Seattle-based brokerage Redfin has begun the yr by shedding 46 staff, together with managers in its headquarters, program, and subject management roles. No brokers have been a part of the layoffs, a spokesperson informed GeekWire, which broke the information Thursday afternoon.
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Seattle-based brokerage Redfin has begun the yr by shedding 46 staff, together with managers in its headquarters, program and subject management roles.
No brokers have been a part of the layoffs, a spokesperson informed GeekWire, which broke the information Thursday afternoon.
“We are continuing to aggressively hire agents,” the spokesperson informed GeekWire.
Redfin has introduced a number of rounds of layoffs over the previous two years, which have been concentrated among the many brokerage’s assist workers. The layoffs reached their peak in 2022 and 2023 as the corporate navigated an industry-wide market freeze; nevertheless, the newest two rounds have been as a result of firm reconfiguring its workforce to assist Redfin Subsequent, the corporate’s hybrid compensation plan that permits brokers to maintain full-scale advantages whereas incomes aggressive fee splits.
Redfin didn’t present a motive for the layoffs. Nonetheless, the brokerage’s newest earnings outcomes have been a combined bag as revenues grew and web losses widened through the third quarter.
Regardless of a decline in Redfin’s top-line outcomes, Redfin Subsequent fueled a second consecutive quarter of agent development and elevated loyalty gross sales and mortgage attachment charges. CEO Glenn Kelman stated the success of Redfin Subsequent is a shiny silver lining for the corporate, because the mannequin attracts high-performance brokers in all of its markets.
“We moved heaven and earth to make money in 2024, but we fell short of our goal. We’ll keep driving toward profits,” Kelman stated. “Over the past year, almost every dollar of revenue growth has fallen to the bottom line, and now we’re preparing to grow.”
“If more consumers seek better value from their broker in 2025, Redfin may expect larger share gains,” he added. “And if homebuyers become more sensitive to brokerage fees, bundling mortgage and title services will become even more important.”
