Redfin, the online real-estate site that helps run and facilitate real-estate transactions, is cutting 20% of its workforce, or about 20 people. They are obviously experiencing slowing revenues right now, and specially since they don't have additional revenue streams via advertisements, which other sites such as Zillow and Trulia do. But with enough money still in the bank from their last funding round, this looks like a move to prepare for the leaner times to come.
Glenn Kelman, the CEO, is shrewd enough to move ahead of the economy, so I would trust his decision - he steered Plumtree Software through the last downturn and finally to a successful IPO. (Plumtree is now part of BEA)
They're based out in Seattle, by the way. I've wondered for a while - why do real-estate startups seem to like Seattle?
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