RDFN - Earnings call transcript Q2 2024

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Operator

Good day, ladies and gentlemen, and welcome to the Redfin Corporation Second Quarter 2024 Earnings Conference Call.

Our host for today's call is Meg Nunnally, Head of Investor Relations. [Operator Instructions] I would like to now turn the call over to your host, Ms. Nunnally, you may begin.

Meg Nunnally

Thank you. to ended results June welcome the call and quarter second XX, afternoon, Redfin's conference financial for Good XXXX. I'm Investor Meg Relations. of Nunnally, Redfin's Head

CEO; the Glenn CFO. Joining today and our on our Chris me Nielsen, call Kelman, is

filings SEC be on we and our call together the forward-looking. the and related actual turn risk new today's to results our Before statements consider future forward-looking statements and forward-looking to these based our are note in today's may of information We that our materially start, are read of are on we assumptions update events. Any of our with call. in these believe to factors content different. today, expectations light statements or don't Please some statements undertake reasonable, out but assumptions

including are measures, information On our will in this unless we the results. is stated. encourage comparable you of discussing non-GAAP release, year, and measures for course the at review when comparisons financial website available investors.redfin.com call to We reconciliations. measures which this prior GAAP All continuing call, same earnings more our today's non-GAAP related period made related to operations otherwise on our financial present the in most against the directly for

soon a Lastly, and call. transcript the full over remarks on be we audio conclusion Glenn. call turn our after of call I'll replay providing will a available and our also of be to prepared copy With website today's the by will that, the

Glenn Kelman

last adjusted year. for to as we full near breakeven quarter call, were our or range top Redfin's the the of second everyone. hi, on up EBITDA the be setting us and earnings Meg, Thanks, roughly discussed at

had guidance gain. million. breakeven Estate between Services $XXX was adjusted when million would million loss to million revenue to of said quarter be Second million Real and a $XXX $X $XXX was it EBITDA $X compared a we

partner our referrals quarter XXXX, in X.XX% the own of by to agents second agents our in and XXXX share The quarter second to home our year-over-year brokered sales the of of gain increased years. first share through from in X nearly X.XX%

in on We largely X to entirely that XXXX, strength the tested California third expect Entering plan of to to January pay markets gains Next, expect Redfin the commissions agents the we Redfin be XXXX. these on continue Next wide. quarter, in

the basis for in brokerage For our have the plausible share, is at of half years, market demand but in first time for-sale monetizing strategy. a we best housing being only accelerations

people home. experts, guidance Rent other our businesses broadening To both include for a online software. Redfin the finance same on our that and began system human to growing resources The is focus rental so January online XXXX, cloud our audience looking on marketplace, in resources integrating -- draw our rentals

XX% with budget. expenses second As operating a year-over-year nearly result, marketing Rent's identical fell quarter a

that businesses digital force began on commissions, entirely the efficient, ready resilient And Rent paid in with more shift in investing of Rent our our series buying In This our seismic into In caps ditched closed tipped business of restructuring changes and Bay began now scale. immediately and the XXXX, and own customers' sales the RedfinNow, of Redfin XXXX, a downturn. one Equity. significant of XXXX, lenders, origination system that business, a loan iBuying favor and favorite we our to of contributing just closed is we in mortgage as we profits. to integration

profits more improved $XX to half first of the by Already, sales of are and but our increased Redfin better. XXXX, fell U.S. homes From of the than revenues X% XXXX half profits million. first existing X%,

with line. most falling of do better. to our expect market recover, to drives to more housing As rentals we bottom the growth we'll and the traffic revenue growth better starts restructuring even brokerage When service, that accelerate

network which tool are and photo rental developed of of will starts, into customers. which artificial to on to owner dive detailed our determine source to self-service let's We also to keep an first with primary of review, the for the new the business websites intelligence finding it their reach that September. imagine applications does apartment let Now show listing our for as of property U.S. homeowners place. post how their to a in redfin.com, new a redecorate which entire always We've

zillow.com. online our we'll from to bringing more we've interest effectively rises traffic to in competed as year-over-year, competitors back mousetrap our consumer own. than current better advertising When grew a realtor.com larger X% This redfin.com second Building have to According campaigns has been quarter of able for our both with even door. largest kept people our visitors to low, hit its budget. buying home and quintuple faster mass ad Comscore, year, media

has first strong California from XXXX redfin.com have sales come gains by X that visitors share Redfin Next, half mostly share competitors, execution. piloted the year-over-year. X basis from Though points our markets In increased

margin agent same the our agents. Next but customers the redfin.com, closed at For sales come that more as salaried from roughly

Redfin our across Rolling third second also the seasonality dampen transition estate their is will to agents' quarter services XXXX income pay out Next losing onetime salaries. real agents margins. for due increasing The and margins lowering now of variability our of

in have can agents full year to seasonal more less been with before summer should months easier the run. volatility in and winter. than Getting Next less busy margins before earn than similar

access XX% in with program hired notice broadly has launched we lead Redfin our homebuyer first a up of given the better tours. past, and a financial All In property contractors spring. to short to we agent we Next customers' Meet more Can less the handle about years us been first the become this to could to You for asked that agents requiring with meeting hire host has more risk disciplined capacity why The

the agents make far better lead Our Redfin than these contractors. case

Save lowering lead contract spring has Nearly from Sign the our lifted have a the for the on bidding since widely program, or for have gain data exchange homebuyer customer who Can but which for new half customers that close if Early every a buyer & commitment be of weeks Meeting rate now asked customer also Save in a sales been that launched to agent time commission. Redfin come prerequisite in this for our on in agent indicates Sign home turn before we engagement agents. more & XXXX, months Meet the the would signed first All You home. larger and our

than more the hired last XXX producers months. over We've top X

May. month, revenue, from lead the XX% we be but Over agents. the that agent is pay will in of our how XXXX XX% in increasing, agents and January next salaried accounted in capital months, up next X to likely keep without This of census markets risk for XX%

of any calling built March of be of is their a usually buyer's the settlement first, buyer's action class to XX, are In recruiting Realtors' to listing, Few changed XX by where the the answer pay. percentage because at have are rules agents second find to commission. homes the for homebuying as may a glad straightforward, agent Negotiations August is offering who the a change, pay to many fixed handful more that many another Changes already on with showing lawsuit, get must to out a local encouraging listing now, compete listings before which The multiple began a negotiable. price. service markets X consider season mandated Association by willing listed in seller age. to brokerage by sellers the a agents is offer sellers buyers' market the reason the complete least National leaving what for shifting been before has ends. to that A commission percentage offered to the rules amount expected the the one stopped is already help favor

Our on an go leaders be XXXX & disclose fees direct could eager with only are, as believing already real outlier prepared more event to Save among industry And the & In become the and as lower Like gain Sign at Redfin have sale more to each sales will of down, that experiments from sales fees program value-oriented aggressive to reforms but homebuyers sellers Save make been beginning listing in first prices. our may Sign if buyer pricing more estate offset the and the that large-scale tour. a use business lower meaningfully share. the fees. we we've with will nearly us late every less already to broker

ancillary the brokerage the Bay our the of brokerage Equity, home their in XX% as from second second in systems quarter To reason can from our money same Bay customers officers. XXXX second even price. lower loss make loan from second customers more of higher, are introducing quarter quarter in a Our the finance we're but to number at million a Equity we first drive businesses investing this the last up XX% in year. improved purchase, quarter in XXXX. for $X.X brokerage the used Of who customers $X.X one profit to adjusted EBITDA million of quarter

our the could extraordinary, Title revenue said part second margin segment title it a for attach quarter We about but our showed talk rarely of display that The be marketplace XX%. XX% money with been routing the other goal has is growth business, segment. performance quarter XX%, above Title Forward, our lender. second directly That above in Forward's than year-over-year rates XX%. website also was to greater earn and Title ads from Forward's we mortgage includes visitors which We've gross long-term

the let's EBITDA which the from $X discuss $X to segment, Before loss revenue market, in of XX% XXXX profit on turning a adjusted quarter second quarter the XXXX, second of the housing in million state a to million of our improved Rental growth.

being XXXX a in increase million a Previously, for first responsible traffic. more the billions sales. unit. remain half to XXXX, Damon Joshua, as losing adjusted $XX profit leading make on to $XX second President, will In Damon but get XX global growth Rent EBITDA its When then get money. for we We've year million the through year worked still this revenue. expect MarketSource, investments will and Redfin Rent. now run of to business of made team will generate more in muted full hired at the years meantime, in Rent After the he strength We new significant in XXXX, traffic,

reduced rentals has the had, because segment been dependence week, until our market market the last on least glad terrible. the been for-sale at for-sale We've

near XX% the shifting debut, XX, XX-year buyers' the significantly X.X% as their this as is even listings tracking to year-over-year, prior. accepted is we from Over decline listings began Yet the down XX% X have of a favor. XXXX. weeks we prepandemic of XX% but low. had rates rising, levels. since is X pending in highest their began been number widening within already in percentage active weeks year XX% dropped the sales price, offer of market Inventory an ease. ending Affordability the noted, July industry-wide and below fell

been impact drop has X.X% about purchase home to levels. competition declines July below X.X% no to rates mortgage first far homebuyers. for year's XX, haven't with XX that so years applications almost mortgage had about April Industry-wide from from Interest mostly time From interest on have rates buying interest reaction increased listings. a demand. no last in It rate been major the fell

redfin.com rates agents, of actually from over last Then that XX finally, And weekends, July weekends. homebuyer the was the X.XX%. compared prior already number yesterday, modest. inquiries our dropped X among prior but increased to X And with declined gain still to offer-writing the activity below only customers the engaged weekend

the distraction growing Agents on presidential is of low and broadening we of anxieties, time number about side. cited the homebuyers that election Monday polled economic offers their on belief our

stuck month. market, the from often shifting on get sellers a asking In last price

rates better even keep an increase. get deal next can they falling, But U.S. should month. home imagine buyers sales While

into should housing XXXX. market is is We Chris. much lead Redfin spring, stronger low that expect Take I to housing stay about also and it and going the next will to a in believe winter to through share. take market rates better the get which away,

Chris Nielsen

Glenn. Thanks,

same $XXX ago. growth. expanded Second profit up marks straight from revenue of quarter gross from second million, year-over-year, X% XX% up year $XXX gross the XX%. quarter of revenue total time, This X% and our organic a million margin was was to At

we production assets attributable amortization, completed in down in year-over-year. primarily decrease to costs. and million as $X with decrease an intangible by expense $X $XX operating their $X million and reductions These The were expenses. $X Total million decrease offset restructuring a was $XXX expenses media a million decrease increase acquired costs the million a in Rent, in were amortization technology personnel million, partially marketing,

was a EBITDA from the loss $X in year. prior flat, Our million of adjusted up

to continue positive adjusted towards steady EBITDA. We make progress

a Our stands loss trailing loss compared $XXX X year million adjusted to million $XX XX-month at EBITDA today, ago. of

expect said, Glenn full we to breakeven adjusted for roughly be As year. EBITDA the

variable larger to how May will backdrop. respond macroeconomic rolling mortgage can makes our lower there's digital and expenses make for months. agent and our we worsened, progress earnings Since We've out seasonally Next, control driving growing reduces market conditions interest slower rates call, been compensation housing have businesses the everything more uncertainty to and We'll quickly on consumers and Redfin around keep which profits. and continue in

add result, the a expect third meaningful quarters. fourth we and As profits to both in

Turning $XX results. year. top from of loss was Net in million compared a the end back at a on loss guidance. the quarter of included $XX time range. net loss loss the guidance to This contemplated million was not was our Net our second $XX continuing million prior million to the gain notes, million to extinguishment $X of of which at operations $XX

$X.XX to range $X with with stock from Our in million. operations year was adjusted million loss from operations $X.XX continuing share attributable our was negative line guidance Diluted was X compared per EBITDA which positive to ago. flat, common of $X continuing

Real our by or X% transactions home X% increase decreased revenue $XXX transaction. revenue a revenue transactions, turning decrease our XX% segment brokerage results. a Services year-over-year. on was by our offset revenue, million increase in Brokerage Now sales revenue from a XX% X% own X% in partner from increase in in up on generated X% transaction. a Estate to agents and partners closed Revenue per in per up brokerage

home for Estate eliminated Real in a driven XXX primarily offset field decrease margin expenses bonuses, and field XXX for XXX with XX.X%, basis replaced in compensation a basis is and points was increase by we've as point expenses bonuses some it year-over-year. touring gross point by personnel basis touring transaction transaction down and and home costs partially employee agents. This Services

sellers. XXX costs there home addition, was home improvement in incurred a In basis increase point behalf and on of

in was was for to real gross positive in services year. million a loss net $XX from down the was $X $X adjusted The marketing higher loss compared margin EBITDA And million prior million, Total attributable and the year. million loss prior of net lower expenses. decrease estate to $X

margin segment posted of rentals for with of rental year growth loss Total quarter was million, its XX.X% to net growth compared was seventh gross of Rental's straight Our $XX a revenue XX.X% ago. for million, million, EBITDA adjusted of the rental prior year. up a Adjusted from the in $XX $X straight quarter of the positive EBITDA. loss million $X segment's marking second quarter net fourth XX%. was

up Net year. of XX.X% result our of gross $X was for loss in the million to nil guidance compared up mortgage loss year. XX.X%, X% segment was was from a in $XX Mortgage million to was $X $X EBITDA Adjusted a of Our revenue, million a year-over-year. $XX loss generated Mortgage in This margin million, year prior range within million $XX positive from ago. million. prior the up

million was income Total was prior $X $XX and $X in Our title year. a XX.X%, to to revenue businesses other year, from revenue compared $X to our million prior generated prior ago. both as EBITDA margin million million segment year segment the was adjusted in grew. compared of year million digital and gross Other in the the million $XX net XX.X% up compared $X

$XX $XXX financial million, million third Included quarter estate Now be between our to of between between million consolidated and revenue, compared and real million. between million XXXX. $XX to net XXXX. and and million year-over-year $XXX the $X and third services million $XX growth expected within net million. rentals million our the the between between million, loss $XX expected million to is other turning Total of and $XX be $XX is of quarter million representing $XX between million, loss million in $XX expectations between quarter EBITDA XXXX. revenue mortgage be revenue is to X% $XXX Adjusted to revenue compared and and for X% revenue million, Total $XX expected revenue to third total $XX and of $XXX

let's your for open lines questions. Now the

Operator

[Operator Instructions] from Helfstein Jason with Your question first comes Oppenheimer.

Jason Helfstein

under and of the Redfin company How across how just the under estate real I about guess, agents should EBITDA all just majority one. Next then two. of broadly, we segments question then model? are That's about think once margins the gross think traffic real you as should margins leverage Redfin we kind Next? more long-term And estate

you the comments, advertising? title just was And Chris, other then EBITDA may the or from the follow-up. a from said but in strain have

Glenn Kelman

as one, should wouldn't but and be in that years have I be past take similar think We sales don't one. can second sales agents Why sourced There long the become the Next gross entrepreneurial Chris, you redfin.com. first own from profit. we source that and will have margins that on more business, incremental incremental take may gotten their term gross

generate the from gross redfin.com. we on sourced profit is sales can focus Our by

expect gross better from that wanting and lower, efficient There the think margins expect her So agent management. more agents we be we every business fees offset grow need the across A we being industry, settlement week. to and splits might same meet we but can redfin.com-based be pressure some NAR by doesn't faster, from to getting more to profit manager better. with entrepreneurial the or support

there's So some margins. in upside our

our should broadly be And the rentals that efficiently. and running piece an is there's we think asked And been to you've our the marketplace, that then improve also the margins Real businesses, upside This digital of overall looking that about that overall because a Estate right more more you've money just having on puzzle, building of the before, of larger we're the company. get think building trajectory gross Jason, business the issue digital. we Services, more is

is move fixed up having that plan and to steady bottom cost, gross Obviously, profitable the dollars going fixed time. by growing holding margins the way and over company we that become significantly our more less costs with line. a So drop we're do to while growth to should

part? the do you second want Chris, to take

Chris Nielsen

our Jason. seen and is we've in components other place you all segment, then a mentioned, strength is those And terms X core of it really this Sure. that year,

revenue we're time So title from we've business inventory front -- the across put advertisers. well, able in to the and different website different getting advertising plus on the that of both the capabilities been more all is delivering website,

nicely hitting right really are pieces now. both So

Operator

Your next question Zelman & comes from McKeveny Ryan with Associates.

Ryan McKeveny

we Maybe online Redfin in so think slice guess I dice to recruitment versus people new Next and I'm or of industry, ways versus agents or about things. success or for slice on a talk to? we most agents that's is option those we don't those about who that or or can there, the you most the like a ways individual and there But of Next On there's there and whether if agents the who where teams, you're lot finding dice to recruiting the out the all of this the type with? types veterans seems approach can the curious leads when Redfin can appealing efforts industry resonating the Glenn. who that agent Is be characteristic side

Glenn Kelman

Another dimensions there great appeal Ryan. we is X to question. do are Thank Well, the broad. you, that, think

applied So online approach with website, job. systematic gross a maximize we've what learned who But partner profit some given other have a for the set wide from the through Realtor, online of is working experience opportunities, Redfin's of agents opportunities. that whether agents the have they have range Zillow's, program, to

high have different to X be gone to they may very different or There's to different So have rate. they're way websites you to need close X customers to agents. a because going introductions online approach driven just a

to need So to and good. fast be be you need you

Getting deal been experience. just our with the lifetime also important. good great but been with unsurprisingly count, not has has agents, deal velocity that So

really key lately you for have a question. is what So me done

for teams. And then is next dimension I us the think

more the want forming you're by to top other be been new-to-the-industry in We and work to us top teams being already So to effective agents that come any on allows already top double opposed you real together a has producer. those website, some quite to as us and to our when producer work our likely Redfin website down around under for just to with type producers, estate which pilots. develop we teams want a promise that to able

scale has in past, us agents They've let the able will been reagent draw So very and us and for into already to moving well in been that we system that our deep on luxury done the hiring out associate well, know we've roles. segment. except whenever think take a who

top agents pair still combining after we going that quantity. service to we're need levels we can in producers, we've agent, now meet more that so the established XXXX. them And and quality and We think just new with junior

Operator

Your from Ygal next question comes Arounian Citigroup. with

Ygal Arounian

NAR the could that that buy-side here and the of compression you Maybe of some and just is driving and balance like sounds is where fees. you be on on I'll lower base strategy start more on fees it basically the if think kind Glenn, elaborate fees. there sale is per off around expectation kind elaborate case will also on things point trading that of you will can for your that. volume what

Glenn Kelman

Sure.

fee early And experience places those in So offer when may X.XX% was And a to our list is another lower X.X% were it deadline. if X% the in towards it that a that different great like with competitors like the question. if of had one issued their be August X.X% Or be this XX and X.XX%, and they becoming were seems We've markets or have seems which Houston, if it that X.X%, ahead what rules we've Indianapolis and levels number. there another to and is more commission X.XX% common. and property was buyer. it learned moving

have chart, XX. can you come commissions been over really If more selling very since decade down think buyer's at agents. competitive the where they they've look past for agents have tell the been how stable Commissions for you March

people do may that in of I preconceived would preconceived of their when commissions. they spring notions as a early So how agent our those ready make home buyer's listed that be own pressure think some the be is already people had who very set. belief not the much there that will be some to their next on It's notion lift call. home,

that it buyer's has a is mentioned we that factor other market. shifted the just in toward call The

to going that the get when about how if it's another they have that's sellers not pay be to worry an do paying going to now, agent, offers. multiple sellers But careful easier much agent reason amenable have fairly are buyer's because buyer's started offer. right you they to they're So to been

in to price So with where pressure over time. may they've haven't the And And tried the understand have store, we & can at recruit that already them how the that deal. a meet deal the confused customer mostly, And Save commissions mechanism the we see been better been lower where offering we've seems commission. we significantly we've more by And to don't a past they got ones buyers Sign agent. by they They that offer have because their to work. the paying first changed.

And between so over as think our that time, that mean listing buyer share. happens, And may weapon price service we and we that a use gain equilibrate. our to margins the can if service

So on we're making the both. same margin

customer sensitive. who all price is the are that seller most on almost been savings has the the because concentrated Today,

close we're we known So close our rate actually itself website offering use moment would this being a deal the be we them better where because to here more goal drive to value. more demand by off drive for the it of from a need and to just beacon use to customers the of

Ygal Arounian

expecting to I the okay, profitable I'm significantly And significantly but you ahead. years need looks the be what the around maybe margin you here, a understand now, we're clear, not you that being like? talk follow-up profitable to And Maybe guess, about of getting breakeven in but number side. helpful. would there or on right help path a to kind if guys could that get What you to put would the

Glenn Kelman

services here. more and think finish from margins that to the We profit can generate also can online But similar gross in online get scale demand. demand we real we estate of that and I'll do grow. we amount expect can more start, Chris at same

If rate of the National XX at you their as July Realtors of Association numbers, million. was $X.X look annualized

We level since haven't been the lower. at was XXXX that XX% population when

make can out also estate this to it can crank we real digital these if really year. other services more it grow. year, next money So expect businesses But

the monetized completely haven't we So website.

our marketplace. We rentals haven't scaled really

So that businesses we these think there's and brokerage significant overfocused and digital there. on of the other upside now underfocused years on that shifting being are

will the our So about that real to is that take overarching process part of support Part of talked going will the industry that that and of more management even it's But nasty, estate is our don't as and Part to made efficient. make still and is the housing costs. that moves a better. bet is of add there's that? just we're more our share. get we debt gets We to you there. the digital, bet of market be company to get thesis why Chris, there's gotten money lot that continue, can

Chris Nielsen

for be manage really cost, structure the to think fundamentally, more place we of top we tech to really of front, wanted do first one G&A able But thing add grow cost from be will. have continue this to that. brought the in careful, do was the even and I right The the dev and the on to tight down I on costs, where year. and cost business expect just the quarter to on into business rest we second we quarter,

combination us continued allows to down that to it drive growth revenue So costs is holding that of profits. and

Operator

Campbell Your next question Stephens, comes from with Inc. John

John Campbell

Congrats on a great quarter.

On think rate XX-year were rate up market July then want results knows the go modestly you out midpoint, But basically X% of strong. spike I how a respond in sequentially. of you're it a But will to At some XXXX. there's the look for sequential take that's And If It Seattle, guidance decline. fall years out just XX the the estate real there. obviously had some that for your start going to to kind maybe that calling market like a get and top you're like outliers, I back average last big and COVID during over is looks looks seems last revenue, the XXXX. here, in the who it jump like much that. relief really I

expect agents all those start sets you thinking XQ, amount, agent Maybe activity? is struggling market be unpacking I or into August to lead to with the of on how X% up into for square changes conservatism had XX? by market just up Or stage to expecting you fare guidance. in count that XQ, some housing with your that probably with guess, of seasoning down XQ if the a a the could it the little that I'm coming fair bit You but influenced some maybe

Chris Nielsen

Sure.

revenue. guidance we can So on way set is in also customer behavior, always of the but we based see booked what terms

an it's certainly as from lower we somewhat market we're think making July that interest be general, that seen the mortgage pulled and too sitting forward through last so assumption about on market months way, couple more from has thrilled if like. still guidance our the significant of to rates influenced revenue would the with recently. I And And we've the it looks August. here that coming and has slow could That move housing We're take in today that here, and but improving view a not call. is in that what happen, a been on we early make in

Glenn Kelman

I and think far, can't the I the weird mortgage this XXXX remember It's than don't been a its market economist has funnel rates better to little time anyone had in have and Zone, down came you just muted where in dug so we go believe question. purchase it. almost reaction, another when period missed. know that The went it down And have fast, didn't rates classifications man. up, a immediate just I been I else instrumented we but will. Twilight has up been some this remember But response.

John Campbell

the guess viewing like that containment you're I'm -- I EBITDA to Yes. is cost No, the I can really out you've curious mentioning? way, as that's of feel self-help another put market good how much that macro. like roughly guess even lower and if you're as breakeven versus said of you that, this view, And for hit your kind just related rates that you year far to don't color. market still there. consumers react do

Chris Nielsen

is It Help self-help. based not a anything strategy. except isn't Yes. on

Operator

Nagle Your next Bank from question comes Curtis America. of with

Curtis Nagle

question that on a So for point, Glenn, maybe just you. segueing

kind that. rates, down I lot rates, it what to, nonresponse, a costs, the given is to simply help financing, longer rate, enough to take can up, some underlying you highly will climatize for picked prices do unwind of a going this a lot home how guess higher do is costs. color so much consumers think whether of it's be right, And people think of that, we've of and total perhaps terms much So kind of which it from that just you this demand? your Or in aware part more taxes, may just point just much unusual. just a of insurance, guess, rates I keep and

Glenn Kelman

Kurt. Great question,

I think some it it of be in came too that season. might homebuying the late just

this vacation on are week. people Some

reaction the rare that people to a ready were has would June been reaction. in different and May, If so when go, maybe slower. And happened had April, had have

wins, is it I'm of that people that so goes now become or X will housing that may slower. be significantly may, me offset The are how the you the to not as pay the inconceivable But thing what have the if be the matter just insurance candidate reaction or actual Some reaction. month in it are that fatigue distracted. California. convinced Americans is and It's might a their be just way partisan every market other. be that save sure much only that that America changed there of no Florida physics There's some won't has

Curtis Nagle

I Or Next? Next just the then guess, of, into revenue any kind That And generally coming makes from sense. think the through so of terms contribution in partnership effect one about we maybe thinking -- how the that about with business, other? year should revenue to of terms in, in

Glenn Kelman

the backwards we business. it, to new other leader And reason hired to is business X that our for that execution continue going and then sales that is think to the going One some of improvements partner the brokerage, in grow just fantastic. we in absolutely seeing a the partner on reasons. we're We she's shift. is also seeing run Well, we're digital the aren't

opportunities. that want finding agents raising that the profitable a of need We getting the getting have agents to just higher rate. but same decided close opportunities, most proportion more them paying and brokerage kind serving them more of better, focus themselves giving service higher do rates. isn't through are meeting we because for our we opportunities, levels we're the They're That the extra out to close do on customers, more and

profit. digital to rational to going to rate continue going deliver more a is person close going we're highest business the shift So be continue and for to the the best to customer, to margin. the And about who's who's most serve this

Operator

next with McCanless comes Wedbush. [Operator Jay question from Instructions] Our

James McCanless

of are down where employment step Because B come were to rates take bit. rates mortgage is we move down? we very thought starting to numbers year to just me, Plan a don't this said much come So Glenn, that further, August fade a didn't what see like XXXX until really if the little everyone going sounds this to and this

of us Xs. if Xs, through walk Plan high is B to kind the So go what back rates low

Chris Nielsen

you Won't if singing or it doesn't, to from a and a seasoned that. B the banking thought very ups Plan take so have downs might Who and be ease the it the our upside. song, it come said call blood, hire very, in [ had grows, know share don't built low foxhole last agents in we're I Again, our market. a off. I earnings when share not We've more comes, a own that's of ready if going to just don't on market me ended ready rates people drink We're housing model salaried question. know. we're of If remember, Get line resilient, take but to Fooled bunch Great don't ]. to we're in other where stay will urine advance not is they down. I'm if we I with competitors' but the had

Operator

Call. Corporation concludes Thank Quarter your and rest This Redfin great Earnings XXXX day. Conference the Second you for have a attending, of

Redfin (RDFN) 6 Aug 242024 Q2 Earnings call transcript