Redfin Layoffs: 450 Staff Cut in Zillow Rental Deal
Deal News | Feb 12, 2025 | Aim Group
In a significant move within the U.S. real estate industry, Zillow, the leading real estate website, has entered into an agreement with Redfin, the country's third most-visited home site, to become the exclusive provider of multifamily listings for Redfin. As part of this deal, Redfin will receive $100 million from Zillow and will reduce its workforce by 450 employees. This collaboration is expected to allow Zillow to enhance its rental listing services by leveraging Redfin's extensive network. The layoff decision aligns with Redfin's strategic shift towards focusing on its core business areas. The transaction marks a notable consolidation in the real estate digital marketplace, as it aligns two major players to better compete in the multifamily listing space.
Sectors
- Real Estate
- Technology
Geography
- United States – The article focuses on Zillow and Redfin, both of which are major real estate platforms operating primarily within the United States.
Industry
- Real Estate – The article discusses a significant transaction involving Zillow and Redfin, two prominent players in the real estate industry, focusing on digital listings and rental services.
- Technology – Both Zillow and Redfin are online real estate technology platforms providing digital services for property listings, indicating the technological aspect of the business.
Financials
- $100 million – The amount Zillow will pay Redfin as part of their deal for multifamily rental listings.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Redfin | Target Company | Company | Redfin is the third most-visited real estate website in the United States, involved in the transaction to provide multifamily listings to Zillow. |
| Zillow | Bidding Company | Company | Zillow is the top real estate site in the U.S., entering into a $100 million agreement with Redfin to enhance its rental listings. |