Side, a venture-backed white-label brokerage that has teamed up with some of the biggest residential dealmakers, just conducted a new round of layoffs, The Real Deal has learned.
When asked for comment, San Francisco-based Side confirmed the layoffs, but declined to specify how many there were.
“We notified some Side employees that their roles will be eliminated,” a spokesperson for the firm said in a statement. “This was a result of planned technology advancements that have increased our efficiency, as well as consideration of the broader macroeconomic climate. There was virtually no impact to our product, engineering or agent growth teams.”
Residential firms across the country have been laying off staff in a bid to cut costs and prepare for a slower housing market. Brokerages that have recently laid off employees include Anywhere Real Estate and Compass.
The recent layoffs come several months after Side cut 10 percent of its workforce. Brokerage cofounder Guy Gal blamed a softening economy in part for cuts that took place in June.
“We expanded the team faster than we could train, support and develop everyone to meet the demands of changing roles and processes,” Gal said in an email to employees, which was quoted in media reports.
Side’s June layoffs took place during a time when tech-enabled real estate companies were cutting jobs. In June, digital mortgage lender Tomo.com laid off 44 people. In April, Blend Labs laid off 200 employees.
Side’s last known valuation was $2.5 billion in June 2021, when it raised $50 million. According to PitchBook, the company is in the process of raising another $200 million in venture capital, though this could not be independently confirmed by TRD.
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