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Sumter /smtr/ is the county seat of Sumter County, South Carolina. Known as the Sumter metropolitan area, the namesake county adjoins Clarendon and Lee to form the core of Sumter-Lee-Clarendon tri-county area of South Carolina, an area that includes the ...


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Seattle real estate technology company Redfin is preparing to go public in an offering that could be worth $100 million, according to a filing with the Securities and Exchange Commission on Friday. Share story By Rachel Lerman and Mike Rosenberg Seattle Times business reporters Seattle real-estate technology company Redfin is preparing an initial public offering that could be worth $100 million, according to a filing with the Securities and Exchange Commission on Friday. Redfin employs real-estate agents and develops technology to help people find and buy homes in more than 80 markets in the U.SIts customers bought or sold more than 75,000 houses last year, according to the filing. The SEC filing also revealed that Redfin has never made an annual profit, but its revenues have climbed more than 35 percent in each of the last three years. More on Redfin Redfin’s bid to overthrow traditional brokers still a house-to-house battle Redfin deploys its own home-value estimate, challenging Zillow A public stock-market debut has been long-awaited for Redfin, which was founded more than 10 years ago and has raised $167.8 million from venture-capital investors, including early Seattle investor Madrona Venture Group. Most Read Business StoriesWait, Sprint and T-Mobile haven’t merged yet? | Commentary‘I felt so alone’: What women at Microsoft face, and why many leaveSeattle will be too expensive for you when you retire, longtimer is told | Money MakeoverFrom crack cocaine to Mar-a-Lago: The unusual journey of the MyPillow manI downloaded the information Facebook has on meYikes!Unlimited Digital Access: $1 for 4 weeksRedfin has been rumored to be a potential IPO candidate for several years, and CEO Glenn Kelman said in a 2012 interview that he expected Redfin to be public by 2014. This could be the stock debut year for Redfin, although its filing does not yet indicate the date it plans to go public on Nasdaq, where it will use the ticker symbol RDFN. Redfin has been growing rapidly in recent years, increasing its employee count from 752 in 2013 to 2,193 todayThe company’s 410 local employees moved into a new headquarters in Seattle’s downtown Denny Triangle neighborhood earlier this year, more than doubling its office space in Seattle. Redfin was founded with the goal to streamline homebuying by using technology and charging customers lower feesBut it faces similar challenges as real-estate brokerages around the country — a historic shortage of homes for sale, the inventory that such businesses rely on to bring in money and customers. Redfin charges home sellers a lower commission than most traditional brokers; its fees total up to 1.5 percent of the sale, compared with a commonly charged 3 percent. Redfin’s technology-powered homebuying model has not yet managed to replace traditional brokeragesIt now sells 0.6 percent of all U.Shomes, up from 0.5 percent last year. In its home turf of King County, Redfin is the sixth most popular brokerage, following entrenched companies such as Windermere and John LScottRedfin sold 4 percent of King County homes last year, according to a Trendgraphix analysis of Northwest Multiple Listing Service dataThat’s up from a bit under 3 percent of local homes in 2015. The public filing offers the first real glance into the company’s financials and its growing annual revenuesRedfin has never been profitable and has accumulated losses of $613.3 million. Redfin increased revenue 43 percent from 2015 to 2016, reporting revenue of $267.2 million last year. The company has posted a net loss for each of the last three years, including a $22.5 million loss in 2016. Most recently, Redfin posted a loss of $28.1 million on revenue of $59.9?million in its first quarter of the year. The initial filing did not indicate Redfin’s pricing plans for its stock or how many shares it plans to sellRedfin’s $100 million IPO target could change before it goes public. Rachel Lerman: rlerman@seattletimes.com; on Twitter @rachelerman View Comments No personal attacks or insults, no hate speech, no profanityPlease keep the conversation civil and help us moderate this thread by reporting any abuseSee our Commenting FAQ. Powered by Livefyre The opinions expressed in reader comments are those of the author only, and do not reflect the opinions of The Seattle Times. // PROD-1622 Outbrain AB Test // Have to disable outbrain from running at this point based on optimizely test booleans (function() { if ( SEATIMESCO.hasOwnProperty('outbrain') && SEATIMESCO.outbrain.hasOwnProperty('enabled') && SEATIMESCO.outbrain.enabled === false ) { var outbrain = null; outbrain = document.querySelector('.OUTBRAIN[data-widget-id="AR_6"]'); if (outbrain !== null ) { outbrain.parentNode.removeChild(outbrain); } } })(); Contact Newsroom staff list FAQ Contact form About the company Seattle Restaurant Week Newspapers in Education Fund for the Needy Employment Historical Archives Pulitzers Company information Permissions Seattle Times Store Advertise Classifieds Autos Homes Obituary Jobs Media Kit Advertise with Us Subscriber Services Subscribe Activate Account Manage Subscription Place Temporary Hold Report Delivery Issue Make a Payment Print Replica Today’s Front Page Facebook Twitter RSS Feeds Newsletters Mobile Apps Subscribe

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