Redfinâ€™s online customer community responsible for 40% revenue growth
Redfin, the real estate infustry’s first online brokerage for buying and selling homes, revealed that 51% of people who bought a home through Redfin reported that the company’s online community influenced their decision to work with the brokerage. Prior to making a purchase, over 22% of Redfin buyers had posted a question to the community.
Visits to Redfinâ€™s online community have increased 415% year over year. In that time, Redfinâ€™s revenues have increased by more than 40%, while the company has reduced marketing program expenses 82%; Redfinâ€™s Net Promoter Score, a measure of customer satisfaction, has increased by 5%.
Redfinâ€™s community, powered by Lithium, is one of the only forums for real estate consumers to ask one another about pricing trends, neighborhood guidance, and local best practices The community allows customers to comment on individual agentsâ€™ service, and to suggest improvements to Redfinâ€™s website. Community postings appear throughout Redfinâ€™s site, with each agentâ€™s contributions appearing on a profile page that also includes the agentâ€™s entire deal history as well as customer reviews and ratings.