One third down, two thirds to go

Redfin proudly announced a couple of days ago that they had reached the $10 million mark in rebates to its customers. Good stuff.

They ask the question what would you do with $10 million? The better question might be what would you do with $30 million? (Stay afloat temporarily, I imagine.)

That $10 million also represents one-third of the venture capitalists’ latest infusion of cash from last fall. Of course, one’s only vaguely related to the other – the rebates have come from the pocketbooks of sellers, for the most part, and not the venture capital. But it’s also the venture capital that has kept this enterprise afloat from the beginning.

Redfin also reported that they now have 25 other real-estate businesses in support of their so-called Consumer Bill of Rights. Out of 1.4 million REALTORS nationwide. But it has only been nine months.

Good stuff.