Glenn Kelman, the chief executive who guided Redfin from a small startup to a major force in the U.S. real estate market, is stepping down after two decades with the company. His departure comes just six months after the Seattle-based brokerage was acquired by mortgage giant Rocket Companies for $1.75 billion.
Kelman announced his last day will be this Friday, stating his decision followed the completion of the initial integration phase between Redfin and its new parent company. He plans to seek a new role outside of the real estate industry.
Key Takeaways
- Glenn Kelman is resigning as CEO of Redfin after 20 years of leadership.
- His departure follows the initial integration of Redfin into Rocket Companies, which acquired the brokerage for $1.75 billion in July 2025.
- Rocket Companies CEO Varun Krishna will lead Redfin on an interim basis while a search for a permanent successor is conducted.
- Kelman will stay on in an advisory capacity until April 1, 2026.
A Leadership Change Following Acquisition
Glenn Kelman confirmed his resignation in an email to employees on Tuesday, which he also shared publicly. The timing coincides with a significant transition point for the company as it settles into its role within the larger Rocket Companies ecosystem.
"Redfin just completed our first phase as a Rocket company, integration," Kelman wrote. He explained that as the company moves into its next phase, which he described as achieving "much-greater scale," he faced a decision about his long-term commitment.
"Approaching that, I had to decide whether to be at Rocket for years. Instead, I want to try finding another mission-driven enterprise outside of real estate."
Kelman will remain available to the company as an advisor through April 1. In the meantime, Rocket Companies CEO Varun Krishna will take over the leadership of Redfin. The company has initiated a search for a permanent CEO to fill the role.
Rocket Companies Pledges Further Investment
The acquisition of Redfin by Detroit-based Rocket Companies in July 2025 was a landmark deal in the proptech industry. The $1.75 billion transaction valued Redfin at more than double its market capitalization at the time the deal was first announced in March 2025.
A Strategic Partnership
The merger brought together the nation's largest mortgage lender, Rocket, with Redfin's tech-focused real estate brokerage and popular home search portal. The strategy is to create a more seamless end-to-end home buying and selling experience for consumers.
In a memo to staff, Varun Krishna expressed strong confidence in the brokerage's future, framing it as a critical component of the parent company's broader strategy. "We are betting big on Redfin’s future," Krishna stated, describing Redfin as the "front door to Rocket."
He outlined plans for increased spending to fuel growth. "More investment in brand, hiring, traffic growth, and innovation," he wrote. "We will aggressively play to win, with the full strength of Rocket behind this team."
Kelman's Legacy and Redfin's Journey
Kelman joined Redfin in 2005, just one year after its founding. Over the subsequent two decades, he became one of the most prominent and candid voices in American real estate. He led the company's transformation from a disruptive Seattle startup into a publicly traded national brokerage.
Under his leadership, Redfin went public in 2017 in a deal that valued the company at $1.73 billion. He was known for his direct communication style, often speaking openly about industry challenges, including housing affordability and agent compensation models.
Redfin Financial Snapshot (2024)
- Revenue: $1.04 billion (up 7% from 2023)
- Net Loss: $164.8 million (up from $130 million in 2023)
In recent years, Kelman navigated the company through a turbulent housing market characterized by high interest rates. This period saw Redfin implement workforce reductions and other cost-saving measures to adapt to slowing home sales.
In a statement, Rocket Companies praised Kelman's contributions. "Glenn pioneered home search as we know it today and transformed a visionary startup into the Redfin we know today," the company said. "He built a company that saved thousands of homeowners money and made the American Dream more accessible. We wish Glenn well in his next chapter."
The Future of Redfin
As Kelman prepares to depart, Redfin is positioned for a new era of growth under Rocket's ownership. The integration of services aims to capitalize on the strengths of both companies, with Rocket's mortgage and financial products complementing Redfin's brokerage and search platform.
In his farewell note, titled "Unemployed, In Greenland," Kelman reflected on Redfin's unique model. "For most of Redfin’s history, our website expansion was slowed by our brokerage, and our brokerage expansion was slowed by employing our agents," he wrote. "But standing behind our service was always worthwhile."
He noted that the industry is now moving toward the integrated model Redfin championed. "Now with portals, lenders and brokers racing to stitch together their services, our patient approach has turned out to be the best way to help people all the way home."
With the full financial backing of Rocket, Redfin is expected to accelerate its efforts to capture a larger share of the real estate market, building on the foundation established during Kelman's long tenure.
