Is Redfin in trouble?
Boston Condos for Sale and Apartments for Rent
Is Redfin in trouble?
Redfin lays off dozens of workers as housing market stalls
Seattle brokerage loses $28M in Q2, a 2% increase from the same quarter a year ago
The company laid off some workers this week, while others will stay on for several more weeks, Redfin spokeswoman Alina Ptaszynski told the newspaper in an email.
Redfin ended last year with roughly 4,700 employees, with the laid-off employees making up less than 2 percent of the company workforce.
The brokerage reported a net loss of nearly $28 million in the second quarter ending in June, a 2 percent increase from a year earlier.
The layoffs will mostly affect the firm’s Concierge service, which helps people prepare their homes for sale, along with support staff and sales managers, Redfin said. The job cuts were first reported by GeekWire.
Unlike most brokerages, Redfin has hired agents as employees rather than as independent contractors, paying them a base salary along with bonuses. But over the past year, the company launched and expanded Redfin Next, shifting pay entirely to commissions in some markets, including Seattle.
As Redfin hires more agents under that new model and the company’s “current agents become more entrepreneurial and self-sufficient, Redfin needs less support and managerial staff,” Ptaszynski told the Times.
Some laid-off staffers will be offered jobs as agents, the company said. Redfin employed about 1,800 agents nationwide last year.
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Due to the new MLS rules we can now list your Beacon Hill condo for 2%. Our fees are lower than Redfin ! More info call 617-595-3712.
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The discount real estate firm Redfin announced today that it will abandon the “do-it-yourself” real estate services for a more traditional model.
Starting today Redfin offers buyers an unlimited amount of home showings and will reduce the refunds from 66% to 50% of the commission they receive.
The news release states:
New Pricing
For home-buyers, Redfin is canceling the $250 charges for each tour but also reducing its refund from 66% to 50% of the commission we receive, for a new average savings of $7,500 in fees. Home-buyers who had engaged a Redfin agent or toured properties through Redfin between July 1 and November 5 in 2008 will get the new service with the old commission refund on any offer made by January 31, 2009. Redfin is also offering the old pricing to registered users who had begun a tour request or an offer, but never submitted it to Redfin.
Redfin is also increasing the price of its listing service from a flat fee of $4,000 to $5,000, saving the seller of a $500,000 listing $10,000 in traditional fees. The new premium service will cost $7,000, for a savings of $8,000. Consumers using Redfin to sell one home and buy another save an additional $1,000 in fees, for a total average savings of nearly $20,000 on the two transactions.
Do you think Redfin is in financial trouble?
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