The company explained that they were forced to close the department responsible for “flips”, after it reported a loss of 18 million dollars during the third quarter of 2022
The wave of layoffs that afflicts the giant companies in the United States also reached the local real estate market, after Redfin announced that it was laying off nearly 900 employees.
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According to the company’s statement, 862 employees – 13% of all employees – were notified of their termination last week. Of these, 264 of those fired worked in the RedfinNow division that dealt in “flips” of houses.
Earlier this year, Redfin announced that it was shutting down the department responsible for “flips” because properties purchased through it lost $18 million during the third quarter of this year.
“These are difficult decisions, but ones that we must make strategically in order to refocus on our core business,” the company explained.
As you may recall, last June Redfin pointed to a slowdown in the real estate market as the reason why it had to lay off 470 employees.
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