Wednesday, October 6, 2010

Redfin: Great Idea, Not-So-Great Execution

I'm a huge fan of Redfin, the Seattle-based online brokerage company, not so much because they are local to my home city but because their business model is unique and necessary.

Anything that shakes up the competition so strongly that competitors threaten "to break their (Redfin's) kneecaps" is a good for the real estate sales industry which has not caught up with the times.  The basic brokerage business model is caught in the 1950s.  Fixed sales commissions?  That idea went out the window with respect to stock sales in the 1970s but it lingers in the real estate markets putting a major damper on sales and inventory turnover.

So Redfin is fresh and what they are trying to do great.

Then what's the problem?

Simply put, they have a lot of IDIOTS working within the company.

There have been many layoffs at Redfin as you can imagine given the real estate recession.  Unfortunately I feel that the company has been cutting muscle and not fat.  While Redfin is filled with great representatives and executives, I have met more than a few that are arrogant and just plain dumb.  I had a confrontation with one moron in their marketing department this morning who was so obnoxious and ignorant that I'm taking my complaints to senior management, including one of Redfin's major investors, Vulcan Ventures, the capital arm of Microsoft's Paul Allen.

This RETARD, who does not even know the company's own policies or how they are enforced, needs to be severely reprimanded or fired.  Either would suit me as a start to cleaning house on a superb company that needs some quick changes.

I want Redfin to succeed.  I'm a fan.  They have a great concept, a necessary one.  But the company has far too many bad apples who don't properly represent the firm, its core message, or even know the company's own business practices.  Some minor tinkering would make a great company even greater.