Seattle-based real estate tech company Redfin Corp. (Nasdaq: RDFN) has conducted another round of layoffs.
A spokesperson confirmed Redfin laid off fewer than 100 people on Wednesday, mostly in the company's concierge service, which helps home sellers make renovations to their homes before selling. Redfin also laid off support and sales managers within its real estate brokerage, according to the spokesperson.
No agents have been laid off, and some of the laid-off employees have been offered jobs as agents. The spokesperson said in an email that as Redfin hires more agents and "our current agents become more entrepreneurial and self-sufficient, Redfin needs less support and managerial staff. Additionally, Redfin is decentralizing operations for our concierge service."
According to a regulatory filing, Redfin had 4,693 employees at the end of last year.
Redfin launched in 2006. The company offers brokered listings, a home search tool, mortgages and a service for high-end homes called Redfin Premier. The company started listing rentals in 2022 after acquiring Atlanta-based RentPath in 2021 for $608 million.
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Redfin has conducted multiple rounds of layoffs as decreased homebuying demand and elevated interest rates have hurt the housing market. Redfin in 2022 shuttered its home-flipping business, RedfinNow, in which the company bought homes, fixed them up and sold them for a profit.
Redfin in May paid $9.25 million to settle a class-action lawsuit that centered on home sellers having to pay blanket commissions to buyers' agents. In June, the company drew down the second half of a $250 million first lien term loan facility from private equity firm Apollo Capital Management.
Redfin generated $295.2 million in revenue during the second quarter, up 7% year over year.
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