Zillow will or fires 25% of workforce, exit ibuying business These jerks -- gobbled up nearly 7,000 single family homes (w the intent of flipping them) except it didn't work out and now, instead of selling them on the open, usual market to regular folks, they're selling them to "institutional investors" (Blackrock,etc) Just feel bad for the employees who are being laid off https://www.zerohedge.com/markets/zillow-fires-25-workforce-scraps-robo-flipping-program-after-huge-loss What do you feel about zillow fiasco
So don't join Zillow then? I have a call with recruiter. Do I even attempt to prep for interview 🤔
If it’s not in Zillow Offers you’ll be fine
Ty
They have been selling the houses below what they paid for it. If not enough people paid then the price was probably still too high, so that means for those houses at least the price should be coming down Again, its not zillow or blackrock or whoever’s fault that there aren’t enough housing. Its zoning and policies that do that
Do we buy the stock on discount?
I start work at Zillow next week, though not at Zillow Offers. Any reason to worry?
Only about stock appreciation
Congrats on your offer. I don't see any reason to be worried since it's a different org
I got an interview with Zillow on Friday too damn
What a bunch of idiots. They have a great software business but they get greedy and stupid and start flipping houses like they have some kind of middle life crisis.
What's their core business exactly ?
Their core business is selling ads to agents who now hate them because of Zillow Offers
really wanted the ability to buy houses without agents to take off. bummer.
Me too but Zillow got greedy. I hope Opendoor and other institutional investors fail in this. My house went up 20% last year alone I’m in fucking Texas. Fuck the fed and their cheap money I hope they choke on it
The same here until zillow fucked things up.
7000 out of 6 million homes sold a year is nothing. It’s a drop in the bucket and I bet they learned a lot from doing it. Calm down.
They laid off 25% of entire workforce or 25% in the affected division only? Also is Redfin suffering from similar issues?
I'm not sure about redfin but I won't be surprised if they're in the same mess
25% of entire workforce which was 100% of the Zillow Offers division.
In Korea, buying the second+ home has a very very high tax rate. I think this is the right thing to do.
+1 to that idea. Maybe US can follow that playbook
Then again these real estates giants have congress in their pocket