Sources have revealed that the US property portal giant, Zillow, has cut 80 jobs from its ibuyer department, Zillow Offers. This is surprising considering the company, along with other iBuyers, have raved about the success within the iBuying sector.
Though it is unclear how many of its over 5,000 employees works for Zillow Offers, a source has reported that the company has made the move to rework its iBuying scheme.
At the beginning of the year, which was also the beginning of the COVID crisis, iBuying was under fire, as the uncertainty of the future of the industry forced a number of iBuyers in the US to halt services until a better grasp on the market climate was reached.
Since then, iBuying has proved to be resilient in the face of a pandemic that forces many to stay inside and cut back on the number of human interactions one experiences on average. With iBuying, the home selling and buying process can be done digitally with the least amount of in-person interaction. Zillow Offers has been doing quite well within the last few months. With these recent cuts, there could be a change in the iBuyer’s structure to further adapt to the current industry climate.