Across the real estate ecosystem, firms have decreased staff in order to cut costs as the housing market has slowed. As the housing market cools, Zillow has made a round of layoffs, eliminating roughly 300 positions..
A Zillow spokesperson wrote in an email: “As part of our normal business process, we continuously evaluate and responsibly manage our resources as we create digital solutions to make it easier for people to move. This week, we’ve made the difficult – but necessary – decision to eliminate a small number of roles and will shift those resources to key growth areas around our housing super-app, We’re still hiring in key technology-related roles across the company.”
TechCrunch reported that Zillow Offers advisers, Premier Agent sales agents, as well as back-end staff at Zillow loans and Zillow Closing Services were affected.
As part of the lay-off package, Zillow said laid-off employees will receive 11 weeks of full pay, six weeks of full benefits, and placement assistance for up to five weeks.
The layoffs are Zillow’s most since it closed its iBuyer division last November.
Since closing its iBuying program, Zillow has piloted a variety of programs, including changes to Premier Agent, a cash-backed offer program and it has also partnered with Opendoor to offer iBuying quotes and services to users.
During the second quarter of 2022, Zillow generated a modest net income of $8 million, while revenue for the quarter came in at $1 billion.
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