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{"id":29104,"date":"2023-04-13T21:44:59","date_gmt":"2023-04-13T21:44:59","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/04\/13\/redfin-is-laying-off-more-workers-as-housing-downturn-persists\/"},"modified":"2023-04-13T21:45:00","modified_gmt":"2023-04-13T21:45:00","slug":"redfin-is-laying-off-more-workers-as-housing-downturn-persists","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/04\/13\/redfin-is-laying-off-more-workers-as-housing-downturn-persists\/","title":{"rendered":"Redfin is laying off more workers as housing downturn persists"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/13\/redfin-is-laying-off-more-workers-as-housing-downturn-persists\/<\/a><\/br>
\nRedfin is laying off more workers as housing downturn persists<\/br>
\n2023-04-13 21:44:59<\/br><\/p>\n

\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

Redfin has laid off 201 employees, the third time the Seattle-based real estate company has reduced its workforce since June.<\/p>\n

The layoffs, which represents about 4% of its workforce, was first reported by GeekWire<\/a>.<\/p>\n

A company spokesperson confirmed the layoffs and told TechCrunch in an email that the roles were primarily in \u201creal estate support\u201d and were \u201cdue to the housing downturn and economic uncertainty.\u201d<\/p>\n

In a statement, Redfin said the affected employees will receive 10 to 15 weeks of severance, depending on tenure and healthcare coverage for 3 months.<\/p>\n

\u201cWhile another layoff is painful, especially for those leaving the company, Redfin must continue to adapt to the current economic climate,\u201d the spokesperson added. \u201cThe people leaving Redfin have been wonderful colleagues, and if they wanted to return, we\u2019d welcome them back in a stronger housing market.\u201d<\/p>\n

With mortgage rates well above 6% this year and last contributing to a housing downturn nationally, real estate technology companies have been hit hard.<\/p>\n

Last June, Redfin laid off about 470 employees<\/a> after May demand came in 17% below expectations. At that time, Redfin\u2019s Glenn Kelman said the company didn\u2019t \u201chave enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects.\u201d<\/p>\n

The company also announced last November that it was laying off 13% of its staff<\/a>, or 862 people, in response to the continued slowing of the housing market. Notably, Redfin also said then it was shuttering RedfinNow, its iBuying division.<\/p>\n

CEO Glenn Kelman wrote in an email to staff at the time: \u201cOne problem is that the share gains we could attribute to iBuying have become less certain as we rolled it out more broadly, especially now that our offers are so low\u2026And the second problem is that iBuying is a staggering amount of money and risk for a now-uncertain benefit. We\u2019ve tied up hundreds of millions of dollars in houses that you yourself wouldn\u2019t want to own right now.\u201d<\/p>\n

The company\u2019s most recent layoff is on a smaller scale, yet indicative of the ongoing pains being felt by many proptech companies and startups.
Also last November, Opendoor\u2019s laid off 550 people<\/a>, or 18% of its workforce and Zillow cut 300 jobs<\/a> in late October.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/04\/13\/redfin-is-laying-off-more-workers-as-housing-downturn-persists\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/13\/redfin-is-laying-off-more-workers-as-housing-downturn-persists\/ Redfin is laying off more workers as housing downturn persists 2023-04-13 21:44:59 Redfin has laid off 201 employees, the third time the Seattle-based real estate company has reduced its workforce since June. The layoffs, which represents about 4% of its workforce, was first reported by GeekWire. 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