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He actually mentioned that: When requested concerning the firm’s “Plan B” if mortgage charges don’t fall, Redfin CEO Glenn Kelman responded, “Plan B is to drink our personal urine or our rivals’ blood, keep within the foxhole.”
This wasn’t at some casual, off-the-record gathering. It was on Redfin’s second quarter earnings name, the type of name the place executives normally stick with blandly optimistic platitudes — a name that will get transcribed on investor relations web sites.
The actual property web site’s earnings had been higher than anticipated, however Wall Avenue analysts had been targeted on prospects for the bigger housing market. At one level, Kelman in contrast the present market to “The Twilight Zone,” declaring, “I can’t keep in mind a time when [mortgage] charges got here down this far, this quick, and the market has been so muted in its response. And we simply should consider that it’s going to [go up].”
To be clear, he’s hoping the market improves, however he isn’t relying on it.
After the aforementioned promise to drink numerous bodily fluids, Kelman added, “The final earnings name ended with me singing a line from a Who music, Gained’t Get Fooled Once more, the place I had mentioned we’re not banking on low charges when different individuals had thought they could come down […] We’re able to take share if the market grows, we’re able to take share if it doesn’t, however we’re not going to ease off.”
Then lastly, proper earlier than the decision ended, Kelman expressed just a little remorse over his alternative of phrases: “We’ll drink our urine earlier than the blood. Truly, I want I simply hadn’t mentioned that. I’m a lover, not a fighter.”
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