Boston Condos for Sale and Apartments for Rent
Massive real estate agent layoffs are occurring
It’s Sotheby’s, Coldwell Banker. Century 21 all under the franchisor group Anywhere Advisor formally known as Realogy.
More real estate companies have joined the slew of firms making cuts to weather an uncertain market.
The company formerly known Realogy didn’t disclose which departments were affected or how many people lost their jobs, Inman reported. Employees of 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 simplification and efficiencies, and right-sizing the enterprise to be in line with demand,” a company spokesperson told the outlet.
Layoffs were not mentioned in a July earnings call, where Anywhere CFO Charlotte Simonelli noted the company was targeting $70 million in savings after deploying cost-cutting moves in the first two quarters.
The company, which owns major brokerages such as Corcoran, Coldwell Banker, Century 21 and Sotheby’s, rebranded in May.
Second quarter earnings, however, weren’t as favorable as the company coped with rising mortgage rates, inflation and a shifting housing market. Earnings declined 6 percent year over year to $2.1 billion, according to Inman, but the company remained profitable.
The company could look virtually anywhere and find other companies making similar staff reductions.
Keller Williams Realty cut 4.6 percent of jobs at the company’s Austin headquarters last week in its fourth round of layoffs in 10 months.
Residential giant Compass is executing a $320 million plan to cut costs, laying off approximately 450 employees in June. More layoffs at the firm are expected to come by the end of next month, on top of the company letting go of chief technology officer Joseph Sirosh and laying off a “small” number of employees and recruiters on the tech team.
— Holden Walter-Warner
Real Estate industry experts foresee sales dropping up to 50% in 2020, but there’s even a bigger problem.
Baby Boomers
We have 10,000+ baby boomers retiring every day in America, but they aren’t moving – they are staying put. They don’t have to sell their house to survive.
Sales could drop 50% this year, and not come back.
