Redfin’s Q1 revenue declined 45 percent year over year to $325.7 million, as gross profits from its real estate services took a tumble amid a harsh housing market, according to an earnings call Thursday. Continue reading
The portal and online brokerage saw revenue fall 25 percent year over year during the fourth quarter of 2022, and lost a total of $61.9 million, according to an earnings call Thursday afternoon. Continue reading
Weeks after it reported losing nearly $1 billion in the third quarter, the leading iBuying company shook up its top executives. Founder Eric Wu was replaced as CEO by CFO Carrie Wheeler, and President Andrew Low Ah Kee has resigned. Continue reading
The New York-based power buyer had been purchasing homes on behalf of RibbonCash clients who were unable to close a deal with their own financing. Continue reading
As Redfin winds down its operations, Opendoor and Offerpad are the last ones left for the most part — and they’re both struggling. Was iBuying a flash in the pan or is everyone simply looking in the wrong direction? Continue reading
Kelman and other real estate “tycoons” star in a “Shark Tank”-inspired competition called “Buy My House.” The show debuts Friday on Netflix. Continue reading
The move will see Opendoor make cash offers in 17 counties in the two Northeastern states. New York City is not included in the expansion. It also brings Opendoor’s market count to 46. Continue reading
The brokerage and portal company raked in $540 million between July and September, and it saw its losses improve. Continue reading
RJ Jones, head of Keller Offers, told Inman Connect Las Vegas that the increase in iBuyers and alternative transaction models are driving professionalism and give the industry a lot to look forward to. Continue reading
Zillow says it’s facing supply and labor constraints. But other iBuyers, who expressed surprise over Zillow’s abrupt pause, say they aren’t suffering from the same issues. Continue reading