Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
Rocket Companies rocked the real estate world on Monday when it announced it had reached an agreement to acquire real estate portal and brokerage Redfin and merge the two companies into a behemoth that could leverage data and artificial intelligence to provide a near end-to-end homebuying and selling service for consumers.
Rocket CEO Varun Krishna called the forthcoming updates the “Rocket-Redfin experience,” a reference to the features and consumer experiences to be unveiled thanks to the $1.75 billion merger.
ROCKET TO ACQUIRE REDFIN IN $1.75B ALL-STOCK DEAL
Krishna and Redfin CEO Glenn Kelman spoke with Inman shortly after news of the deal on Monday, which still must be approved by Redfin shareholders.
The CEOs narrowed in on what appealed to them (data and scale), changes consumers will see on both portals (too soon to say), and whether the impending merger would impact Redfin’s recently announced rental partnership with Zillow (it won’t).
What is known is that Rocket, the nation’s second-largest mortgage lender by volume, would gain access to consumer data from the nearly 50 million unique users that search for homes on the Redfin platform every month.
Together, the companies offered each other a chance to provide a total suite of services at scale.
Varun Krishna
Inm…
