Zillow has entered a $100 million syndication agreement with Redfin, enabling Redfin to syndicate Zillow's rental listings to platforms like Rent.com and ApartmentGuide.com. This move coincides with substantial layoffs at Redfin, affecting approximately 450 employees in its rentals segment as part of cost-saving measures. With this being Redfin's sixth layoff round since June 2022, the company has faced ongoing challenges in the housing market, evidenced by reported revenue growth yet increasing net losses.
"According to SEC filings by Zillow and Redfin, the Glenn Kelman-helmed firm will start syndicating Zillow rental listings... Zillow is paying Redfin $100 million for the syndication rights."
"Redfin is set to announce its quarterly earnings at the end of the month. This is the sixth round of layoffs at Redfin since June 2022."
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