Redfin's strategies to adapt in the current real estate market

Glenn Kellman, the CEO of Redfin, discusses the challenges and opportunities in the real estate market. He emphasizes the importance of providing excellent service to high-end customers and adapting to the current market conditions. Kellman highlights that unlike the financial crisis in 2008, the current market is experiencing an inventory shortage due to low mortgage rates, resulting in decreased sales volume. Redfin aims to take advantage of this situation by focusing on online competition and becoming a stronger company in the long term. Kellman believes that mortgage rates will stay high in 2023 but may decrease in 2024, potentially stimulating the market. He also talks about Redfin's new strategy in Los Angeles and San Francisco, offering a flexible commission structure to attract and retain top-performing agents. The goal is to provide agents with the best of both worlds, allowing them to make money from self-source sales while also accessing a large customer base. Redfin's objective is to expand its presence in the luxury market, offering personalized service and instilling confidence in customers.