Real Estate

Everywhere Real Estate Cuts Staff

Ryan Schneider of Anywhere Real Estate (Realogy, Getty Images)

Real Estate Everywhere joins a number of companies making cuts to weather an uncertain market.

The company, formerly known as Reology, did not disclose which departments were affected or how many people lost their jobs, Inman said. reportEmployees at the company’s franchisor group Anywhere Brands and brokerage group Anywhere Advisors were spared.

“Part of our ongoing cost management includes evaluating business initiatives, finding simplifications and efficiencies, and right-sizing the company to meet demand,” said a company spokesperson. told the outlet.

Layoffs were not mentioned in the July earnings call, with Anywhere CFO Charlotte Simonelli saying the company is targeting $70 million in savings after taking cost-cutting measures in the first two quarters. said.

The company, which owns major brokerage firms such as Corcoran, Coldwell Banker, Century 21 and Sotheby’s, rebranded in May.

Anywhere had a high price when it announced the new name. The 2021 housing market has one of the best first quarters in the company’s history. However, profits were down 30% year-on-year due to the “unseasonably high” of the previous year. .

second quarter earningsHowever, it performed poorly as the company dealt with rising mortgage rates, inflation and changes in the housing market. Inman said revenue fell 6% year-on-year to $2.1 billion, but the company remained profitable.

Virtually everywhere you look you can find other companies making similar cuts.

Keller Williams Realty last week cut headcount at its Austin headquarters for the fourth time in 10 months, cutting headcount by 4.6%.

Housing giant Compass is laying off about 450 employees in June as it implements a $320 million plan to cut costs. The company expects more layoffs to take place by the end of next month, in addition to firing Chief Technology Officer Joseph Shirosh and laying off a “small” number of employees on the tech team and a recruiter. It has been.

— Holden Walter Warner

#Real #Estate #Cuts #Staff

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