Side dismisses 12 staffers
Payroll reduction follows similar cutbacks in June and October 2022
Side made a round of cuts this week, The Real Deal has learned.
The San Francisco-headquartered white label brokerage let go of 12 employees, according to founder and CEO Guy Gal.
“We cut 12 people and plan to hire back into those roles in-market versus remote,” Gal said when reached Thursday. All affected employees were from the sales department.
This is not the first time Side has faced cuts. In October, the brokerage confirmed layoffs but did not specify how many jobs were being cut. Back in June 2022, Side laid off 10 percent of its workforce, according to media reports. In an email to employees, Gal said: “We expanded the team faster than we could train, support and develop everyone to meet the demands of changing roles and processes.”
And it’s far from the only brokerage that has trimmed headcount. Behemoths including Compass and Anywhere Real Estate, as well as boutique firms like the Agency, have all trimmed staff over the past year.
In January, Side hired Stephen Capezza, a veteran of Zillow, to drive national growth as president. Last summer, the company wooed Tal and Oren Alexander, who launched their Side-affiliated Official Partners.
Side last raised a round of funding during the venture-capital boom in 2021, at which time it was valued at $2.5 billion.
This story was updated with a comment from Side.