Anywhere Real Estate has 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.
Anywhere was coming off a high when it debuted its new name, riding 2021’s hot housing market to one of the best first quarters in company history, despite a 30 percent year-over-year decline in profits attributed to the “unseasonably high” previous year.
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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