Redfin CEO Glenn Kelman recently made some colorful remarks during the company’s second quarter earnings call. While most executives stick to safe and optimistic statements during these calls, Kelman decided to inject some humor and honesty into the conversation.
When asked about the company’s backup plan if mortgage rates don’t fall, Kelman quipped, “Plan B is to drink our own urine or our competitors’ blood, stay in the foxhole.” This offbeat response certainly caught the attention of those listening in. Kelman’s remark highlights the challenging nature of the current housing market and the need for innovative solutions.
Despite Redfin’s better-than-expected earnings, Wall Street analysts were more interested in the overall prospects of the housing market. Kelman compared the current state of the market to “The Twilight Zone,” expressing his surprise at how mortgage rates have dropped rapidly without a significant response from the market. He acknowledged that the company hopes for improvement but is not counting on it.
In fact, Kelman emphasized that Redfin is prepared to take market share whether the market grows or not. The company is not planning to ease off its efforts to innovate and capture more of the real estate market. Kelman’s remarks reflect a determination to succeed regardless of external factors.
Towards the end of the call, Kelman expressed a bit of regret over his choice of words, saying, “We’ll drink our urine before the blood. Actually, I wish I just hadn’t said that. I’m a lover, not a fighter.” This final comment showcases Kelman’s lighthearted personality and his ability to admit when he may have crossed a line.
Overall, Kelman’s remarks during the earnings call provide a glimpse into Redfin’s mindset and approach to the ever-changing real estate market. The company is ready to adapt and seize opportunities, showcasing their commitment to success and innovation. Kelman’s candid and humorous statements demonstrate his leadership style and ability to navigate challenging situations with a touch of levity.