Redfin, they’re purchasing rent path. Yeah, I’m Mike, and this is Shana Acquisto, real estate brokers and co-owners with Acquisto Real Estate. Let’s go ahead and talk about this from a high level. And so what we have let’s go split screen if we could, and show off this link for us here.
Do you think we’re going to continue to see these acquisitions and mergers?
Yes, to a lot of consolidation. A lot of a lot of shuffling. Yes. And some are horizontal and some are vertical integration. This one here happens to be probably about getting new clients. So what Redfin’s done here is they acquired Rentpath. I never previously been to their site or known much about them, but they are a portal for rentals.
So what they’re trying to do is move all of those rentals to Redfin so that once you rent your place, you’re more likely to go ahead and purchase your place from them as well. So that’s kind of what they’re going for here. Does sound like a very good move on their part.
And they’re trying to essentially acquire the client for what costarring them to. Does it cost? Yeah, I think co-star tried to buy Patio area last year and it was declined the FTC for a specific reason. They blocked the attempt to acquire that stage.
So anyways, this is only a six hundred and eight dollars million acquisition crazy these numbers that they throw around.
But this is basically about Redfin getting younger people into their pipeline and more rentals specifically of like kind of apartments so that they believe that once if they rent the apartment first, that they’ll most likely to become a home buyer later on. It’s probably a really pretty good move. So anyways, I’m understand.
Do you have anything else you want to add on that I didn’t have a lot to add except I was showing it off and I was kind of discussing the concept and just showing more consolidation and kind of what we do see a lot of changes with with the rental, how the rentals are dealt with with Zillow, so and realtor dot com. So it’s interesting.
Yes, it is just another avenue. There you go. Now, you guys kind of saw what they were doing is looking at acquiring new clients in a unique way. So they purchased another company that had a bunch of them coming in. And I believe that they will probably do really well with this acquisition. At the end of the day. They’re great. They’re good.