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Redfin shuts home-flipping business and cuts 13{8ba6a1175a1c659bbdaa9a04b06717769bcea92c0fdf198d429188ebbca09471} of its workforce
CNN Enterprise — Redfin is established to shutter its house-flipping small business and lessen its workforce by 13{8ba6a1175a1c659bbdaa9a04b06717769bcea92c0fdf198d429188ebbca09471}, laying off 862 workforce. About 264 of the position cuts will be instantly related to the shutdown of RedfinNow, the company’s instant buying, or iBuying, business in which it buys a residence as-is, completes minimal improvements and resells the household on the open industry. “Winding down RedfinNow is a strategic conclusion we built in get to emphasis our sources on our main companies in the confront of the increasing charge of cash,” the firm wrote in a submitting with the Securities and Exchange Fee. Redfin and other iBuyers like Zillow, which shut…
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Zillow’s Shuttered Home-Flipping Business Lost $881 Million in 2021
Zillow Group Z -1.75{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} said on Thursday that it missing $881 million on its algorithmic-driven house-flipping business very last year in its to start with earnings report due to the fact the authentic-estate enterprise shut down that procedure in the slide. The full firm, which involves Zillow’s profitable dwelling-listing and promoting business enterprise, posted a consolidated net loss of $528 million in 2021, typically because of its household-flipping business, Zillow Presents. The flipping outfit experienced been liable for the the greater part of Zillow’s profits in the latest many years but none of its profits. The corporation stunned the industry in November by announcing it was closing Zillow Features since…
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