Redfin Corp’s Revenue by Segment (2017-2021)

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This statistic highlights Redfin Corp’s Revenue by Segment, split between Intercompany transactions, Properties, Real estate services, Rentals, and Other segments, reported on a quarterly basis from Q1 2017 onwards.
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This statistic highlights Redfin Corp’s Revenue by Segment, split between Intercompany transactions, Properties, Real estate services, Rentals, and Other segments, reported on a quarterly basis from Q1 2017 onwards.

Redfin Corp’s Revenue by Segment

Revenue by Segment Q3 2020 Q2 2021 Q3 2021 Contribution in Q3 2021
Intercompany eliminations  $(0.44)  $(4.40)  $(4.75) -1%
Properties  $19.00  $172.44  $238.41 44%
Real estate services  $209.85  $252.20  $257.80 48%
Rentals  $42.55  $40.41 7%
Other $8.50 $8.52 $8.21 2%
Total  $236.91  $471.31  $540.08 100%

(All figures are in millions, except percentages)

The total revenue of Redfin Corp. rose from $236.91 million in Q3 2020 to $540.08 million in Q3 2021on a year-on-year basis by $303.17 million, i.e., by 128%. It also increased by $68.77 million between Q2 2021 and Q3 2021 quarterly by 14.60%.

Redfin Corp.’s revenue is bifurcated into Intercompany Transactions, Properties, Real estate, Rentals and other segments as described in the following paragraphs:

Intercompany Transactions

The intercompany transactions comprise services performed from the real state services segment for the properties segment of the company.

The intercompany transactions segment contributed negatively to the total revenue of the company. It deducted 1% from the revenue of the company. The loss from this segment increased from $0.44 million in Q3 2020 to $4.75 million in Q3 2021, marking a downward growth of 979% on a year-on-year basis. It also increased between Q2 2021 and Q3 2021 quarterly by 8%.

Properties

The properties segment of Redfin Corp. includes home capitalized improvements, purchases costs, home maintenance expenses, and expenses in selling. The revenue from this segment comprises the revenue earned when the company sells homes that were bought previously directly from the owners of the home.

Revenue from this segment adds 44% to the company’s total revenue as of Q3 2021. It rose abundantly at the rate of 1154% on a year-on-year basis between Q3 2020 and Q3 2021. It also rose from $172.44 million in Q2 2021 to $238.41 million in Q3 2021, marking an upward growth of 38.25% quarterly. It increased at a high rate due to its substantial market presence, consumer cognizance of Redfin Corp., and increase in an ultimatum for Redfin services.

Real Estate services

The primary business activity of Redfin Corp. is the residential real estate business. Their main aim is to re-analyze real-estates in the goodwill of their customer or potential customers. The company competes with various real estate businesses mainly on the prices they offer to their customers to purchase their houses.

The revenue from the real-estate services segment contributes 48% to the company’s total revenue as of Q3 2021. It rose from $209.85 million in Q3 2020 to $257.80 million in Q3 2021 at the rate of 22.84% yearly. It also increased by $5.6 million, i.e., by 2.22% on a quarter-on-quarter basis.

Rentals

Redfin Corp. conducts its rental business by purchasing homes and then renting them to customers. The rental period is generally less than a month for a household.

The revenue from the rentals segment added 7% to the company’s total revenue as of Q3 2021. It sloped downwards from $42.55 million in Q2 2021 to $40.41 million in Q3 2021, marking a decline in revenue by $2.14 million or 5.02% quarterly.

Other

The other segment comprises the fee collected from the origination of mortgage services, settlement of title services, advertising services, walk score data services.

The revenue from the other segment advances 2% to the company’s total revenue as of Q3 2021. It fell from $8.50 million to $8.21 million between Q3 2020 and 2021 by 0.29 million, i.e., by 3.41% on a year-on-year basis. It also fell between Q2 2021 and Q3 2021 by $0.31 million, i.e., by 3.63% quarterly.

About the Company

Redfin Corp. was founded in 2004 in Seattle in the United States of America. It is a technological-driven public company established in the real estate industry. It is a comprehensive service real estate brokerage company and earns commission when the purchase and sale of houses of customers take place with the help of their real estate agents. It sells household properties for extra money and charges less fees from its clients. It provides various offers to its clients and customers such as instant cash offers.

Redfin Corp. is now a spontaneous property buyer, lender, title underwriter, and restorations company. It serves over 100 markets in the United States and Canada. Currently, Glenn Kelman is the CEO of the company. It is traded at the National Association of Securities Dealers Automated Quotations (NASDAQ) under the ticker symbol RDFN.

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