An Update to Redfin’s Worths

Our CEO, Glenn Kelman, sent this e-mail to all Redfin staff members on May 24, 2023. For the general public publishing, we got rid of links to our intranet.

This e-mail examines the essential modifications to our worths, however we ought to keep in mind initially that our objective is the same. That objective, to redefine property in customers’ favor, is more powerful than ever! The main method we wish to make the world much better isn’t through periodic acts of business philanthropy or advocacy, however through our everyday work to make real estate more available, economical, sustainable and reasonable.

That Objective is More Crucial Than Ever

Individuals who lose half the equity in their house each time they move ought to pay lower costs. Households whose entire lives remain in shift require somebody totally on their side. When we reverse market efforts to manage the details about a house for sale, everybody can have a shot at purchasing it, and everybody can make much better choices about what it deserves.

Our Objective: Worths We Can Utilize to Make Choices

Now let’s talk about the worths upgrade, highlighting the brand-new worths and how we consider each. Redfin’s enhancing success is one reasoning for this upgrade, however primarily it’s a reframing of what our worths are for: not simply an expression of what we appreciate, however likewise a basis for choices we make about staff members. When our chief personnels officer, Anna Stevens, approached to establish a constant, Redfin-wide method to efficiency evaluations and working with choices, her starting point was our worths.

Our Worths Can’t Simply Be Aspirational; They Need To Work

I have actually revered those worths as if they were Grandmother’s great china, however Anna wished to consume off them every day. And she didn’t comprehend how we might utilize our worths to choose whom to employ, fire, benefit or promote if the worths didn’t point out outcomes. Our objective with this upgrade is to make Redfin values-driven where it actually counts: when we make choices that impact your profession.


Put Consumers Very First

The requirement by which we evaluate Redfin’s software application and service is whether we develop a competitive benefit for our consumer, not simply ourselves. We inform the entire fact about the marketplace, the residential or commercial property, and our own abilities, even when it costs us a sale.

Putting Consumers First: Outcomes, Not Simply Top Priorities

We have actually constantly made those choices based upon outcomes; we simply never ever stated so in our worths. This is why, when the brand-new worths speak about putting the consumer initially, it isn’t simply an ethical crucial to focus on the consumer’s requirements above our own. It’s now likewise a referendum on our efficiency: beyond great objectives, did our software application or our service really develop a competitive benefit for our consumer?

Developing a Competitive Benefit for Our Consumers, Not Simply Ourselves

Because real estate is the only kind of commerce in which consumers regularly take on one another, we need to have the ability to picture that, however for a Redfin worker, a client may not have actually won her dream house. Whether as a representative, an organizer, a lending institution, a title professional, a designer or an engineer, if you work your entire profession here without ever having had that effect, it gets more difficult to conclude you were a success. *


Discover a Method to Win

Each consumer’s success depends upon a representative discovering a respectable method to win. This is why we hold our staff members liable for outcomes, not effort. Because the reasoning for using our own representatives and loan providers is much better service, we hold each staff member to the greatest requirement.

Discovering a Method to Win: An Entrepreneurial Brokerage

Getting outcomes for our consumers depends upon a cultural change promoted by our brokerage leader, Jason Aleem, to picture every representative as a business owner. In Redfin’s very first years, we produced a system based upon software application and training for offering a house. However what’s much more crucial than the system are individuals in the system, who need to discover a method for our consumers to win.

We Judge One Another on What You Get Done, Not How

There’s a factor property is the most entrepreneurial market in America: every house and every sale are various. Rather of informing you as staff members how to do your tasks, we wish to set you complimentary, evaluating you on outcomes instead of effort, so long as the method we get the outcome is respectable. We included a brand-new worth, discover a method to win, to reveal the entrepreneurialism that Jason has actually given Redfin.


Profits Fund Our Function

Anybody choosing how we invest our time or cash needs to understand which choices pay. Revenues sustain the development of our business, our individuals and our objective.

To Expand Decision-Making, Expand Duty for Revenues

This entrepreneurialism is vital to our success. In Redfin’s early days, the majority of our service concepts went through a handful of officers, who was accountable for choosing which concepts would settle. Now we have actually grown to the point where a number of us make choices about how we invest our money and time, and anybody making those choices needs to have the exact same understanding of which ones pay. This broad duty for earnings is why earnings is now a company-wide worth.

An Impulse for What Will Make a Distinction

Adding to our earnings does not need a degree in financing, considering that the expenses and advantages of many bets are too speculative to be computed in a spreadsheet; what’s more vital is understanding what consumers will spend for, and which performance gains would benefit Redfin one of the most. This worth is equivalent in value to our objective, due to the fact that it moneys our objective. As anybody who has actually been included with a cause understands, what restricts the reach of nearly any objective is its capability to sustain its own development.


Culture of Dissent, Predisposition for Action

It’s great to determine an issue nobody wishes to speak about, however likewise inadequate. Everybody at Redfin can be a leader, proposing and enacting options. After we disagree, we dedicate whole-hog to a choice. Reversible choices can be made rapidly. Little groups can do terrific things.

Culture of Dissent, Predisposition for Action

And After That to be lucrative, we need to be quick and prudent. That is why this worths upgrade likewise codifies our culture of dissent, to make certain it consists of a predisposition for action. A culture of dissent never ever appeared in our initial worths, however it has actually been frequently pointed out considering that as core to our culture. Redfin has actually been established and run by contrarians, therefore as we grow, we continuously need to include contrarians, to check out undesirable concepts and to speak fact to power. I frequently discover myself attempting to make certain that the uneasy, obnoxious punk I when was might flourish at the business I now run.

Identify Solutions, Not Simply Issues

However that punk likewise needs to mature. As crucial as it is to determine an issue nobody wishes to speak about, we can’t stop there. Speaking about an issue without proposing a service is simply grumbling. Dissent without action is paralysis and misery. The very best method to fix an issue is to join behind a choice, even when it’s questionable.

United Behind the Service

As crucial as it is to offer everybody a voice, we likewise need to make it simple for a leader to pick a strategy, and clear the method for her small group to do the job. Typically when I’m responding to concerns at an all-hands conference, I seem like the very first half of our culture of dissent has actually worked much better than the 2nd, which is a predisposition for action. We can do both!


Heart & & Soul

We satisfy consumers after the death of a moms and dad or the birth of a kid, at the start or end of a relationship or a profession, providing safe passage to a brand-new life. The energy to do all this can just originate from happiness and love. Like any task, Redfin can be a grind. However individuals of Redfin have lots of love.

Body And Soul, After 3 Layoffs

The last addition to our worths has to do with body and soul. After 3 layoffs in 10 months, I questioned if neglecting the gooey part was the only sincere thing to do. It has actually constantly appeared profane for a CEO to speak about her business as a household when shooting individuals belongs to her task. Redfin is an organization, not a household, however it can still be a caring service. As I have actually composed previously, we might end up being negative after a layoff and stop attempting to care entirely, or perhaps more negative and state we just pretended to attempt.

Our Caring Culture Has Actually In Some Way Sustained

However those people still here are joined by a now-ancient belief that what’s smaller sized can end up being larger, that the only thing more unavoidable than love’s failures are its victories. I could not upgrade our worths without representing these truths:

  • Our caring culture didn’t originated from me.

  • It has actually been the basic method the task has actually altered me.

  • After all these years I’m still shocked by it; after all our problems, I can’t think it’s still alive.

BUT IT IS. Each time we talked with staff members about various propositions to upgrade these worths, that last heart-and-soul worth was the one that everybody stated we could not exclude.

Thank You And What’s Next

Lots of thanks to the folks in personnels and the 50+ staff members throughout the business who added to this upgrade to our worths, particularly Arin Bryan. You made it a reflection of everybody, not simply me. Stay tuned for updates to our awards programs, promo requirements and efficiency evaluations, and as constantly you can call, text or email me with any concerns or remarks! We’ll talk more about the worths upgrade in Wednesday’s all-hands conference, and we’ll likewise publish this message to our blog site.

Finest, Glenn

* One note on developing a competitive benefit for our consumers, for individuals who do not straight serve our consumers. Lots of staff members at Redfin, including me, operate in functions supporting other staff members. We need to be simply as resourceful and results-driven in our work. Our objective is to make a distinction to our consumers, even if that consumer is a worker, even if we can’t constantly compute its effect on Redfin’s supreme consumer.

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