Why Redfin is holding back on growing iBuying business

first_imgRedfin CEO Glenn Kelman (Credit: iStock)Redfin’s revenue jumped 70 percent during the third quarter as the brokerage’s instant home-buying business raked in $80 million.That iBuying growth represents a 600 percent gain for the Seattle-based discount brokerage, which is one of several firms betting on iBuying nationwide.But during an earnings call Wednesday, CEO Glenn Kelman said he is wary of growing too quickly by making poor investments in homes that Redfin can’t sell for a profit. “Growth is easy in the properties business,” he said. “We think we have to be really picky about which houses we buy.”He added that the iBuying segment of the market is a “race to the bottom,” and that growth is largely dependent on a willingness to take risks and lose money.Overall, Redfin generated $239 million in the third quarter, up from $140 million a year prior. Net income rose to $6.8 million from $3.5 million a year ago.Kelman said the results were “strong across the board,” but added the company was investing in “disruptive technologies that let people tour and buy homes without an agent.”During the quarter, Redfin’s core real estate services generated $154.1 million in revenue, up 22 percent.Amid the “competitive frenzy” related to iBuying, Kelman said Redfin will be looking to grow market share by going after more business in existing markets, instead of expanding to new markets.Redfin offers a slew of programs that let buyers and sellers own more of the transaction. Direct Access lets buyers tour properties with their smartphone and Redfin Direct, which just launched in Northern Virginia, lets buyers make online offers.During the third quarter, Redfin said it got 68 direct, online offers on listings that resulted in 18 closed deals.Kelman said he sees positive signs in the U.S. housing market. “Most markets are in decent shape,” he said. “Low rates have strengthened home-buying demand.”READ MOREOpendoor and Redfin want to ramp up instant home buying through new partnershipiBuying pays off for Redfin as revenue soars 39% This content is for subscribers only.Subscribe Nowlast_img read more

Saints Row The Third breaks all the rules in the name of

first_imgIn case you missed the video from E3, Volition are deep into development of Saints Row 3, and boy is it looking good.When Drew Holmes introduces the video above as the most ridiculous and over the top experience in gaming, he isn’t kidding. By the end of the seven and a half minute gameplay trailer you will believe him.What Volition have done is remove any need to progress your character, build up his skills, or limit his access to weapons and vehicles. From the moment your start the game your character is fully kitted out with weapons, comedic yet very effective melee moves, and access to a vast array of fast cars, tanks, and hovering aircraft with microwave laser weapons and homing missiles. All this and you are top dog in an elite criminal organization.While this is clearly a game for those with no patience, it also looks rather stunning. The city is huge, everything renders in crisp HD, and it runs at a fast clip regardless of whether you’re walking down the street using the Apocafist, doing 200mph in a sports car, or jumping out of a plane and pulling your parachute at the last minute.Everything seems to have been done to refine the Saints Row formula while keeping it both funny and fun to play. All that needs to be delivered now is a solid gameplay experience for a character that seems to need no development or help dealing with the enemy, whatever form they take.Saints Row 3, or Saints Row The Third as it is also called, will be available on November 15 in the U.S. and three days later across Europe. Will you be picking it up?via CVGlast_img read more