R
ocket Companies' acquisition of Redfin is already yielding results, with nearly 200,000 people clicking the "Get Prequalified" button on Redfin listings in just three weeks. This new feature sends purchase leads to Rocket, a mortgage giant that finalized its acquisition of Redfin less than a month ago. During a July 31 earnings call, Rocket CEO Varun Krishna highlighted the company's swift integration of Redfin's logo and the addition of a prequalification button on home listings.

    Krishna emphasized that leveraging Redfin will provide Rocket with a new foothold in purchase and enhance its presence in local markets. He noted that relationships with 50 million consumers every month create opportunities for both companies, driving business to Rocket and reducing costs to consumers. In the first three weeks of July, 23% of users who had a Redfin account became contactable leads at Rocket, while 12% of all users started an application.

    The acquisition has also led to increased bundling of services, with over 65 clients closing on their home using both a Redfin agent and a Rocket mortgage. Buyers who use both services qualify for Rocket Preferred Pricing, which offers a one-point interest rate reduction or up to $6,000 in closing credits. This program helps make homeownership more attainable.

    Rocket's revenue rose slightly to $1.36 billion in the second quarter, but expenses increased by $227 million, pushing down profits. The company expects revenue to rise to between $1.6 billion and $1.75 billion in the third quarter, with expenses increasing by approximately $335 million, including $275 million attributable to Redfin.