{"id":76258,"date":"2023-05-25T10:46:07","date_gmt":"2023-05-25T17:46:07","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76258"},"modified":"2025-07-01T05:52:15","modified_gmt":"2025-07-01T12:52:15","slug":"an-update-to-redfins-values","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/an-update-to-redfins-values\/","title":{"rendered":"An Update to Redfin’s Values"},"content":{"rendered":"
Our CEO, Glenn Kelman, sent this email to all Redfin employees on May 24, 2023. For the public posting, we removed links to our intranet.<\/i><\/div>\n
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Dear Redfin, <\/span><\/p>\n

As promised at Redferno, Redfin is updating our values for the first time in 15 years. Many of our values are unchanged: to do the right thing, to put the customer first, to change the game, to treat everyone with respect, to never say \u201cI.\u201d What\u2019s new is our emphasis on profits and performance. Here are the values new and old, side by side:<\/span>\"A<\/p>\n

The Same Mission: Redfin is Real Estate Redefined in Consumers\u2019 Favor\u00a0<\/strong><\/h4>\n<\/div>\n
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This email reviews the key changes to our values, but we should note first that our mission is unchanged. That mission, to redefine real estate in consumers\u2019 favor, is stronger than ever! The primary way we want to make the world better isn\u2019t via occasional acts of corporate philanthropy or activism, but through our daily work to make housing more accessible, affordable, sustainable and fair.<\/span><\/p>\n

That Mission is More Important Than Ever<\/strong><\/h4>\n

People who lose half the equity in their home every time they move should pay lower fees. Families whose whole lives are in transition need someone completely on their side. When we overturn industry efforts to control the information about a home for sale, everyone can have a shot at buying it, and everyone can make better decisions about what it\u2019s worth.\u00a0<\/span><\/p>\n

Our Goal: Values We Can Use to Make Decisions<\/strong><\/h4>\n

But now let\u2019s discuss the values update, highlighting the new values and how we think about each. Redfin\u2019s improving profitability is one rationale for this update, but mostly it\u2019s a reframing of what our values are for: not just an expression of what we care about, but also a basis for decisions we make about employees. When our chief human resources officer, Anna Stevens, set about to develop a consistent, Redfin-wide approach to performance reviews and hiring decisions, her starting point was our values.<\/span><\/p>\n

Our Values Can’t Just Be Aspirational; They Have to Be Useful<\/strong><\/h4>\n

I\u2019ve revered those values as if they were Grandma\u2019s fine china, but Anna wanted to eat off them every day. And she didn\u2019t understand how we could use our values to decide whom to hire, fire, reward or promote if the values didn\u2019t mention results. Our goal with this update is to make Redfin values-driven where it really counts: when we make decisions that affect your career.<\/span><\/p>\n

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Put Customers First<\/span><\/strong><\/p>\n

The standard by which we judge Redfin\u2019s software and service is whether we create a competitive advantage for our customer, not just ourselves. We tell the whole truth about the market, the property, and our own capabilities, even when it costs us a sale.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Putting Customers First: Results, Not Just Priorities<\/strong><\/h4>\n

We\u2019ve always made those decisions based on results; we just never said so in our values. This is why, when the new values talk about putting the customer first, it isn\u2019t just an ethical imperative to prioritize the customer\u2019s needs above our own. It\u2019s now also a referendum on our performance: beyond good intentions, did our software or our service actually create a competitive advantage for our customer?<\/span><\/p>\n

Creating a Competitive Advantage for Our Customers, Not Just Ourselves<\/strong><\/h4>\n

Since housing is the only form of commerce in which customers routinely compete with one another, we have to be able to imagine that, but for a Redfin employee, a customer might not have won her dream home. Whether as an agent, a coordinator, a lender, a title specialist, a designer or an engineer, if you work your whole career here without ever having had that impact, it gets harder to conclude you were a success.*<\/span><\/p>\n

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Find a Way to Win<\/span><\/strong><\/p>\n

Each customer\u2019s success depends on an agent finding an honorable way to win. This is why we hold our employees accountable for results, not effort. Since the rationale for employing our own agents and lenders is better service, we hold each team member to the highest standard.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Finding a Way to Win: An Entrepreneurial Brokerage<\/strong><\/h4>\n

Getting results for our customers depends on a cultural transformation championed by our brokerage leader, Jason Aleem, to imagine every agent as an entrepreneur. In Redfin\u2019s first decade, we created a system based on software and training for selling a home. But what\u2019s even more important than the system are the people in the system, who have to find a way for our customers to win.<\/span><\/p>\n

We Judge One Another on What You Get Done, Not How<\/strong><\/h4>\n

There\u2019s a reason real estate is the most entrepreneurial industry in America: every home and every sale are different. Instead of telling you as employees how to do your jobs, we want to set you free, judging you on results rather than effort, so long as the way we get the result is honorable. We added a new value, find a way to win, to express the entrepreneurialism that Jason has brought to Redfin.<\/span><\/p>\n

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Profits Fund Our Purpose<\/span><\/strong><\/p>\n

Anyone deciding how we spend our time or money has to know which decisions are profitable. Profits sustain the growth of our company, our people and our mission.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

To Broaden Decision-Making, Broaden Responsibility for Profits<\/strong><\/h4>\n

This entrepreneurialism is crucial to our profitability. In Redfin\u2019s early days, most of our business ideas ran through a handful of execs, who were responsible for deciding which ideas would pay off. But now we\u2019ve grown to the point where many of us make decisions about how we spend our time and money, and anyone making those decisions has to have the same understanding of which ones are profitable. This broad responsibility for profits is why profits is now a company-wide value.<\/span><\/p>\n

An Instinct for What Will Make a Difference<\/strong><\/h4>\n

Contributing to our profits doesn\u2019t require a degree in finance, since the costs and benefits of most bets are too speculative to be calculated in a spreadsheet; what\u2019s more important is knowing what customers will pay for, and which efficiency gains would benefit Redfin the most. This value is equal in importance to our mission, because it funds our mission. As anyone who has been involved with a cause knows, what limits the reach of almost any mission is its ability to sustain its own growth.<\/span><\/p>\n

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Culture of Dissent, Bias for Action<\/span><\/strong><\/p>\n

It\u2019s good to identify a problem no one wants to talk about, but also insufficient. Everyone at Redfin can be a leader, proposing and enacting solutions. After we disagree, we commit whole-hog to a decision. Reversible decisions can be made quickly. Small teams can do great things.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Culture of Dissent, Bias for Action<\/strong><\/h4>\n

And then to be profitable, we have to be fast and frugal. That is why this values update also codifies our culture of dissent, to make sure it includes a bias for action. A culture of dissent never appeared in our original values, but it has been often cited since as core to our culture. Redfin has been founded and run by contrarians, and so as we grow, we continually have to make room for contrarians, to explore unpopular ideas and to speak truth to power. I often find myself trying to make sure that the restless, obnoxious punk I once was could thrive at the company I now run.<\/span><\/p>\n

Identify Solutions, Not Just Problems<\/strong><\/h4>\n

But that punk also has to grow up. As important as it is to identify a problem no one wants to talk about, we can\u2019t stop there. Talking about a problem without proposing a solution is just complaining. Dissent without action is paralysis and despair. The best way to solve a problem is to unite behind a decision, even when it\u2019s controversial.<\/span><\/p>\n

United Behind the Solution<\/strong><\/h4>\n

As important as it is to give everyone a voice, we also have to make it easy for a leader to choose a course of action, and clear the way for her tiny team to get the job done. Often when I\u2019m answering questions at an all-hands meeting, I feel like the first half of our culture of dissent has worked better than the second, which is a bias for action. We can do both!<\/span><\/p>\n

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Heart & Soul<\/span><\/strong><\/p>\n

We meet customers after the death of a parent or the birth of a child, at the beginning or end of a relationship or a career, giving them safe passage to a new life. The energy to do all this can only come from joy and love. Like any job, Redfin can be a grind. But the people of Redfin are full of love.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Heart and Soul, After Three Layoffs<\/span><\/strong><\/h4>\n

The final addition to our values is about heart and soul. After three layoffs in ten months, I wondered if leaving out the gooey part was the only honest thing to do. It has always seemed obscene for a CEO to talk about her company as a family when firing people is part of her job. Redfin is a business, not a family, but it can still be a caring business. As I\u2019ve written before, we could become cynical after a layoff and stop trying to care altogether, or even more cynical and say we only pretended to try.<\/span><\/p>\n

Our Caring Culture Has Somehow Endured<\/strong><\/h4>\n

But those of us still here are united by a now-ancient belief that what\u2019s smaller can become bigger, that the only thing more inevitable than love\u2019s failures are its triumphs. I couldn\u2019t update our values without accounting for these facts:\u00a0<\/span><\/p>\n

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  • \n

    Our caring culture didn\u2019t come from me.\u00a0<\/span><\/p>\n<\/li>\n

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    It has been the fundamental way the job has changed me.\u00a0<\/span><\/p>\n<\/li>\n

  • \n

    After all these years I\u2019m still surprised by it; after all our setbacks, I can\u2019t believe it\u2019s still alive.\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n

    BUT IT IS. Every time we talked to employees about different proposals to update these values, that last heart-and-soul value was the one that everyone said we couldn\u2019t leave out.\u00a0\u00a0<\/span><\/p>\n

    Thank You And What’s Next<\/strong><\/h4>\n

    Many thanks to the folks in human resources and the 50+ employees across the company who contributed to this update to our values, especially Arin Bryan. You made it a reflection of all of us, not just me. Stay tuned for updates to our awards programs, promotion criteria and performance reviews, and as always you can call, text or email me with any questions or comments!\u00a0We’ll talk more about the values update in Wednesday’s all-hands meeting, and we’ll also post this message to our blog.<\/span><\/p>\n

    Best, Glenn<\/span><\/p>\n

    <\/div>\n

    * One note on creating a competitive advantage for our customers, for the people who don’t directly serve our customers. Many employees at Redfin, including me, work in roles supporting other employees. We have to be just as resourceful and results-driven in our work. Our goal is to make a difference to our customers, even if that customer is an employee, even if we can\u2019t always calculate its impact on Redfin\u2019s ultimate customer.<\/p>\n

    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Our CEO, Glenn Kelman, sent this email to all Redfin employees on May 24, 2023. For the public posting, we removed links to our intranet. Dear Redfin, As promised at Redferno, Redfin is updating our values for the first time in 15 years. Many of our values are unchanged: to do the right thing, to […]<\/p>\n","protected":false},"author":13210,"featured_media":76260,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[57,1],"tags":[624,14,129],"dashboard":[],"coauthors":[126],"class_list":["post-76258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news","category-uncategorized","tag-company-news","tag-industry","tag-why-i-work-at-redfin"],"acf":[],"yoast_head":"\nAn Update to Redfin's Values - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Redfin is updating its values for the first time in 15 years. 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