Redfin is doing well in the public markets since its debut last week, with the tech-powered real state brokerage trading near $25 per share and now valued at around $2 billion.
And one innovator in the online real estate industry is watching the progress closely.
In a 19-part Tweetstorm, Trulia co-founder Pete Flint, who sold his company to Zillow for $2.5 billion in 2015, yesterday offered some interesting (and flattering) thoughts on Redfin and its prospects to disrupt the real estate industry.
Interestingly, Flint — who stepped off the Zillow Group board earlier this year, but remains a long-term shareholder in the company — said that Redfin’s IPO “is a far more important moment for real estate industry than Zillow or Trulia IPOs.” He also warned that Redfin’s emergence on the public markets will “force the traditional real estate industry to up its game and “become more professional & innovative,” something that will cause some short-term pain in the mid-term, but will eventually be good for the industry.
Flint also touched on the debate of whether Redfin is a real estate company or a tech company, an issue we explored in this GeekWire story just prior to the Redfin IPO. (As Flint notes, Redfin now commands a value more than RE/MAX).
Here are Flint’s full remarks from Twitter:
https://twitter.com/peteflint/status/894639406442659841
https://twitter.com/peteflint/status/894639407428321281
https://twitter.com/peteflint/status/894639408518840320
https://twitter.com/peteflint/status/894639409559093248
https://twitter.com/peteflint/status/894639410578206720
https://twitter.com/peteflint/status/894639411530407936
https://twitter.com/peteflint/status/894639412494991360
https://twitter.com/peteflint/status/894639413510103040
https://twitter.com/peteflint/status/894639414592192512
https://twitter.com/peteflint/status/894639415548559360
https://twitter.com/peteflint/status/894639416781619200
https://twitter.com/peteflint/status/894639417838583810
https://twitter.com/peteflint/status/894639418807418880
https://twitter.com/peteflint/status/894639419763736576
https://twitter.com/peteflint/status/894639420736847872
https://twitter.com/peteflint/status/894639421902823424
https://twitter.com/peteflint/status/894639422838194183
https://twitter.com/peteflint/status/894639423823818752
https://twitter.com/peteflint/status/894639424771719168