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Redfin to lay off 450 employees following rental partnership with Zillow Group

Feb 13, 2025•over 1 year ago

Contract Type

partnership

SoftwareReal Estate

Description

Redfin will be laying off 450 employees as part of a restructuring of its rentals segment after entering into a rental partnership agreement with Zillow. Zillow will become the exclusive provider of multifamily rental listings on Redfin, Rent.com, and ApartmentGuide.com, and is paying Redfin $100 million for the exclusive agreement. The restructuring is expected to be completed by the end of September, and Redfin estimates it will incur between $18 million and $21 million in expenses.

Company Information

Company

Redfin

About

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people. Redfin may publish information and analysis about the U.S. residential real estate industry on its company blog at www.redfin.com/news/housing-market-news/. We encourage investors and others interested in our company to review and subscribe to the information we post on our company blog, as some of the information may be material. Redfin-F

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Agreement Insights

Based on industry data
Strategic partnership established
Partnership agreements typically involve technology integration and joint go-to-market strategies
Contract momentum indicator
Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months

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