{"id":74486,"date":"2022-06-14T09:00:17","date_gmt":"2022-06-14T16:00:17","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74486"},"modified":"2025-07-01T05:52:16","modified_gmt":"2025-07-01T12:52:16","slug":"layoff","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/layoff\/","title":{"rendered":"A Redfin Layoff"},"content":{"rendered":"

Our CEO, Glenn Kelman, sent this email to all Redfin employees at 8:00 a.m. PDT on June 14, 2022. For the public posting, we removed links to our intranet, and his cell-phone number.<\/em><\/p>\n

Ah Redfin,<\/p>\n

I\u2019m sorry to say that we\u2019re asking about 8% of our employees to leave Redfin today, or about 6% if you include the people of RentPath and Bay Equity. For the next few hours, managers will call the people leaving. When we\u2019re done with the calls, I\u2019ll send out a note. We\u2019ll host a brief all-hands meeting at 11 a.m. PDT to answer any questions, which you can submit via this\u00a0form. Redfin will also announce the layoff to the public, posting this message to our blog.<\/p>\n

Demand Is Off By 17%<\/b>
\nTo all the departing people who put your faith in Redfin, I\u2019m sorry we can\u2019t keep our commitment to you. With May demand 17% below expectations, we don\u2019t have enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects.
\n
\nTwo to Four Months of Severance<\/b>
\nWe\u2019re offering laid-off colleagues ten weeks of base salary, with an additional week of pay for every 12 months of service beyond one year, capped at 15 weeks of pay. For agent and support roles, severance pay includes the estimated value of productivity bonuses or sales bonuses. We\u2019ll also pay departing employees the cost of extending our healthcare coverage for three months. This should give you until the end of the summer to find work.
\n
\nI Said We Wouldn\u2019t Lay People Off Unless We Had To. We Have To.<\/b>
\nA layoff is always an awful shock, especially when I\u2019ve said that we\u2019d go through heck to avoid one, and that we raised hundreds of millions of dollars so we wouldn\u2019t have to shed people after just a few months of uncertainty. But mortgage rates increased faster than at any point in history. We could be facing years, not months, of fewer home sales, and Redfin still plans to thrive. If falling from $97 per share to $8 doesn\u2019t put a company through heck, I don\u2019t know what does.
\n
\nIt\u2019s Time to Make Money<\/b>
\nWe\u2019re losing many good people today, but in order for the rest to want to stay, we have to increase Redfin\u2019s value. And to increase our value, we have to make money. We owe it to everyone who has invested your time or treasure in this company to become profitable, and then very profitable.
\n
\nA Performance-Oriented Culture<\/b>
\nToday\u2019s layoff is the result of shortfalls in Redfin\u2019s revenues, not in the people being let go. But months before this layoff, our culture has been making an important shift toward performance and profits. There\u2019s a reason that Redfin, alone among brokers, employs our agents: to hold ourselves to a higher standard. Jason Aleem agreed to become the leader of our brokerage in February on the condition that he would run it as an elite sales organization. We can only introduce an agent to a dozen customers each month if we believe that agent is best for our customers. And if we hold our front-line agents to a high standard, we have to apply that same standard to all of us standing behind the agent. It isn\u2019t soulful to turn on people at their first sign of weakness; but it isn\u2019t soulful either to accept mediocrity. Having a soul is how we find our way between those two poles.
\n
\nProfit-Driven Decisions<\/b>
\nThe other major difference between Redfin and other brokers is our level of investment in software and support, which includes coordinators and support agents as well as field managers, renovators, offer specialists and title specialists. There\u2019s a reason for that too: to create a competitive advantage for our customer and ourselves. Our software and support are the industry\u2019s best. But if our agents, lenders and customers wouldn\u2019t themselves pay for an improvement in our software or support, preferring instead to work with a company with less overhead and better economics, we can\u2019t pay for that improvement. This is a discipline that we need every leader, not just execs, to embrace. Fewer projects. Smaller teams. Shorter documents. Less analysis. Keep it simple.
\n
\nWhere We\u2019re Cutting<\/b>
\nBecause for every project we start, we have to think about another we\u2019ll stop. We\u2019ve already built tools for teams to work together on a transaction, so we need fewer engineers to add to those tools. We\u2019ll spend less on analytics and user research. When we were turning away tens of thousands of customers in 2020 and 2021, we had to hire a thousand employees a month to catch up, requiring berserk levels of recruiting, training and licensing. There\u2019s no avoiding that those groups will be hardest hit today.
\n
\nWhat We\u2019re Still Funding<\/b>
\nWhat we\u2019re still investing in are exactly what our agents, lenders and customers value most: the online presence to drive demand; on-the-spot tours to see homes first; low prices for listing customers who need every penny from their property for their life\u2019s next stage; RedfinNow and renovations for selling homes quickly at high prices; and other innovative services that only Redfin agents can offer customers. We\u2019ll also look for ways to invest more in the agents who can be an engine of the company\u2019s growth: any agent can meet her first customers through Redfin.com, but our best agents cultivate repeat and referral sales via those customers over time.
\n
\nStill a Place for Big Bets<\/b>
\nWe\u2019ll keep taking big bets, but only if there\u2019s a big payoff: in traffic to our site, in the success of our customers, in the range of services we can offer those customers. We bet millions on better brokerage service in 2022 because we believe that customer success rates will increase, making our most lucrative business more efficient. We bet on rental listings because becoming a complete real estate destination can let us surpass our rivals in traffic, increasing our value by billions. We\u2019re investing in online tools to guide RedfinNow offers, which should lead to faster service and more profits. We’re shifting our software to the cloud, increasing reliability and lowering maintenance costs even as more innovations roll out from more teams. If you want to take a big bet, know your customer better than anyone else; be honest with yourself about whether the outcome would matter to that customer; and cut our losses if the outcome doesn\u2019t come.
\n
\nWhere Do We Go From Here<\/b>
\nRedfin will grow more slowly in a housing downturn, but we\u2019ll still grow, and our share gains will accelerate. The world will write us off, as it has before. What will be most painful is the effort some of you will have to go through to think of ourselves as a good employer. Part of being good is accepting when the company has fallen short of that, without forsaking our determination to do better. We have broken our commitment to our people, twice now in three years. We can\u2019t shrink from doing what\u2019s best for the whole company, not just one part of it, today and every day. But I\u2019ll spend the rest of my life wondering how I could\u2019ve avoided these layoffs. What\u2019s most important now is treating the people leaving with humanity and respect. As always, you can call or email me to vent, grieve, ask questions, or get help figuring out your next move. A list of frequently asked questions about the layoff is on our intranet.<\/p>\n

Sincerely, Glenn<\/p>\n","protected":false},"excerpt":{"rendered":"

Our CEO, Glenn Kelman, sent this email to all Redfin employees at 8:00 a.m. PDT on June 14, 2022. For the public posting, we removed links to our intranet, and his cell-phone number. Ah Redfin, I\u2019m sorry to say that we\u2019re asking about 8% of our employees to leave Redfin today, or about 6% if […]<\/p>\n","protected":false},"author":13210,"featured_media":68532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[57],"tags":[],"coauthors":[126],"class_list":["post-74486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news"],"acf":[],"yoast_head":"\nA Redfin Layoff - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/layoff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Redfin Layoff\" \/>\n<meta property=\"og:description\" content=\"Our CEO, Glenn Kelman, sent this email to all Redfin employees at 8:00 a.m. PDT on June 14, 2022. 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