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Redfin is making adjustments amid the COVID-19 crisis and uncertainty surrounding the real estate market.

The Seattle real estate company wrote a letter to shareholders Thursday outlining cost-cutting moves and other changes being made, including:

CEO Glenn Kelman will not take salary for the rest of 2020.

Management team will forego cash bonuses for 2020; all Redfin employees at its Seattle HQ will forego bonuses for first half of 2020.

Board members will forego all cash fees associated with serving on Redfin’s board for 2020.

Redfin will also temporarily increase the fixed portion of agent pay given that compensation is taking a hit due to reduced home-buying and selling activity.

“We’re committed to this increase in the short term, but if we see evidence that the downturn is likely to be prolonged, we may still have to make the painful choice to furlough some workers and lay off others, decisions that would apply to both headquarters employees and real estate agents,” Redfin Chairman Bob Mylod wrote in the letter.

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Redfin had 3,377 employees as of Dec. 31.

The moves come in response to social distancing mandates in various locales related to the coronavirus crisis and larger economic downturn. Redfin reported Wednesday that there were 27% fewer customers requesting to see homes over the past week compared to last year.

Last week Redfin announced that RedfinNow, an arm of its business that buys homes directly from homeowners and resells them to homebuyers, will temporarily pause making offers on homes.

Mylod said Redfin’s balance sheet is strong, with $328 million in cash as of March 1. The company is also moving quickly to sell RedfinNow homes that it owns.

“Redfin is a relatively new company,” Mylod wrote. “But we are old enough to have operated through the financial crisis of 2008 with a far less proven business and a tiny fraction of the capital that we have today. That experience has helped inform some of the defensive measures that we are implementing. Nevertheless, we have every confidence that we will come out on the other side of this difficult time in a position to go on offense and further accelerate our market share gains.”

Redfin is focusing on its virtual tools such as video-chat tours to adapt to the new real estate climate.

Redfin rival Zillow Group outlined its own coronavirus playbook this week, noting that it will slash expenses by 25% this year, freeze hiring across the company, cut nearly all marketing spend, and suspend home-buying through its Zillow Offers business.

Here’s the full letter to shareholders from Redfin Chairman Bob Mylod: