SEATTLE, Wash. — Seattle-based Redfin will be laying off about 450 employees because of a new partnership with Zillow.
In a Securities and Exchange Commission (SEC) filing, the company said it plans to restructure its rentals business.
The filing states the company will license multifamily rental properties with more than 25 units from Zillow, which also is based in Seattle.
KIRO 7 reached out to Redfin, who said very few of the impacted employees are based in Washington State.
The company sent the following statement: This Zillow partnership will give Redfin’s online audience more rental apartment listings to choose from, while increasing our traffic and profits. Over the next five months, approximately 450 employees will leave our rentals business. Others will keep building rentals search on Redfin.com, Rent.com and ApartmentGuide.com. The departing employees will be eligible for severance and continued health-insurance support. A layoff of this magnitude is painful, but this partnership is best for our customers and for Redfin overall. Our focus remains on building the best online home search, and pairing it with the best brokerage, lending and title service.
According to the SEC filing, these layoffs will happen between February and July.
Redfin says it expects the layoffs and restructuring to cost the company between $18 and $21 million.
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