Zillow has cut 80 jobs from its home buying and selling business, despite its big bet on the burgeoning sector.
The real estate giant doesn’t disclose how many of its 5,300 employees work for Zillow Offers. But a spokesperson told GeekWire the cuts would allow the company to invest in iBuying by “realigning our resources and staffing levels.”
iBuying has been one of the biggest trends in residential real estate in the past five years, but skeptics question whether the business model pencils out. For Zillow, cutting iBuying overhead could be a path to profitability.