APRIL 12, 2023 — 3RD ROUND WITH 201 LAYOFFS
Responding to the continuing decline in the real estate market, the company laid off 201 employees, including some executives, in their real estate support department.
NOVEMBER 10, 2022 — DIVISION CLOSING WITH 862 LAYOFFS
Redfin announced that it's laying off 13% of its workforce and shuttering its home-flipping business RedfinNow.
862 workers who had been renovating RedfinNow homes will be laid off. However, Redfin will retain some home-services employees for its concierge service in order to repair brokerage customers’ listings.
JUNE 15, 2022 — 470 LAYOFFS COMPANYWIDE
From Redfin CEO, Glenn Kelman…
“I’m sorry to say that we’re asking about 8% of our employees to leave Redfin today, or about 6% if you include the people of RentPath and Bay Equity.
To all the departing people who put your faith in Redfin, I’m sorry we can’t keep our commitment to you. With May demand 17% below expectations, we don’t have enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects.
We’re losing many good people today, but in order for the rest to want to stay, we have to increase Redfin’s value. And to increase our value, we have to make money. We owe it to everyone who has invested your time or treasure in this company to become profitable, and then very profitable.
Today’s layoff is the result of shortfalls in Redfin’s revenues, not in the people being let go. But months before this layoff, our culture has been making an important shift toward performance and profits. There’s a reason that Redfin, alone among brokers, employs our agents: to hold ourselves to a higher standard.
Redfin will grow more slowly in a housing downturn, but we’ll still grow, and our share gains will accelerate. The world will write us off, as it has before. What will be most painful is the effort some of you will have to go through to think of ourselves as a good employer. Part of being good is accepting when the company has fallen short of that, without forsaking our determination to do better. We have broken our commitment to our people, twice now in three years. We can’t shrink from doing what’s best for the whole company, not just one part of it, today and every day. But I’ll spend the rest of my life wondering how I could’ve avoided these layoffs. What’s most important now is treating the people leaving with humanity and respect.”
JANUARY 18, 2022 — Original post…
Seattle, Washington-based Redfin, a technology-based full-service discounted real estate brokerage, has announced a restructuring following the acquisition of San Francisco, California-based Bay Equity, a full-service mortgage lender.
The restructuring will impact 121 employees, including those in sales support, capital markets, and operations. The transaction will close in the Second Quarter of 2022.
According to a company spokesperson, “Reorganizing our mortgage operations, unfortunately, means some colleagues and friends will be leaving Redfin. Many of these people are the pioneers who helped build Redfin Mortgage from scratch and we owe them a debt of gratitude.”
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?
