The press release department of Redfin has been busy lately, announcing its new mapping technology called MapStats.
In checking local MLS statistics, I see that Redfin has had 7 total sales for 2006 (rather than the 8 mentioned in the Seattle P.I.) 2 sales closed in March, the other 5 just in the last few weeks. These 7 sales totaled approximately $3.8 million dollars in sales. Assuming these were “Redfin Direct” sales and the average commission paid was 3% and they refunded 2/3rds of that to the Buyer, the net profit earned by Redfin during this first quarter of 2006 has been approximately $38,180. Redfin lists 4 managers and 5 agents on staff. I assume they also have software engineers and other support staff, but just counting the 9 employees actually listed on the site, that would be about $3426 in earnings each employee, for nearly 4 months of work, from 9 people.