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Business Observer Monday, Feb. 21, 2022 4 months ago

Zillow layoffs grow in Tampa

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As the online real estate giant closes Zillow Offers programs, local job cuts more than double.
by: Louis Llovio Commercial Real Estate Editor

TAMPA — An additional 19 people are being laid off at Zillow in Tampa as the company continues to wind down its home buying program, Zillow Offers.

The new layoffs will bring to 37 the total number of people working at the company’s downtown office on Ashley Drive losing their jobs. In November, Zillow announced that 17 Tampa employees were being eliminated because of the company’s decision to do away with the offer program. In all, about 25% of the company’s workforce was laid off because of the decision.

According to a letter sent to meet federally mandated Worker Adjustment Retraining and Notification Act requirements, the first group of layoffs began Jan. 3. The second round will start April 18. One other person, listed separately from the two big layoffs, was let go Jan. 3, according to the letter.

The letter does not say why the additional cuts were just announced now.

Among those losing their jobs in the latest round of cuts are an interim general manager, three field renovation managers, four renovation estimators and 11 renovation superintendents.

The Seattle-based company announced in an earnings statement in October that it was shutting down the service where it would buy homes and then resell them. Zillow Group co-Founder and CEO Rich Barton said at the time that the decision was made because “we’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.”

Zillow announced Feb. 10 that revenue for the fourth quarter was $3.9 billion and for the entire year $8.1 billion.

The company says on its website that it employs about 8,000 people.

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