Anywhere Real Estate has kicked off the new year with layoffs.
The company did not say how many employees were laid off, but in an SEC filing Tuesday said its workforce has been reduced by roughly 11 percent since the end of June. The company also said it is ending its iBuying business, RealSure, following in the footsteps of Zillow and Redfin.
Anywhere is the parent firm of Corcoran, Coldwell Banker, Century 21, and Sotheby’s International Realty, and had nearly 200,000 agents across the U.S. as of last year.
“Let me start with the hardest but most important thing: our people. Yesterday we said goodbye to a number of our great people whose roles were eliminated,” Anywhere CEO Ryan Schneider said in a company-wide email Tuesday that it shared with The Real Deal.
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Anywhere has been on a cost-cutting campaign since 2019, according to materials previously released by the company. 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 did a round of layoffs in August. The company’s stock is down nearly 60 percent over the past year.
“We have years ahead of us where we have still additional cost savings that we can go get through efficiencies, automation, more systems integration, things like that,” Schneider said during the company’s first-quarter earnings call last year.
“We believe that industry dynamics and customer demands will require simplified and more integrated and digitized offerings, systems and support,” Anywhere said in Tuesday’s filing. “Delivering the company’s business model more digitally is an increasing part of our improving the consumer experience and our ongoing cost focus.”
The filing comes days after Compass announced its third wave of layoffs since June 2022.
Anywhere is the latest to end its iBuying operations, after Zillow and Redfin bowed out of the business in the last year. Opendoor, the company that pioneered the model, said in November it lost $928 million in the third quarter of 2022.