There’s just incredible price pressure on lenders too right now. So that’s the final issue, is that there are still lenders willing to buy the business, willing to loan money at no profit or at a loss just because they’re still trying to keep their underwriters busy. So as the market normalizes, I think it’ll be easier to drive attach rate too. We just can’t wait for that. So we’re rolling up our sleeves and fighting hand-to-hand, door-to-door.
Stefanos Crist: No, that’s great. Thank you.
Operator: Your next question comes from John Colantuoni of Jefferies. Your line is open.
Unidentified Analyst: Hey guys, this is Vincent on for John. So on the on web traffic; you’re clearly making some nice strides there. Can you help us think about where that growth is coming from, whether it’s, you know, folks looking for rentals or new homes or financing or if it’s really just largely the core portal. And then as a follow up, if you could share with us how you expect the partnership with, Zillow to contribute on that front. And then any other thoughts you have on what that partnership means for your business that would be appreciated as well. Thanks guys.
Glenn Kelman: Sure. Well, the main reason we’re getting more traffic is that we’re competing as a national scale portal at some level. Redfin had been a regional site where we had very strong traffic in coastal markets, but because of our retail model, we had been slow to launch in places like Cleveland or Kansas City. And so expanding across the United States offering a better listing search experience, making sure the site loads very quickly, and just being at the center of every real estate conversation in terms of our link building efforts, our public relations, all of that has helped establish redfin.com as one of the top places to go for sale listings. And then adding rental listings has just broadened our authority so that when people are searching for housing generally on Google, we are relevant not just for people looking for, for sale listings, but rental listings.
So I’d say expansion of inventory on two different fronts, geographic and then inventory type for sale and rentals have been a big part of this. And then just offering a better listing search site is another big part of it. It’s always been outrageous to me that we’re the number three site for sale traffic when we think our search experience is so good. So that’s why we’re just going to continue to take search share we hope. And then as far as the Zillow partnership, it’s just very consistent with that whole thesis that one of the ways to compete for traffic is just to have more listings and working with Zillow let us get more listings faster. We could have hired our own sales force to approach the builders for all the listings that they don’t put in multiple listing services.
It would’ve taken years. The industrial logic of working with Zillow was really strong. We have to split the pot. They’ll get some of the revenue that we helped them generate and they should because they’ve helped us sign up those builders with their sales force. But we think it gives us better digital revenue now. And even when we model it over five years, this is a deal that is more profitable than building our own sales force. So even though we’ve sometimes plugged it out with them for traffic we’re glad to be working with them on this. It’s been a good partnership in its first 24-hours.
Unidentified Analyst: Thanks. I appreciate it.
Operator: [Operator Instructions]
Glenn Kelman: All right everyone, I think that’s it. We appreciate your tuning in. We’re going to go work our tails off to make as much money as we possibly can. Thanks for everyone’s support and we’ll talk to you in a quarter.
Operator: This does conclude today’s Redfin Corporation, Second Quarter 2023 Earnings Conference Call. Thank you everyone for attending. Have a wonderful rest of your day.
