Redfin is implementing a series of targeted layoffs, cutting 82 employees, primarily from its Concierge service, due to a slowing housing market and a reported net loss of nearly $28 million.
Layoffs affect less than 2 percent of Redfin's workforce and come as the company shifts strategies by decentralizing their Concierge service and hiring more agents under a commission-based model.
The recent job cuts are part of a broader strategy at Redfin to adapt to changes in the housing market and reduce support and managerial staff as agents become more self-sufficient.
Redfin, unlike most brokerages that hire agents as independent contractors, has traditionally hired agents as employees, providing them with a salary and bonuses, but is shifting towards a commission model.
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