OCTOBER 28, 2022 — ANOTHER 300 EMPLOYEES WERE LAID LOW BY DECLINES IN THE HOUSING MARKET AND RISING INTEREST RATES
The company laid off 300 employees, primarily in teams related to advisors in Zillow Offer, sales and back-end staff at Zillow Home Loans and Zillow Closing Services, as well as other groups.
According to a company spokesperson, “As part of our normal business process, we continuously evaluate and responsibly manage our resources as we create digital solutions to make it easier for people to move. This week, we have made the difficult — but necessary — decision to eliminate a small number of roles and will shift those resources to key growth areas around our housing super-app.”
JUNE 29, 2022 — ZILLOW CONTINUES SHUTTERING OF HOUSE FLIPPING BUSINESS
Zillow Group Inc. will lay off 55 employees in Texas as continues its exit from the home-flipping business. The impacted employees were located throughout Texas but working out of the Coppell, Texas office.
The company began the layoffs with 33 employees in January 2022 and will continue with the remaining employees in phases lasting until August 2022.
NOVEMBER 26, 2021 — Original post
Seattle, Washington-based Zillow Group, a technology-driven online real estate marketplace company, has announced that it will be closing its home-flipping instant-buying division known as Zillow Offers and liquidating its real estate inventory.
The decision, driven by adverse market conditions, will affect 25% of the company's employees, estimated to result in approximately 1,600 employees in staged layoffs. The first group of 47 layoffs will commence on January 3, 2022.
According to Zillow CEO Rich Barton, "The decision to shutter Zillow Offers was 'tough but absolutely necessary as the company failed to accurately forecast the costs of buying and selling homes in a historically hot housing market. COO Jeremy Wacksman adds, "We're operating within labor- and supply-constrained economy inside a competitive real estate market, especially in the construction, renovation, and closing spaces. We have not been exempt from these market and capacity issues and we now have an operational backlog for renovations and closings. Pausing new contracts will enable us to focus on sellers already under contract with us and our current home inventory."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?