Exact property agency Redfin introduced on Tuesday That it will lay off about 8% of its staff amid a downturn Inside the housing market.
Driving the information: The booming housing market started cooling this spring, evidenced by enhanced current Of latest houses, a declining pooler of consumers and rising mortgage costs.
The huge picture: Redfin CEO Glenn Kelman introduced the layoffs in a letter to staff that was later posted on The agency’s internet website.
- “I’m sorry to say that we’re asking about 8% of our staff To go away Redfin right now, or about 6% Do You’d like to embrace the people of RentPath and Bay Equity,” Kelman wrote.
- Redfin noticed demand Are out there at 17% under expectations in Might and The agency Does not have “enough work for our brokers and assist staff,” Kelman said, later including thOn the layoffs have been a Outcomes of income shortfalls.
- Laid off staff Shall be provided 10-15 weeks of of severance pay, Counting on how prolonged They’ve been On The agency. For brokers and assist roles, the severance packages Can additionally embrace the estimated worth of gross sales and productiveness bonuses.
- “We’ll additionally pay departing staff The worth of extending our healthcare safety For 3 months. This may Supply you till The prime of the summer time To Search out work,” Kelman wrote.
WhOn they’re saying: “A layoff is …….