Redfin Corp’s Revenue by Segment (2017-2022)

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This statistic highlights Redfin Corp’s Revenue by Segment, split across Real Estate Services, Properties, Rentals and Others segments, reported on a quarterly basis from Q1 2017 onwards.
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This statistic highlights Redfin Corp’s Revenue by Segment, split across Real Estate Services, Properties, Rentals and Others segments, reported on a quarterly basis from Q1 2017 onwards.

Redfin Corp’s Revenue by Segment

This table highlights Redfin Corp’s revenue by segment for Q3 2021, Q2 2021, and Q3 2020.

Revenue by Segment Q3 2020 Q2 2021 Q3 2021 Contribution in Q3 2021
Real Estate Services $209.85 $252.20 $257.80 48%
Properties $19.00 $172.45 $238.42 44%
Rentals $42.55 $40.41 7%
Intercompany Eliminations ($0.44) ($4.40) ($4.75) -0.87%
Others $8.50 $8.52 $8.21 1.52%
Total $236.91 $471.32 $540.09 100.00%

(All figures in millions, except percentages)

The company has six operating segments which are aggregated into three reportable segments namely Real Estate Services, Properties, and Rentals. The company’s key revenue elements are partner revenue, brokerage revenue, rental revenue, properties revenue, and other revenue.

Real Estate Services Revenue

Brokerage Revenue—Brokerage revenue comprises the company’s offer and listing services, where the agents act for home buyers and home sellers. It is a commission-based revenue that is recognized when the brokerage transaction closes. This is done after considering any deductions in regard to the amount of any closing-cost reductions, commission refunds, or promotional offers resulting in material right. The brokerage revenue is affected by many factors such as home-sale prices, commission rates, the mix of brokerage transactions, the number of settled brokerage transactions, and the amount given to customers.

Partner Revenue— It is the revenue earned by the company through fees payments made by partner agents or via other referral agreements. The derived amount is deducted to the extent of payments made by the company to home buyers and home sellers. It is recognized as revenue on the settlement of the transaction. The partner revenue is influenced by many factors such as home-sale prices, commission rates, the number of settled partner transactions, and the amount refunded to customers.

Properties Revenue

The revenue from this segment comprises the revenue attained by selling homes that were formerly bought directly from homeowners. Properties revenue is recognized when the transaction settles on a gross basis, depicting the sales price of the home. The properties contracts contain a single performance obligation with customers that are met on the settlement of the transaction. As and when the transaction closes, all the performance obligations are terminated.

Rentals Revenue

On April 2, 2021, the company acquired RentPath Holdings Inc. for $608 million, mainly to enter into real estate rental markets. This segment mainly comprises revenue earned from subscription-based product offerings for internet listing services, along with digital marketing solutions and lead management. It is recognized as revenue when the customer receives control over the promised service. Generally, the contract of service has a term of less than one year and revenue is recognized on a straight-line basis over the period. Rental contracts are mostly a mix of various subscription services, that are distinct and can be accounted as a separate performance obligation. Commonly, the mix of subscription services is co-terminus and fulfilled concurrently. These contracts do not possess any refund provision, except on the non-performance or breach on the company’s part.

Intercompany Eliminations

Intercompany elimination eliminates revenue, that may be earned from transactions happening within the company’s operating segments, in consolidating the financial statements. It mainly comprises the transactions arising from the services performed by the company’s real estate services segment for the company’s properties segment.

Others

This segment comprises fees earned from title settlement services, advertising, and Walk Score data services. Revenue and fees earned under this segment are recognized when the service is provided.

About the Company

Redfin Corporation is a residential real estate brokerage, assisting people in buying and selling their homes. The company uses its own agents and technologies, to furnish the requirements of the customers, by creating a service experience that is better, faster, and costs less. Founded in 2004, it is now serving customers residing across 95 markets in Canada and the United States. Customer engagement is accomplished by the company through the mobile application and listings-search website. The Company headquarter is based in Seattle, Washington. Its common stock is traded on the “NASDAQ” stock exchange under the ticker symbol “RDFN”. Some of its primary competitors are Costar Group Inc, Newmark Group Inc, First Service Corp, EXP World Holdings Inc, and WeWork Inc.

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