Seattle's Redfin announced layoffs affecting fewer than 100 employees, part of a restructuring aimed at adapting to changing market conditions and enhancing self-sufficiency among its agents.
The Redfin spokesperson noted that as they hire more Redfin Next agents and their current agents become more entrepreneurial, the need for support and managerial staff diminishes.
Redfin's compensation strategy has been reshaped due to ongoing commission lawsuits, leading to enhanced commission splits for agents under the new Redfin Next plan launched last year.
Facing financial challenges, Redfin posted a loss of $27.9 million in Q2 2024, with CEO Kelman remarking on the dire consequences if mortgage rates and home sales don't improve.
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