Press Release

14 $1 Million-Plus Transactions Already Closed this Year, Another 12 Under Contract, 100% Customer Satisfaction

Online real estate broker Redfin Corporation today reported an increase in high-end homebuyers using Redfin, completing for the first time in its history three transactions in one month worth more than $2 million each, including one transaction that was worth more than $7 million.

To buy homes through Redfin, clients use Redfin.com to search homes for sale and describe offer terms, then work with Redfin's real estate agents to access properties and negotiate transactions. This hybrid of online and personal service has long been popular among early adopters, with approximately two-thirds of Redfin's customers under the age of 36, often buying their first homes. But it wasn't until last month that Redfin's service reached multiple clients buying homes worth more than $2 million.

Since the beginning of the year Redfin has helped 14 customers buy homes worth more than $1 million, with another 12 $1 million-plus transactions already under contract. One hundred percent of these $1 million-plus customers were satisfied with Redfin, and their average commission refund was $33,696. Because of its online business model, Redfin refunds two-thirds of its commission, usually worth two percent of the home price, which across all of its clients has averaged $10,520.

"We had been watching a house that we really liked on Redfin and were ready to make a bid," said Tina Dur, one of Redfin's recent high-end clients buying in the Bay Area. "We called Redfin a few hours before we needed to submit the bid. Our Redfin agent was immediately available and was critical in helping us navigate the rapidly changing mortgage market. For a higher-priced home, Redfin provided outstanding value compared to what we would have paid a traditional broker for the same service."

"We believe the reason for Redfin's increasing success among higher-end clients has been our improving relationships with other agents listing high-end homes, the growth of our reputation for customer service, and our expanded support for home tours," said Redfin CEO Glenn Kelman. "Having completed more than 75 transactions worth more than $1 million in our history, Redfin has become a very safe bet for homebuyers of all stripes."

Redfin has assembled testimonials from some of its high-end customers at http://www.redfin.com/buy-a-home/luxury-homes. The testimonials include:

• "The entire buying process could not have been more user-friendly. We went from the first offer to closing in less than 30 days. Our Redfin team was very professional and service-oriented. The process went so well, we decided to list the sale of our existing home with Redfin. It's more than just a great website." Eric Remensperger, Santa Monica, Calif. Redfin Refund: $48,333.
• "We were very impressed with the quality and value of Redfin's service. Our Redfin team was critical to our home purchase. Their efforts and professionalism are the reason Redfin works for all consumers." John Ouren, Menlo Park, Calif. Redfin Refund: $30,000.
• "We're from the United Kingdom and had very little idea of how to buy a house in the United States. We knew what and where we wanted to buy so we had no problems using Redfin to look for suitable properties, and Redfin's online offer service was self-explanatory. We're particularly grateful for our Redfin agent. He was incredibly helpful, professional and responded very promptly to our issues. It also was very helpful to have the refund to offset some of our closing costs, and then also get a nice refund check later." Elly Phillips, Mountain View, Calif. Redfin Refund: $20,833.

Redfin (www.redfin.com) is the real estate industry's first online brokerage, currently available in the Boston, Chicago, Los Angeles, Orange County, San Diego, San Francisco Bay, Seattle and Washington, D.C. areas. Redfin combines the best real estate search site with local, experienced real estate agents. Redfin.com's map search displays the most homes for sale and information about those homes. Customers who use Redfin to buy or sell properties earn a refund of most of the commission traditionally due their broker, and get full support in paperwork, offer presentation, negotiations and closing. Redfin has the highest customer satisfaction rate in the industry – 96 percent, and is the only brokerage with a 100-percent-customer-satisfaction guarantee. To give the Redfin service a try, visit www.redfin.com; to keep track of our daring exploits visit our blog at blog.redfin.com, or our customer message boards at http://forums.redfin.com.