Here are 56 real-estate companies that laid people off this year as high mortgage rates and a softening economy ravaged the industry in 2022
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- CBRE, JLL, and Ribbon are the latest real-estate firms to lay off employees.
- The layoffs have impacted more than 13,000 workers and come as demand for mortgages has reached its lowest level since 1997.
- Insider rounded up 56 of the firms who have cut staff amid a cooling housing market.
Last year was a tough one for the real estate industry as many companies were forced to lay off staff because high mortgage rates depressed homebuying demand.
Deals that were once profitable for the industry and home purchases that had been affordable for everyday people have been getting slammed by or because of the higher borrowing costs.
The aggressive interest-rate hikes by the Federal Reserve and a looming recession have resulted in layoffs galore across the real-estate world, whose stormy seas have triggered worry elsewhere in the economy. The cutbacks are sobering for an industry that just a year ago was flying high with home-price appreciation, increasing rents and plentiful funding for proptechs.
The downsizing began in the mortgage industry with Better's Zoom layoffs at the end of last year. That abrupt move came amid a big slowdown in 2022, and residential brokerages like Compass, Redfin, and Side followed suit as transaction volumes skid.
With signs of distress spreading through the office market and among homebuilders, and rate hikes anticipated well into 2023, layoffs are mounting. The Mortgage Bankers Association — the industry's largest trade group — anticipates an attrition rate as high as 30%, according to a spokesperson.
Indeed, more industry jobs are likely on the line with demand for mortgages now its lowest level since 1997, per the MBA. Some of the latest and notable casualties came from real estate marketplace giant Zillow, consumer lender Finance of America, and international vacation rental company Vacasa.
Insider is keeping track of where job cuts are taking place in the residential and proptech sectors, including at companies that have wielded an axe more than once. The companies with layoffs are listed below in alphabetical order.
Do you know of other real estate tech or mortgage-related layoffs? Were you affected by them? email anicoll@insider.com or rdavis@insider.com.
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Portage, Michigan-based Amerifirst Home Mortgage plans to layoff 59 employees in early 2023 as rising mortgage rates continue to depress homebuying demand, MiBiz reported.
"Rising interest rates have impacted the nation's home mortgage industry including Amerifirst," Mark Jones, the company's CEO, told MiBiz in a statement. "Unfortunately, the resulting slowdown forced our company to scale back operations and reduce our workforce."
Just days after the layoff announcement, Amerifirst revealed that it is being acquired by Union Home Mortgage, Crain's Detroit reported.
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Israeli proptech startup Anywell, a company that creates hybrid workspaces, announced in August that it will lay off 50% of its workforce in a restructuring. The move impacted 11 employees, primarily from Anywell's operational staff.
Anywell's latest round of layoffs came just five months after it raised $10 million in a Series B round. A total of 14 employees have left the company since March.
The company added that it plans to focus on software-based solutions.
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Anywhere Real Estate, Inc., the parent company of well-known real estate brokerages such as Coldwell Banker and Century 21, announced on January 10 that it has laid off 11% of its workforce since June 2022 as the housing market continues to struggle, a filing with the SEC shows.
Anywhere said in the filing that it will give more details about the layoffs during its full year 2022 earnings call in Feburary 2023.
The company is also shuttering its iBuying arm called RealSure, the filing said. The moves are the latest development in Anywhere's efforts to cut costs, which includes slashing expenses by about $300 million by 2026, The Real Deal reported.
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Apartment listing services are facing mounting economic pressure.
Mathew Woods, CEO of ApartmentList.com, announced on LinkedIn on August 31 that the company was laying off 29 people, or approximately 10% of its workforce. Woods said the company was "reacting to market conditions."
Better
The online mortgage lender Better started laying people off earlier than most of the companies on this list.
In December, CEO Vishal Garg cut 900 employees via Zoom meeting, a move that made headlines around the world. Before the layoffs, Better employed about 9,000 people, 7,000 of whom were hired since the start of the pandemic.
The company has since announced another wave of layoffs, cutting 3,000 more employees in March. Insider reported some employees found out they were being laid off when their bank statements received direct deposits for severance payments or when they abruptly lost access to their work computers.
The company, which has said it still plans to go public this year, announced voluntary buyouts for employees in some positions and departments in April. Garg, Better, and the blank-check company trying to take the mortgage company public have received formal inquiries from the Securities and Exchange Commission about their business operations and the company's former chief operating officer's claims about corporate malfeasance.
Blend
Blend, the publicly traded mortgage-tech company that builds software for major mortgage lenders, laid off 200 people, or 10% of the company, in April, according to a filing with the Securities and Exchange Commission first reported by HousingWire.
The company had been signaling it had hard times ahead since the end of last year, as declining loans were forecast to hit the company just as hard as its clients, who are the ones actually lending.
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Bungalow, a company that turns traditional single-family homes and apartments into coliving spaces for roommates, laid off 75 people, or 35% of its workforce, in June, according to Layoffs Tracker and posts by former employees on LinkedIn.
The company raised $75 million last year from a mix of investors, led by Deer Park Road Management, with Coatue, Khosla Ventures, Founders Fund, and Atomic also investing. The round valued the company at $600 million.
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Commercial real estate behemoth CBRE conducted a round of layoffs in mid-December, although it is unclear how many workers have been impacted, according to LinkedIn posts from former employees.
The move comes just months after the company announced it would cut more than $400 million in costs during its Q3 earnings call in October, real estate publication The Real Deal reported.
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Clear Capital, a real estate appraisal technology company, laid off 27% of its workforce on October 14, according to Layoffs Tracker and LinkedIn posts from former employees.
The layoffs will impact 378 employees – about 27% of the company's workforce as rising interest rates result in a significant decrease in volume from its customers.
"Clear Capital is restructuring all company divisions to reduce expenses and support our future business strategy amidst today's housing market reality," CEO Duane Andrews told Insider.
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The residential brokerage Compass conducted its third round of layoffs in early January, a move that impacted approximately 350 employees, according to a SEC filing reviewed by Insider.
Compass previously announced it laid off 10% of its workforce — about 450 employees — in June as residential transactions slowed down. The layoffs did not include real-estate agents, who are independent contractors and not directly employed by the company.
Compass, which went public in April 2021 at roughly $20 a share, is down almost 80% over the past two years and trading below $5 a share. The company also plans to combine some offices and pause its plans to expand and acquire other companies.
A laid-off employee talked to Insider's Zoe Rosenberg about their experience.
"My lingering thought is that whatever the impacts of the IPO and the impacts of our rapid expansion across the country, the impacts of the market on our futures — is just that those impacts didn't seem to be handled appropriately, or in the best manner for the associates' longevity with the company," they said.
Convene
Convene, a hospitality and co-working company based in Manhattan, laid off 54 employees on December 10, according to commercial real estate publication Bisnow.
"Like many companies, we've had to reassess the organizational structure of Convene to best position the business for future growth in an increasingly challenging and dynamic macro environment," the company's CEO Ryan Simonetti wrote in a LinkedIn post about the layoffs. "Unfortunately, this meant making the incredibly tough decision to say goodbye to a number of Convene team members this week."
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Divvy Homes, a rent-to-own real estate company, in September laid off 40 employees, representing more than 12% of its workforce, according to Layoff Tracker.
The San Francisco-based company has raised more than $1.5 billion since it was founded in 2017 and is backed by large investment firms such as Andreessen Horowitz and Tiger Global Management.
"Although we recognized these macroeconomic challenges in late summer 2022 and took steps to substantially reduce our cost structure in response, it unfortunately was not enough," Kyle Zink, Divvy's VP of Marketing, told Insider.
"Realistically, the macro environment is likely to remain volatile and challenging for the foreseeable future. As a result, we needed to adjust headcount to reflect the new reality today," Zink continued.
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Finance of America Mortgage, a multichannel mortgage lender headquartered in Plano, Texas, laid off hundreds of employees between the second and third quarters of 2022, HousingWire reported in August.
The layoffs impacted employees in the US and in the Philippines where workers performed back office tasks such as appraisal checklists, according to HousingWire.
"The discontinuation of the forward mortgage originations segment will allow FOA to optimize its resources and prioritize businesses that have a distinct market opportunity and greater growth potential," FOA Interim CEO Graham Fleming said in a press release.
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First Guaranty Mortgage Corp., a Plano, Texas, lender, laid off 80% of its employees, The Dallas Morning News, and paused making new loans in late June, fueling speculation that the company was going to go bankrupt. The company was backed by the major asset manager Pimco.
Just a few days after cutting 471 employees, the company filed for Chapter 11 bankruptcy protection, with more than $473 million in debt. The company, which originated $11 billion in mortgages last year, had projected it could originate only $5 billion to $6 billion in mortgages this year.
Flagstar Bank
Flagstar Bank, a Michigan bank, cut its mortgage staff by 20% in April.
In a statement to HousingWire explaining the 420-employee layoffs, CEO Alessandro DiNello cited interest rates rising "at the fastest rate this century." In the first quarter of 2022, the company's mortgage originations were down 40% from the first quarter of 2021.
Flyhomes
FlyHomes, an online brokerage service, cut 40% of its staff, or about 300 people, in November as the company seeks to "preserve capital through uncertain economic conditions," according to a LinkedIn post from the company.
The move comes just five months after FlyHomes let go of 20% of its staff, or about 200 people, in July. The company blamed economic headwinds and rising interest rates, according to a report by GeekWire.
The Seattle-based company has raised more than $310 million since it opened in 2016. Some of its investors include Andressen Horowitz, Camber Creek, and Spencer Rascoff, who co-founded Zillow.
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Phoenix, Arizona-based mortgage lending company Homepoint laid off 117 employees on November 17 as rising interest rates took a toll on homebuyer demand, according to the Phoenix Business Journal.
Overall, the company has let go of nearly 500 employees across four states such as Texas, Florida, Michigan, and Arizona in 2022, according to the Mortgage Professionals of America Magazine.
The layoffs are part of a broader cost-cutting plan that is estimated to save the company over $100 million after it posted a more than $44 million loss on its Q2 earnings report, MPA Magazine said.
Photo courtesy of Homeward
Austin, Texas-based startup Homeward, which is pioneering the "move now, sell later" transaction, laid off another 25% of its workforce in November, according to a post on the company's LinkedIn page. The move comes just months after the company let go of 20% of its workforce in August as housing transactions dropped.
"We don't know how long real estate will continue to soften, so we must plan for a less active market," Tim Heyl, Homeward's CEO, wrote in an email to employees in August, according to a report by The Austin-American Statesman.
Since it started in 2018, the company has raised more than $500 million from investors such as LiveOak, Javelin Ventures, and KeyStone Bank. Homeward raised $136 million in its Series B round, which closed in May 2021, according to Crunchbase.
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Homie, an online discount brokerage in Utah, laid off another 40 employees from its Salt Lake City location in October. The round of layoffs account for approximately 13% of its workforce, and brings the company's total cuts for the year up to 159, according to Layoff Tracker.
CEO Johnny Hanna said the changing real-estate market and record-low inventory contributed to the decision to trim staff.
Inspectify
Seattle-based home inspection startup Inspectify laid off 16 people on November 28 as rising interest rates and low homebuyer demand cooled-off the red-hot housing market, according to the Puget Sound Business Journal.
Inspectify CEO Josh Jensen told the paper that the company still employs about 51 people following the layoffs.
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Interfirst Mortgage, a lender based in Chicago, Illinois, plans to let go of 75 employees next month due to rising interest rates, reports Housing Wire. The layoffs will be effective as of January 21, 2023.
The move comes just one month after the company let go of 371 employees from its Chicago and North Carolina offices. In all, Interfirst Mortgage has laid off nearly 500 employees over the last 12 months, according to a report by Crain's Chicago Business.
JLL
Commercial real estate brokerage JLL laid off employees from its New York and Chicago offices in November, but it remains unclear how many employees were impacted, Bisnow reported, citing multiple sources.
"JLL is continuing with measures which were already underway to align our operational structure with our global transformation and reinforce our focus on managing costs," a company spokesperson told Bisnow.
Mike Segar/Reuters
The layoff wave hasn't affected only smaller lenders and proptech startups.
America's largest bank, JPMorgan Chase, laid off more than 1,000 mortgage employees in June, Bloomberg first reported.
The layoffs were a result of "cyclical changes in the mortgage market," a bank spokesperson told Bloomberg.
Ty Cole
Commercial real estate software startup Juniper Square laid off 14% of its staff in August, said Chief Marketing Officer Matt Lawson.
Lawson said the move primarily impacted Juniper's sales division. Despite the round of layoffs, the company's staffing total will still likely be 20% above last year's, he added.
Since opening its doors in 2014, the proptech startup has raised more than $108 million from investors that include Ribbit Capital, Zigg Capital, and Ovo Fund. The company raised more than $75 million in its Series C funding round in September 2021.
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Keepe, a Seattle home-repair company, cut an unspecified number of workers from its small workforce in June, GeekWire reported. (GeekWire counted a total of 36 Keepe employees on LinkedIn.)
The company provides home-repair services for other businesses, such as property managers and large corporate landlords.
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The mortgage arm of the major brokerage Keller Williams, Keller Mortgage, laid off 150 new hires in October, then laid off many more employees in May, a round that former employees described as "big," "massive," and "huge," according to The Real Deal.
The division is largely focused on purchase mortgages because of its relationship with the brokerage.
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San Francisco-based startup Kiavi, which offers loans to real estate investors, has felt the impact of rising interest rates on its customers. The company laid off 14 employees in July, representing about 7% of its workforce, HousingWire reported.
Kiavi grew quickly in recent years, and in May announced that it had surpassed $10 billion in loans to real estate investors since it opened in 2013.
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In March, Knock, a startup that helps homeowners make an offer on a new house before selling their old one, laid off 46% of its staff, roughly 120 employees, Bloomberg reported.
At the same time, it halted its plan to go public via special-purpose acquisition company in March. The company had planned to go public at a $2 billion valuation but instead raised $70 million in equity and $150 million in debt in a private funding round that included the movie director M. Night Shyamalan as one of the investors.
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Fully-furnished apartment provider, Landing, conducted a second round of layoffs on December 14, although it is unclear how many employees were let go, according to a report by AL.com. The move comes after the company let go of 110 employees on October 6 and reshuffled another 70 positions to different parts of the country.
The company was founded in San Francisco but moved its headquarters to Birmingham, Alabama, in 2021 with the goal of creating more than 800 full-time jobs in the state. Today, the company has a workforce of nearly 900 in the Birmingham area.
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Commercial real estate finance platform Lev laid off 30 employees on December 7, which represents approximately 30% of the company's workforce, according to a report by The Real Deal.
The move comes at a time when commercial real estate property values are falling because of low demand for office and other Class A space, according to CRE data firm Green Street.
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The mortgage lender Mr. Cooper, formerly known as Nationstar, has had two separate rounds of layoffs this year, one of 250 employees and another of 420 employees, or roughly 5% of the company's employees, according to The Real Deal.
Like other mortgage lenders, it was hit hard by rising rates, with its direct-lending business declining by 32% year over year.
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Notarize, a Boston remote-notary service, laid off one-quarter of its staff — or about 110 people — in May, TechCrunch reported.
While Notarize is not a traditional real-estate company, it was boosted greatly during the pandemic by the boom in remote real-estate transactions. Many states loosened their rules about in-person notaries and other traditional closing procedures to allow transactions to continue during the early waves of COVID-19.
Notarize CEO Pat Kinsel said the layoffs were a result of "the state of the economy and world events" and that it may be harder than expected to raise further investment in the company. The company has raised $213 million since its founding in 2015, most recently a $130 million Series D last year.
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Offerpad, a Chandler, Arizona-based iBuying company, laid off approximately 7% of its workforce on November 11 after the company posted a more than $80 million net loss on its Q3 earnings report, according to a report by the Phoenix Business Journal.
The company has raised more than $335 million from big-name investors such as homebuilder Taylor Morrison and private equity firm Blackrock, according to Crunchbase.
Offerpad went public in September 2021 with a special purpose acquisition company called Supernova Partners. The company's stock has since lost more than 94% of its value, causing Offerpad to receive a delisting notice from the NYSE in November 2022.
Opendoor Technologies/Glassdoor
Opendoor laid off 550 employees on November 2, according to a blog post on the company's website.
Founded in 2015, San Francisco-based Opendoor is America's biggest home-flipping company. It's also known as an instant buyer, or iBuyer, which means it buys up single-family homes across the country, lightly renovates them, then resells them for a profit.
The move impacted about 18% of Opendoor's workforce across all departments, the blog post said. Opendoor also offered laid-off employees job transition services and a severance package that includes at least 10 weeks of pay.
"We did not make the decision to downsize the team today lightly but did so to ensure we can accomplish our mission for years to come," Opendoor CEO Eric Wu wrote in the blog post. "And while we may be navigating a once-in-40 year market transition, it doesn't take away the difficulty, frustration, and sadness downsizing brings."
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Orchard, a startup that helps homeowners buy a home before selling their current home, laid off 180 people, or about 25% of its workforce, on November 17 at a time when homebuyers were increasingly leaving the real estate market, according to Layoffs Tracker.
Orchard became a unicorn last year. It was valued at $1 billion after a $100 million funding round led by Accomplice. The company previously laid off about 10% of its staff in June because of "mounting economic uncertainty," according to a LinkedIn post.
Pacaso
Pacaso, a real estate investment company founded by former Zillow executive Spencer Rascoff, laid off approximately 30% of its workforce on October 11, citing concerns about a global recession, according to The Real Deal.
Since its founding in October 2020, Pacaso has raised more than $1.5 billion in seven funding rounds, with more than $1.3 billion coming from debt. In September 2021, the company picked up more than $125 million in a Series C round from 11 investors, including Alumni Ventures, SoftBank's Vision Fund, and Fifth Wall.
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Pennymac, a California nonbank lender, laid off another 80 employees in October primarily from its Roseville, Westlake, Agoura, Moorpark, and Pasadena locations in California, according to HousingWire.
The move comes after the company laid off almost 450 employees across two rounds earlier this year. The first round was announced in March, while the second was announced in May, with the layoffs occurring up to July, according to HousingWire.
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San Francisco Bay area company Reali shuttered its operations in August, affecting 140 employees, TechCrunch reported. The company cited rising interest rates and a bad market for raising capital as the primary reasons for the shutdown.
Reali, which was founded in 2016 in Israel, sought to simplify real estate transactions by allowing customers to buy and sell homes in a single, coordinated transaction. This would have eliminated the need for contingencies and paying two mortgages at once.
The company raised a $100 million Series B round in August 2021.
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Realtor.com, one of the most recognizable real estate marketplaces in the world, said in September that it was downsizing its workforce.
David Doctorow, the company's CEO, cited slow sales volume and economic headwinds as catalysts for the downsizing, according to Inman.com. A spokesperson declined Insider's request to comment on the move.
Courtesy of Comparably
Seattle-based real-estate brokerage Redfin laid off 862 employees, or 13% of its staff, on November 9, according to a memo posted on the company's website.
The move comes after the company laid off 6% of its staff of almost 6,500 in June. Overall, employment at the company has declined by 27% since April 30, the memo said.
"A layoff is awful but we can't avoid it," Redfin CEO Glenn Kelman wrote. "We plan to keep increasing our share of the market, but that market in 2023 is likely to be 30% smaller than it was in 2021."
The company also said on November 9 that it was shutting down its home-flipping, or iBuying, business, called RedfinNow.
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The New York insurance-tech startup Rhino laid off 57 employees, or more than 20% of its staff, in February, The Real Deal reported.
Rhino is one company in a growing group of proptech startups that pays renters' security deposits in exchange for small but nonrefundable monthly payments.
The company is part of the Kairos portfolio, a group of related startups led by the investor Ankur Jain. The layoffs came a year after Rhino raised $95 million in a round led by 2021's most active venture investor, Tiger Global Management.
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New York City-based startup Ribbon, a software-as-a-solution company for real estate agents, laid off 170 employees — or approximately 85% of its workforce — in November, Business Insider reported.
The layoffs come months after Ribbon laid off 136 employees in July as the company seeks profitability, Inman reported.
Over the last year, Ribbon has doubled its market footprint to eight states, including Ohio, Arkansas, and Florida, among others.
Ribbon has raised more than $900 million since it was founded in 2017. Some of the company's big-name investors include Bain Capital Ventures, Greylock, and Goldman Sachs.
Rocket Mortgage
Rocket Mortgage, the largest mortgage lender in the country formerly known as Quicken Loans, has avoided layoffs by offering 8% of its workforce voluntary buyouts, providing months of compensation, medical benefits, and early stock vesting, National Mortgage Professional reported. It is unclear how many employees have taken the buyout offers.
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Side, a startup that provides white-label brokerage services like marketing tools to independent brokerages, laid off 10% of the company's workforce. It cut roughly 40 people in June, Inman reported.
In June, a fundraising round brought the company to a unicorn valuation and within striking distance of going public.
CEO Guy Gal said in a statement provided to Inman and other outlets that the company grew too quickly to adequately onboard new employees and that leadership decided it needed to slow down growth in the face of the condition of the global economy.
Cassidy Araiza
Sonder, one of the multiple proptech companies to go public during a rush of SPAC deals, laid off 21% of its corporate employees and 7% of its frontline hospitality staff in June, Business Travel News reported.
Sonder operates short-term rental properties in apartment buildings, including some apartment buildings that it operates entirely as hotels.
CEO Francis Davidson said in a meeting, according to Business Travel News, that the layoffs were part of a plan to prepare the company for shifting market dynamics that value profitability over growth. Earlier in the month, Satyen Pandya, Side's chief technology officer, left the company, according to a Securities and Exchange Commission filing.
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Sprout Mortgage, which touted itself as the largest originator of nonqualified mortgages, laid off all of its more than 300 workers and shut down operations earlier this month, as HousingWire first reported.
Sprout Mortgage is the latest nonqualified-mortgage lender to shutter after the closure of First Guaranty Mortgage Corp.
The news prompted a class-action lawsuit from laid-off employees who said they hadn't received paychecks for their last few weeks of work.
David Jay Zimmerman
Sundae, a marketplace that allows homeowners to sell their homes to investors who then rent out the homes, laid off 15% of its staff, though the total number of people laid off is unclear, HousingWire reported.
The layoffs were in June, when Bloomberg reported investors had begun to slow their purchases of homes across the country to rent out because of higher borrowing costs.
Tomo
Tomo, a mortgage startup that focuses on lending to home purchasers, laid off 44 people, or almost one-third of its workforce, in May, Insider previously reported.
Greg Schwartz, the company's CEO and cofounder, said the layoffs were a result of the "recent shift in the mortgage and venture-capital markets due to the rapid increase in interest rates."
Courtesy of Ryan Villines
Vacation rental startup Vacasa announced it laid off 280 employees on October 21, in a move that impacted approximately 3% of its workforce, the company confirmed.
The layoffs come just weeks after Rob Greyber took over as CEO. It was already trimming staff over the summer, when about 25 salespeople received pink slips.
Vacasa has struggled to become profitable since going public in 2021. The company lost $2 million in adjusted earnings in the third quarter of 2022, though it was better than its projected loss of $15 million to $20 million, according to its quarterly report.
"We do not take these decisions lightly, but we continuously assess our business, striving to optimize our resources and teams to be efficient and align with our priorities," a company spokesperson told Insider.
Veev
Veev, a modular homebuilding company based in San Mateo, California, laid off 100 employees, or about 30% of its workforce, on November 11. The move primarily impacted workers who helped build high-rise housing units, according to a report by CalCalist.
The move comes just eight months after the company raised more than $400 million in a Series D round from investors who included Fifth Wall and JLL Ventures. Veev said in a press release that it raised the capital to expand its operations in the US.
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Wells Fargo laid off workers across its home-lending operations in April but declined to describe the size or scope of the layoffs to Insider or other outlets.
That same month, the company reported that revenues within its home-lending operation were down 33% year over year. The company's chief financial officer, Mike Santomassimo, appeared to forecast further layoffs during its first-quarter earnings call.
"We've started to reduce expenses in response to the decline in volume and expect expenses will continue to decline throughout the year as excess capacity is removed and aligned to lower business activity," Santomassimo said.
The company did not provide further updates about the scope of the layoffs on an earnings call Friday.
Evelyn Hockstein/For The Washington Post via Getty Images
The Wing, a New York-based coworking startup that made office spaces for women, shut down its operations in August, according to Layoff Tracker.
The company that was founded by Audrey Gelman and Lauren Kassan in 2016 raised more than $117.5 million in funding from investors such as WeWork and Sequoia Capital.
Courtesy of Christopher Willson
Zeus Living, a furnished home rental company, laid off 64 employees on October 20 as the company continues to seek profitability and sustainable growth, according to the San Francisco Business Times.
The layoffs come approximately 18 months after the startup cut more than 60% of its labor force due to business impacts resulting from COVID.
"Like many companies in our industry, we are not immune to the effects of market volatility, inflation, war, and the possibility of a recession," Anni Jones, director of PR for Zeus, told Insider in an emailed statement.
Zeus has raised more than $150 million from investors like Picus Capital and Y Combinator since it opened in 2015.
Zillow
Zillow laid off 300 employees as the company pivots to focus on hiring technology and engineering staff, TechCrunch reported on October 26. The layoffs primarily impacted employees in Zillow Offers, its sales team, and staff at Zillow Home Loans, the company's mortgage lending arm.
The move comes nearly a year after Zillow laid off 25% of its workforce after shuttering its iBuying program known as Zillow Offers.
"As part of our normal business process, we continuously evaluate and responsibly manage our resources as we create digital solutions to make it easier for people to move," a company spokesperson told Seeking Alpha. "This week, we have made the difficult — but necessary — decision to eliminate a small number of roles and will shift those resources to key growth areas around our housing super-app. We're still hiring in key technology-related roles across the company."
Bizzarro Agency LLC
While most of the layoffs have struck the residential-purchase market, companies focused on rentals haven't escaped unscathed.
In June, the rental marketplace Zumper cut 15% of its staff, mostly in the sales and customer-service departments, The Real Deal reported. It is unclear how many employees were cut.
Axel Springer, Insider Inc.'s parent company, is an investor in Zumper.
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