service and mobile apps in Vegas since 2010. Adding its own agents means Redfin is getting more serious about Vegas, one of the more complex real estate markets in the country.
“Las Vegas is an extremely cyclical market that was hit hard in the recession, but has rebounded and is moving toward increased stability,” said Redfin Regional Director Mark Reitman. “Our agents are excited to help homebuyers and sellers throughout Las Vegas.”
In order to woo Wall Street, Redfin will likely need to prove that it is a national player, with operations in most major U.S. cities. Redfin says that it has saved customers more than $175 million in real estate fees to date. In Vegas, the company said that a homebuyer using Redfin to purchase a $300,000 home would save more than $1,600.
