A Technology-Powered

Real Estate Company

Investor Presentation | 2023
Important Legal Information
This presentation contains forward-looking statements. All statements contained in In light of these risks, uncertainties, and assumptions, the future events and trends
this presentation other than statements of historical fact, including statements discussed in this presentation may not occur and actual results could differ
regarding our future operating results and financial position, our business strategy materially and adversely from those anticipated or implied in the forward-looking
and plans, our market growth and trends, and our objectives for future operations, statements. Accordingly, you should not rely on forward-looking statements as
are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” predictions of future events. Although we believe that the expectations reflected in
“continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” the forward-looking statements are reasonable, we cannot guarantee that the future
“potentially,” “preliminary,” “likely,” and similar expressions are intended to identify results, performance, or events and circumstances reflected in the forward-looking
forward-looking statements. We have based these forward-looking statements statements will be achieved or occur. We undertake no obligation to update any of
largely on our current expectations and projections about future events and trends these forward-looking statements for any reason after the date of this presentation
that we believe may affect our financial condition, results of operations, business or to conform these statements to actual results or revised expectations.
strategy, short-term and long-term business operations and objectives, and
financial needs. This presentation also contains information using industry publications that
generally state that the information contained therein has been obtained from
These forward-looking statements are subject to a number of risks, uncertainties, sources believed to be reliable, but such information may not be accurate or
and assumptions, including those described under Item 1A of our Annual Report on complete. While we are not aware of any misstatements regarding the information
Form 10-K for the year ended December 31, 2022, which is available on our Investor from these industry publications, we have not independently verified any of the data
Relations website at http://investors.redfin.com. Moreover, we operate in a very from third-party sources nor have we ascertained the underlying economic
competitive and rapidly changing environment. New risks emerge from time to time. assumptions relied on therein.
It is not possible for our management to predict all risks, nor can we assess the
effect of all factors on our business or the extent to which any factor, or
combination of factors, may cause
Investor Presentation actual results to differ materially from those
| 2023
contained in any forward-looking statements we may make.

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 Our Mission: Redefine Real Estate in the Consumer’s Favor

Redfin at a glance

#1
Invented map-based Unique employee Most-visited brokerage website
real estate search agent model 1 Nearly 5x more traffic than the
second-largest brokerage website

$1.5 billion
End to end Remove friction with Customer savings
product offerings technology at every step Cumulative customer savings since our
launch in 2006 on 497,000 transactions
worth more than $249 billion 3

1. Redfin lead agents are paid a salary, can earn bonuses, and are entitled to healthcare and other benefits.
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2. Source: comScore, Advanced Media Overview report for web and mobile applications covering the twelve months ended December 31, 2022.
3. Savings based on Redfin customer savings compared to a typical 2.5% commission rate. Savings based exclusively on sell-side transactions beginning in Q4 2022.
 Investment Highlights

$126 billion core market with Secular growth drivers including

1 fragmented competition 1
4 work-from-home and demographics 2

50 million average monthly visitors Best in class technology paired with

2 in FY 2022 (+5% year-over-year)3 5 unique employee agent model

Complete customer solution – including Full service, low seller fees, high
3 brokerage, rentals, mortgage & title 6 customer satisfaction

1. Source: National Association of Realtors 2022 existing-home-sales data, assuming 5% commission.

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2. The largest group of millennials will be in their early-to-mid 30s over the next several years, which intersects with the median age of first-time home buyers.
3. Source: Google Analytics, web and mobile application visitors.
 Growing Revenue & Market Share

Revenue ($ in millions) U.S. Market Share by Units 2

$2,284
$133
0.80%
Real estate services $1,923 $156
Properties 1 $122 0.77%
Rentals
Mortgage 0.67%
Other $1,203
$881 0.61%

$886 0.51%
$780
$210
$241 0.42%
$487
$370 $45 $903
$787
$651
$432 $524 2017 2018 2019 2020 2021 2022
$352
Median
2017 2018 2019 2020 2021 2022 $393,000 $398,000 $392,000 $410,000 $455,000 $460,000
home price

Real estate Average

services $464,696 $473,074 $468,464 $492,865 $555,119 $556,960
35% 23% 21% 24% 39% -13% home price
% growth
Transactions
(units) 45,793 54,562 64,174 75,800 94,579 80,203
Total % growth 38% 32% 60% 14% 117% 18%

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1. In November 2022 we announced our decision to wind-down RedfinNow, which comprises the bulk of our properties segment revenue; revenue for this segment will be de minimis once the wind-down is complete.
2. Source: NAR Existing Home Sales and Redfin data.
 End-to-End Product Offering
Real Estate Services Rentals Mortgage Title & Escrow

Brokerage Bay Equity Title Forward

Unique employee agent Added rentals in 2021 with the • Acquired in April 2022 • Title Forward launched in 2012
model paired with proprietary acquisition of Rent. (formerly • Licensed in 49 states and D.C. • 27 markets in 8 states and D.C.
online tools RentPath) • Full product suite including VA,
FHA and jumbo loans

2022 Transactions
Attach rate 17% 17% Attach rate
44% sell-side 44%

56% buy-side
Benefits of a rentals offering 7.9%
6%
include traffic synergies 12%
(leverage visitors to Redfin.com), Q1 Q2 Q3 Q4 Q4 Q4
customer synergies (increase 20221 2022 2022 2022 2021 2022

Partners engagement with younger

demographic) and search engine
Vetted partner agent network to
optimization (comprehensive One-stop-shop advantage
assist with peak volume &
sites show up higher in results)
adjacent geographies Redfin customers get rate High customer satisfaction
discount up to 0.25% off with 4.9 out of 5 rating for
Bay Equity’s mortgage rates Bay Equity on
experience.com
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1. Bay Equity acquired in April 2022. Attach rate for Q1’22 reflects legacy Redfin Mortgage business.
 Technology Enabled Productivity

Average transactions
per agent 2.4x Median
agent pay 2.0x
Per agent2 Agent pay2

Industry Redfin Industry Redfin

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1. Source: NAR Existing Home Sales, NAR Membership, Redfin data, deals completed in 2022.
2. Source: Industry agent pay from NAR 2022 Member Profile report. Redfin agent pay from internal payroll system.
 A Better Deal for Buyers

Annual sales volume per agent

Redfin $13M
Work with a top agent
Redfin agents are the most productive
of any top-20 brokerage.1
Compass $11M
Sotheby’s $9M
Windermere $7M
Get into homes fast
With on-demand tours, buyers can set
up a tour in just a few clicks.

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1. Annual sales volume per agent based Redfin analysis of MLS data for the 12-month period ended September 30, 2022. Excludes ibuying transactions.
 A Better Deal for Sellers

Sell for more Save money

For seven years running, Redfin has proven via 3rd Redfin customers save thousands of
party analysis that we sell homes for more money. dollars with our 1% listing fee.2

Illustrative selling price of a

2,000 sq. ft. home.1
$625,900
Redfin
$624,100
Industry

Industry

1. Source: Precision Consulting study commissioned by Redfin and dated November 2022. Compared to competing brokerages’ similar listings, Redfin listings had a $0.92 higher price per square foot ($312.97 vs. $31.06), sold 3 days faster,
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had a 2.78 percentage point advantage in likelihood to sell within 60 days and had a 1.52 percentage point advantage in likelihood to sell within 90 days.
2. Redfin charges 1% for customers who buy and sell within a 12 month period. Otherwise, the listing fee is 1.5%. Subject to minimums.
 Seller Solutions

BEFORE & AFTER

Three-Dimensional Scans Redfin Premier Redfin Concierge

We publish interactive, 3D Exclusive services for high-end homes, Professionally managed design plan and
scans of all homes listed by Redfin agents. without the high-end fees. no upfront costs to the seller. 1

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1. Customers receive an itemized statement of work, which includes a project management fee. Costs deducted from home sale proceeds at escrow.
 Loyalty as an Engine for Growth

Buyers using the same

brokerage to sell the
home they bought
1.3x Agents completing
deals with the same
brokerage a year later
77%
Repeat rate 1 Agent
retention 2

66%

Industry Redfin Industry Redfin

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1. Source: Multiple Listing Services, homes sold in 2022. Buyers using the same brokerage to sell the home they bought.
2. Source: Multiple Listing Services, agents completing deals with the same brokerage in Q3 2020 and Q3 2021. Showing 2021 data since 2022 was impacted by layoffs. For 2022, Redfin's retention rate was 66% v. 61% for the industry.
Rentals
Key milestones

1
Added rentals in April 2021 with the acquisition of Rent.
(formerly RentPath); purchased out of bankruptcy

2
New leadership, Jon Ziglar, joined as CEO
in August 2021
Traffic synergies
Leverage Redfin’s 50M monthly visitors; in Q4 2022, Added rentals listings to Redfin.com
3
Redfin.com contributed 18% of rentals site visits in March 2022

Relaunched as “Rent.” in June 2022 with a renewed focus

Customer synergies 4
on the full product suite and go-to-market strategy
Increase engagement with younger demographic;
today’s renters may be tomorrow’s home buyers
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From September 2021 to September 2022,
sales productivity more than doubled

Search optimization
Posted year-over-year revenue growth in Q4 2022,
Comprehensive sites show up higher in 6
the businesses’ first quarterly-year-over year
search engine results
revenue growth in years

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Path to Profitability

1 2 3 4 5

Elimination of the Right sizing Winding down Business Traffic

buy-side refund the business RedfinNow momentum monetization
Eliminated the Implemented two Announced the Expect stabilizing Developing additional
refund we provided to workforce reductions in closure of RedfinNow market conditions and ways to monetize our
homebuyers effective June and November 2022 in November 2022 - operational momentum audience including
December 1, 2022. to match brokerage staff a strategic decision to to be a tailwind for our better leveraging our
with demand and lower focus our resources on rentals and mortgage partner network,
operating expense. our core businesses. segments. mortgage marketplace
and display ads.

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Thank you