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Seattle-based brokerage Redfin has begun the year by laying off 46 employees, including managers in its headquarters, program and field leadership roles.
No agents were part of the layoffs, a spokesperson told GeekWire, which broke the news Thursday afternoon.
“We are continuing to aggressively hire agents,” the spokesperson told GeekWire.
Redfin has announced several rounds of layoffs over the past two years, which have been concentrated among the brokerage’s support staff. The layoffs reached their peak in 2022 and 2023 as the company navigated an industry-wide market freeze; however, the latest two rounds have been due to the company reconfiguring its workforce to support Redfin Next, the company’s hybrid compensation plan that enables agents to keep full-scale benefits while earning competitive commission splits.
Redfin didn’t provide a reason for the layoffs. However, the brokerage’s latest earnings results were a mixed bag as revenues grew and net losses widened during the third quarter.
Despite a decline in Redfin’s top-line results, Redfin Next fueled a second consecutive quarter of agent growth and increased loyalty sales and mortgage attachment rates. CEO Glenn Kelman said the success of Redfin Next is a bright silver lining for the company, as the model attracts high-performance agents in all of its markets.
“We moved heaven and earth to make money in 2024, but we fell short of our goal. We’ll keep driving toward profits,” Kelman said. “Over the past year, almost every dollar of revenue growth has fallen to the bottom line, and now we’re preparing to grow.”
“If more consumers seek better value from their broker in 2025, Redfin may expect larger share gains,” he added. “And if homebuyers become more sensitive to brokerage fees, bundling mortgage and title services will become even more important.”
