Zillow lays off 300 workers, citing need to focus on 'key growth areas'

[Yo_Mama_Been_Loggin]

Seattle-based real estate tech company Zillow Group Inc. (Nasdaq: ZG) has laid off roughly 300 workers, the company confirmed to the Business Journal Wednesday.

The move comes after Zillow announced in November 2021 it was shuttering its direct homebuying service, Zillow Offers, which was to result in a reduction of roughly 25% of its workforce over several quarters. By the end of the first half of 2022, the company's full-time headcount had dropped even further — about 28% — from 8,005 to 5,791, the company disclosed in an August regulatory filing.

"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," a Zillow spokesperson wrote in an email to the Business Journal. "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."

Affected roles included former Zillow Offers advisers, back-end staff for the company's mortgage operation and closing services, and sales roles for Premier Agent, Zillow's platform for partner agents.

https://www.bizjournals.com/seattle/news/2022/10/26/zillow-layoffs-300-workers-2022-zillow-offers.html

[PortTack]

1. Housing market beginning to fall. This will in turn drive rent down. will take time, but it's coming

[MontanaMama]

2. I haven't raised rent in my duplex for years.

However, rent needs to fall in my city. So many folks have been forced out of their rentals because owners are selling properties because of high home prices thus making the other properties charge higher rents. It has been a mess.