The company cited rising interest rates and a bad market for raising capital as the primary reasons for the shutdown. Anywheres staff cuts come days after Compass took similar measures with a wave of layoffs of its own. 2023 InvestorPlace Media, LLC. Join the conversation Cancel reply. "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. Try again later. The announcement follows similar decisions by Zillow and Redfin, which both recently announced the closure of their iBuyer services. Anywhere Real Estate has laid off an unknown number of employees as the company streamlines amid choppy market conditions. Design by Real Estate Webmasters. Anywhere Real Estate Inc. (NYSE: HOUS) is moving the real estate industry to what's next. We believe that industry dynamics and customer demands will require simplified and more integrated and digitized offerings, systems and support, Anywhere said in its Tuesday filing. 9,665 Employees . What do these housing layoffs mean for the real estate industry in 2023? Some of its investors include Andressen Horowitz, Camber Creek, and Spencer Rascoff, who co-founded Zillow. Anywhere Real Estate has kicked off the new year with layoffs. Read Todays Top Story: Miami projected to be one of the hottest U.S. housing markets of 2023. The company also said it will end its iBuyer service RealSure. In earnings reports and investor presentations, executives said they were dialing back debt and looking to boost profitability, with a target of trimming expenses by $70 million by the end of this year and by more than $300 million through the end of 2026. 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. While most of the layoffs have struck the residential-purchase market, companies focused on rentals haven't escaped unscathed. Century 21 Results expands Georgia state footprint with acquisition of Century 21 Fox Properties in Savannah. "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. document.getElementById( "ak_js" ).setAttribute( "value", ( new Date() ).getTime() ); Looking to crush your 2023 business goals? You can browse through all 4 jobs Anywhere Real Estate has to offer Full-time Lead Architect - Remote Madison, NJ 18 days ago View job Full-time Director of Agile Program Management - Remote Madison, NJ 30+ days ago View job Full-time SEC Attorney - Remote Javascript is disabled in your web browser. It operates through three segments: Realogy Franchise Group, and Realogy Brokerage Group. Anywhere has also been making changes to its C-Suite. CEO Johnny Hanna said the changing real-estate market and record-low inventory contributed to the decision to trim staff. Employees 9,830 Related News HOUS. While these decisions are never easy, I want you to know our priority is to support our departing team members. He said laid off employees will receive severance packages and outplacement career services. The layoffs will be effective as of January 21, 2023. All in all, New York City's commercial real estate brokers are starting to feel the walls close in. On May 12, 2022 Realogy Holdings Corp., the Madison-based global leader in residential real estate services, today announced the company will rebrand as Anywhere Real Estate Inc. (referred to as "Anywhere"), signaling a deep commitment to reimagine the consumer experience at any point in the real estate transaction journey. At the same time, it halted its plan to go public via special-purpose acquisition company in March. 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. 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. Anywhere reported home sales were off by 26% in October and 35% in November over the same month the previous year. Anywhere announces layoffs, wind-down of RealSure The company disclosed in an SEC filing that it made workforce reductions Monday because of the downturn in the real estate market. The company also said it is ending its iBuying business, RealSure, following in the footsteps of Zillow and Redfin. Most housing economists expect a depressed market in the winter and spring, with inventory levels expected to remain low and mortgage rates to remain elevated. Veev, a modular homebuilding company based in San Mateo, California, laid off 100 employees, or about 30% of its workforce, on November 11. 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. With signs of distress spreading through the office market and among homebuilders, and rate hikes anticipated well into 2023, layoffs are mounting. The move impacted 11 employees, primarily from Anywell's operational staff. Charlotte Simonelli, the brokerage conglomerates CFO, said in October that Anywhere was on track to hit its yearly savings target of $140 million and will most likely surpass it, reaching $150 million. "Unfortunately, this meant making the incredibly tough decision to say goodbye to a number of Convene team members this week.". All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Anywhere Real Estate announces layoffs, shutters iBuying original sound - The Real Deal. Zillow laid off 300 employees as the company pivots to focus on hiring technology and engineering staff, TechCrunch reported on October 26. We are grateful for their contributions to Anywhere and the time weve had together as colleagues, and we are focused on helping their transition as best we can.. Some standard services include title, escrow, and settlement services supporting residential real estate transactions. Save my name, email, and website in this browser for the next time I comment. See the latest Anywhere Real Estate Inc stock price (NYSE:HOUS), related news, valuation, dividends and more to help you make your investing decisions. Commercial real estate software startup Juniper Square laid off 14% of its staff in August, said Chief Marketing Officer Matt Lawson. We also use third-party cookies that help us analyze and understand how you use this website. About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC. Anywhere Real Estate Inc. (formerly Realogy Holdings) is a real estate services company, headquartered in Madison, New Jersey, United States. In June, a fundraising round brought the company to a unicorn valuation and within striking distance of going public. The company announced in late 2021 it planned to cut expenses by $70 million by the end of 2022 and by $300 million through the end of 2026. Anywhere-Real-Estate-2. "Realistically, the macro environment is likely to remain volatile and challenging for the foreseeable future. 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. In the first quarter, the company reported one of the best starts to a year in its history with $23 million in net income, on the heels of a blockbuster 2021 in which it profited $343 million. A spokesperson confirmed that the company underwent layoffs last Thursday, but the number of impacted employees and their departments was not disclosed. REAL NEWS, REAL DEALS DELIVERED DIRECTLY TO YOU. The real estate giant announced in a Tuesday SEC filing that it would implement meaningful workforce reductions while also sunsetting its iBuying brand, RealSure. For full functionality of this site it is necessary to enable JavaScript. 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. Jordan Grice is a senior editor for RISMedia. Anywhere Real Estate Inc. HOUS, +2.93% said in a filing Tuesday it has reduced its work force by 11% since June 30 including a "meaningful" reduction on Monday. In all, Interfirst Mortgage has laid off nearly 500 employees over the last 12 months, according to a report by Crain's Chicago Business. Last month, Ryan Gorman was removed as CEO of Coldwell Banker. Brokerage conglomerate's headcount is down 11% since June 30. "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. The company has raised $213 million since its founding in 2015, most recently a $130 million Series D last year. Delivering the companys business model more digitally is an increasing part of our improving the consumer experience and our ongoing cost focus.. Anywhere did not file a labor law notice in New York or New Jersey, which suggests layoffs were under 50 people per state. Our employees make Anywhere great, and we are excited to announce our certification as a Great Place To Work for the fifth year in a row. The moves are part of Anywheres broader strategy to save costs by focusing on digital operations, according to the SEC filing. "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. While excited about the potential of RealSure, given the changing market, these products are not delivering the same value to consumers, Schneider wrote. Schneider also wrote that Anywhere is winding down RealSure, a homebuying program that allows sellers to receive a competitive cash offer from Anywhere after testing their home on the market for 45 days. Whether that results in a housing market crash many economists have prognosticated, remains to be seen. wpcf7Elm.addEventListener( 'wpcf7submit', function( event ) { Industry: Real estate agent, residential , Franchises, selling or licensing , Relocation service Printer Friendly View Address: 175 Park Ave Madison, NJ, 07940-1123 United States See other locations Phone: Website: www.anywhere.re Employees (this site): Actual Employees (all sites): Actual Revenue: $7.98 billion Actual Anywhere Real Estate cites 'worsening trends in housing market' for layoffs Jan. 10, 2023 at 8:41 a.m. 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. 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. Anywheres next earnings call is scheduled for February. Real estate conglomerate lays off an undisclosed number of employees August 26, 2022, 12:34 pm By Brooklee Han It appears Anywhere Real Estate is not immune to the housing market slowdown. By clicking Sign up, you agree to receive marketing emails from Insider It is highly unlikely that most are seeing pay raises anywhere near in line with real inflation. 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. Anywhere has been trying to weather the market changes like many in the industry. Number of employees: 9 748: Sales / Employee (USD) 818 937: Free-Float: 97,2%: Free-Float capitalization (USD) 761 650 004: Just a few days after cutting 471 employees, the company filed for Chapter 11 bankruptcy protection, with more than $473 million in debt. According to the SEC filing, Anywhere said it expects the cooler housing market to continue through the early part of 2023 before rebounding to a more moderate level. Industry Business Services & Supplies. Read on to find out more information. You also have the option to opt-out of these cookies. Its net debt leverage ratio is now 3.4. Keller Williams has agreed to pay $40 million to settle a class action lawsuit alleging that the firms agents violated the TCPA. The firm, whose subsidiaries include Century 21, Coldwell Banker, Corcoran Group and Sotheby's International, said it "executed a meaningful workforce reduction" on Monday. The layoffs were a result of "cyclical changes in the mortgage market," a bank spokesperson told Bloomberg. What Real Estate Layoffs Tell Us About The Housing Market. 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. 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. as well as other partner offers and accept our, Jeffrey Greenberg/Universal Images Group via Getty Images, E. Jason Wambsgans/Chicago Tribune/Tribune News Service via Getty Images, Evelyn Hockstein/For The Washington Post via Getty Images, company's former chief operating officer's claims, ccording to a SEC filing reviewed by Insider, filed for Chapter 11 bankruptcy protection, according to a LinkedIn post from the company. Anywhere Real Estate announced more layoffs in a filing Tuesday. What do recent staff cuts from the likes of Compass (NYSE:COMP) and Anywhere Real Estate (NYSE:HOUS) mean for housing going forward? The company did not say how many employees were laid off, but in an SEC filing Tuesday said its workforce has been reduced. The firm, whose subsidiaries include Century 21, Coldwell Banker, Corcoran Group and Sotheby's International, said it "executed a meaningful workforce reduction" on Monday. In its annual report, the New Jersey-based company reported having 9,665 full-time and 165 part-time employees as of Dec. 31, 2021. The award is based entirely on current employee feedback with more than 1,600 responses from employees across the . This category only includes cookies that ensures basic functionalities and security features of the website. According to Schneiders memo, Anywhere plans to offer good transition benefits, including severance packages and outplacement career services.. The layoffs primarily impacted employees in Zillow Offers, its sales team, and staff at Zillow Home Loans, the company's mortgage lending arm. America's largest bank, JPMorgan Chase, laid off more than 1,000 mortgage employees in June, Bloomberg first reported. It appears Anywhere Real Estate is not immune to the housing market slowdown. In line with some of the recent moves of its competitors, Anywhere Real Estate has cut its staff as part of the company's ongoing cost-saving efforts amid a . . 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. All Rights Reserved. A laid-off employee talked to Insider's Zoe Rosenberg about their experience. The companies with layoffs are listed below in alphabetical order. "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. See jobs Follow. Number of employees can be defined as a measure of financial performance calculated as operating cash flow minus capital expenditures, expressed on a per share basis Compare HOUS With Other Stocks From: To: Zoom: 9,000 9,500 10,000 10,500 11,000 11,500 Number of Employees Kickback city: Rinaldi exec accused of fleecing developers, Kelman: Redfin should have killed iBuying earlier, Husband charged with murder of Tishman Speyer exec, Startup resi brokerages leading NYC firms growth, Tribeca triplex tops Manhattan luxury contracts, Two investment firms see light at end of Compass tunnel, Renaissance-inspired townhouse faces foreclosure. Layoffs Roundup: Fri 11/6/20. "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. The move comes after the company laid off almost 450 employees across two rounds earlier this year. While Anywhere didnt specify how many employees would be impacted by the firings, it indicated that its workforce had been reduced by roughly 11% since late June last year. Sue Yannacone, Anywhere Brandspresident, will expand her role to oversee Coldwell Banker. While Notarize is not a traditional real-estate company, it was boosted greatly during the pandemic by the boom in remote real-estate transactions. If accepted, the buyouts are expected to save Rocket about $180 million per year, executives said on a first quarter earnings call in May. 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. By May 2019, the firms market cap had fallen below $1 billion, down from a peak of $7 billion in 2013. [2] : 5-6. 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