Redfin (NASDAQ: RDFN) is planning to cut 450 employees following its new rental listings partnership with Zillow (NASDAQ: Z, ZG).
The Seattle-based company did not release a press statement on the layoffs but instead buried the news in a filing with the Securities and Exchange Commission. As stated in the filing: “In connection with our entry into the Content License and the Partnership Agreement, we plan to restructure our rentals segment. This restructuring primarily consists of eliminating certain employee roles within, or that support, our rentals segment between February and July 2025. We expect this restructuring will impact approximately 450 rentals employees.”
The new partnership expands the Zillow Rentals Network to include Redfin and its sites Rent.com, and ApartmentGuide.com, alongside existing Zillow brands HotPads and Trulia, as well as Realtor.com, which was added as a partner in 2024.
“This Zillow partnership will give Redfin visitors access to one of the largest and fastest-growing databases of rental listings,” said Redfin CEO Glenn Kelman. “We believe it will increase our overall traffic and the profits from our rental business, letting us focus on what we do best: dazzling online listing search, paired with dazzling brokerage, lending and title service.”
Wow, letting go of 450 employees to increase profits sounds very strange. Something is wrong!
The 2 companies that help overinflate the market and are continuing to do so.