Real Estate Industry Shaken by Multi-Million Dollar Settlements
Redfin CEO Glenn Kelman is optimistic about the company's future following the $418 million settlement the National Association of Realtors reached over commission bundling and inflating. Redfin charges a 1% to 1.5% fee for selling and buying on its platform, compared to traditional brokerages' 2.5% to 3%. Despite recent challenges, Redfin saw a surge in listing and homebuyer demand after the settlement news. Kelman believes consumers should have a choice in paying buyer's agents and is confident in the company's business model. However, Redfin is facing its own lawsuits, including one alleging conspiracy to inflate commissions.