Think the real estate market is tough? Working for a real estate giant could be tougher.

The Seattle-based real estate giant Zillow terminated around 200 employees last month for failing to meet performance expectations.

The cuts coincided with widespread layoffs at several Seattle-area companies that sent shock waves through the local job market.

But unlike those workforce reductions, Zillow’s decision was not connected to market conditions or recent business developments, a company spokesperson said. The terminations were part of its typical annual review process.

“After thoughtful consideration, we made the decision to separate a small number of employees whose performance did not meet expectations,” a Zillow spokesperson said in a statement.

Although Zillow’s headquarters are in Seattle, its 7,000 employees are largely remote and distributed across the nation. It’s unclear how many of its Seattle-based Zillow employees were let go.

“We recognize the impact of these decisions and appreciate the contributions of each person, and we are committed to supporting those affected with respect and care,” the spokesperson said.

Despite the job cuts, the company isn’t shrinking. Zillow has almost 200 job openings.

The spokesperson said the company will continue to invest in the teams and roles needed to effectively deliver on its strategy.

On Feb. 10, Zillow will release its annual earnings. The market will be watching for Zillow’s first full year of profit since 2012.

The company’s third-quarter revenue was up 16% year over year to $676 million. The company turned a profit of $10 million in net income, compared with a $20 million loss in the same quarter a year earlier.

The last time Zillow cut its workforce was when it let 300 employees go in 2022 in order to shift resources to developing its “Housing Super App,” which houses an ecosystem of its products.

Before that, Zillow laid off 2,000 employees, or a quarter of its staff at the time, when it shut down its unprofitable house-flipping division in 2021.

Zillow is far from alone in its workforce reductions. The Seattle area is reeling from a flood of layoff announcements over the last few weeks.

Amazon laid off nearly 2,200 Seattle-area employees last week as part of 16,000 jobs the company cut amid its corporate restructuring.

In addition, Meta laid off 331 workers in the Puget Sound region as part of broader cuts to its virtual reality division.

Seattle-based Expedia Group and Bellevue-based T-Mobile announced Monday they plan to lay off 162 and 393 employees, respectively, in April.

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